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If Mark and Jenn really want to buy within the next few years, Chatzky and Dunleavey offer this unconven-tional advice: Because they have healthy retirement accounts, the couple can think about contributing less to the 401ks—as opposed to borrowing against them, which Chatzky warns against because if you lose your job, you may have to repay the debt within 60 days. “I’d recommend lowering their retirement contributions for about two years,” advises Dunleavey. “But they want to make sure they don’t forgo any company matching funds.”
In two or three years, the older child will go to public school, freeing up more than a thousand bucks for savings. At this rate, by the time the family outgrows their apartment, should they opt to buy, they’ll have more money to put toward a down payment. (Wondering what you should do? Check out the New York Times buy-versus-rent calculator (nytimes.com/ 2007/04/10/business/2007_BUYRENT_GRAPHIC).
NEXT: WE CHOSE PUBLIC SCHOOL »
