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.
Midnight Runner said:It's a damn good time to buy.
mgwarrior350 said: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.
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: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.
OCBob said: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.
Very true my brothers house has been on the market 3 years with 2 offers
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...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...
:rock: :rock: :rock:eddie102870 said:stay there and save till they kick you out. then buy
eddie102870 said:stay there and save till they kick you out. then buy