Consider what your buying power is now with prices being down and mortgage rates at all time lows, vs. what it will be in 6 months. It is likely that prices won't change much in the next 6 months, but the interest rates could.
Consider buying as much house as you can now with the $20k down, then using the gift money to make some improvements or to it apply it to principle, when you get it.
There is a lot of inventory available now, so you should be able to find a home that suits your needs and your wants, that is within you budget. Good Luck on the search.... more
Think about your home as an investment. As an agent in CT I can tell you that a 2-car garage will add a tremendous resale value to a home. Not only will it add value to your home, but a home with a 2-car garage will be easier to sell and appeal to a larger number of home buyers than one with no garage.
Why is a garage so important in CT? Coverage from snow is just one consideration for a garage (all parts of CT get snow). Many people use garages for general storage, as a workshop or to manage sports equipment. Others use garages to safely protect boats, motorcycles and extra cars.
Also keep in mind that if you live on a small lot, it is likely that when you remove this garage from your property and replace it with lawn, you (or any future owner of this property) may not have an option to put a garage back up. Setbacks and zoning laws may have changed since the garage was built, and you (or any future buyer) may be prevented from building another 2-car garage.
If you tear down your 10-year old garage, you will reduce the overall value of your home. Your personal enjoyment may be higher today if there is a lawn, vs a garage. But you have young children and your needs may change as they grow, and your desire for a lawn may soon be outweighed by your needs for more storage and parking. Think about your options, make an informed decision and do what you think is best. At the end of the day, it is your home and it comes down to what you want to do.
If you have any questions, feel free to give me a call.
Page Taft Real Estate