So I have been debating whether to invest in an apartment or just rent for now. I am 22 and I am looking to move out of the parents house. I wanted to see what opinions you guys have or maybe something i have not thought about yet.
Buy or Rent
- Thread starter mgwarrior350
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It's a damn good time to buy.
Yea and thats why I have been favoring buying but I feel like if I rent at my age it is more feasible. Thats my biggest concern.
Midnight Runner said:
This is very try but I would rent first until you find a career thats gonna keep you there cause as great of a time it is to buy its a horrible time to sell. Hell Im still waiting on my tax credit!
Too many variables for someone to give you solid advice here....what is your present financial condition?...what is your projected future financial condition?...what are your short term & long term plans?....are you currently employed?....If employed, is the job stable?...temporary?...permanent?.....are home prices stable in your area?.....these and other questions need to be addressed...talk with a competent financial advisor....not a bunch of HP hungry truck owners..
Ive got the money for a down payment and I would rather the investment my money in a mortgage instead of handing it to someone else if you know what I mean.
mgwarrior350 said:
A mortgage/home is not always a wise investment....
I am currently employed and I do make enough to make payments on for either and yes my job is stable. Prices in my area have always been high. And yea I was going to speak to an adviser but I just figured why not ask around get some opinions.
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If the rent that your looking at is just as much as the mortgage, then i would buy. But that is just me. Do what's best for you man. Good luck. My son is 22 and he rents but he's looking to buy now also.
stay there and save till they kick you out. then buy
I bought a house last sept it is a good time to buy but like the others have stated there are alot of variables. Even if you have money to put down you need excellent credit or you will get screwed with first time home buyer bullshit like pmi mortgage insurance and other crap. I bought a house my mortgage is 2500 i pay like 400 a month in mortgage insurance and money for pmi. My mortgage broker screwed me but since i was first time home buyer i didnt know just make sure you dont get jammed up like me research first. . And as far as the money you have to put down i would save it and pay rent wait a few years it a big investment. I was renting but im 28 with 3 kids so i needed a house lol ........ home ownership is very over rated. You want as big of a down payment as possible so save and rent your still young imo. .mgwarrior350 said:
OCBob
VIPER POWERED
Like others have said, it depends on a lot of things. But one thing that I would think about is this; you are 22 years old, are you sure that you want to live in that area for a long time to come? It's not like it was a few years back where you could decide to move and sell your house in a day. Owning that house is going to be like a ball and chain in a sense.
OCBob said:
personally...
i would rent an apartment for 6 months...or find an apartment that will allow you to break your lease early if you actually buy a house...not rent...some apartments do that sort of thing...
that way, you can "feel" how it is to live outside the nest. also, if you can, put away money each month as if you were in a house...i.e. water, power, sewer, and figure on something breaking...so...say...put the money to install a water heater in a jar with it...that will be a more realistic taste of "homeownership"...plus a new lawnmower...all that little shit that adds up...
i bought my first house at 21...but i'm a contractor...so if something breaks...i fix it...but if i wouldn't have known people in the industry...i would have paid a helluva lot more...my AC went out first year i was there...there's 5k...poof (if i didn't know people)
i'm just saying...there are pros and cons to both...
buy a foreclosure, if you can, or if you know contractors in your area that you can trust....that may be a good thing to look into...
i would rent an apartment for 6 months...or find an apartment that will allow you to break your lease early if you actually buy a house...not rent...some apartments do that sort of thing...
that way, you can "feel" how it is to live outside the nest. also, if you can, put away money each month as if you were in a house...i.e. water, power, sewer, and figure on something breaking...so...say...put the money to install a water heater in a jar with it...that will be a more realistic taste of "homeownership"...plus a new lawnmower
...all that little shit that adds up...i bought my first house at 21...but i'm a contractor...so if something breaks...i fix it...but if i wouldn't have known people in the industry...i would have paid a helluva lot more...my AC went out first year i was there...there's 5k...poof (if i didn't know people
)i'm just saying...there are pros and cons to both...
buy a foreclosure, if you can, or if you know contractors in your area that you can trust....that may be a good thing to look into...
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One hell of a work truck.viperhauler said:personally...
i would rent an apartment for 6 months...or find an apartment that will allow you to break your lease early if you actually buy a house...not rent...some apartments do that sort of thing...
that way, you can "feel" how it is to live outside the nest. also, if you can, put away money each month as if you were in a house...i.e. water, power, sewer, and figure on something breaking...so...say...put the money to install a water heater in a jar with it...that will be a more realistic taste of "homeownership"...plus a new lawnmower
i bought my first house at 21...but i'm a contractor...so if something breaks...i fix it...but if i wouldn't have known people in the industry...i would have paid a helluva lot more...my AC went out first year i was there...there's 5k...poof (if i didn't know people
i'm just saying...there are pros and cons to both...
buy a foreclosure, if you can, or if you know contractors in your area that you can trust....that may be a good thing to look into...
:rock: :rock: :rock:eddie102870 said:
The market isn't going up anytime soon. The economy might get even worse. Wait and see how the retail season ends, then Tax season, and see what falls out. My logic is that come Christmas, most companies that are gonna lay off do it after. They don't want to be the dick and lay you off right before the holidays. Then you have property taxes that are due in spring and by early summer you should have a perfect storm...
So I'd wait until begining of next summer...
or rent a room from someone.! Roomates can be fun and it makes things soooo much cheaper.
there are alot more hidden bills and expenses while in a house versus an apt so make sure your ready for them if you choose to buy a house.... Fully furnishing more rooms, washer/dryer, higher utility bills, lawn care, trash removal fees, house maintenance/repair costs, etc......
lawn care is a big one for me.... it requires either for you to fully pay someone or all the equipment and time to do it yourself!
so make sure your ready for them if you choose to buy a house.... Fully furnishing more rooms, washer/dryer, higher utility bills, lawn care, trash removal fees, house maintenance/repair costs, etc...... lawn care is a big one for me.... it requires either for you to fully pay someone or all the equipment and time to do it yourself!
eddie102870 said:
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