Post # 1
Tell me! We can’t decide, but we are leaning towards renting. We are tired of paying someone else’s mortgage, but at the same time, we don’t have enough funds to close on a home..because most funds will be used for the wedding, etc.
What would you do?!
Post # 3
If you don’t have enough money, then you don’t have enough money! We have rented for the last four years, and plan to rent probably for at least the next five or six. Real estate where we are is out of control expensive.
Post # 4
it depends where you live. this tool from the nyt is very helpful in helping you figure out which option makes the most financial sense. for the city i live in, it’s still better to rent.
Post # 5
There’s lots of calculators online for figuring out whether to buy or rent. Do as much research as you can–the NYT site is a good starting place.
It also depends on where you live, rent prices, how long you plan on living somewhere, how stable your salaries/jobs are, if you guys like fixing/upgrading stuff at your house or you like someone else to take care of it…
Also, it’s a buyer’s market right now, so if you don’t have the money to pay for your down payment (we did FHA loan and only had to put up 3.5%) AND closing, then ask the sellers to pay your closing.
Post # 6
If you can’t afford it then thats it. Houses are a lot more expensive than just closing costs.
Post # 7
We were seriously considering buying but ended up against it because we just didn’t find a place that worked at a price we were comfortable taking on, so we decided to rent. However, instead of just renting a place we imagined living as a married couple, we are renting a 2 bed 1.5 bath unit in a fourplex with a backyard for the dog at $610 a month (verses $1000 and up for the 3 bed 2 bath duplex and row houses). Our soon to be newley wed friends are paying $1300/mo to rent a 3 bed 2 bath detached house.
It might not be what we envisioned, but we will be able to save up for a great home in 3 years when we have to move. I say if you are going to rent, settle a little on where you rent so that you can build up your savings more.
Post # 8
We were seriously considering buying (prequalified and all that) and then just decided to wait a few more years. We HATE renting just as much as the next person (it really sucks, IMO) but we weren’t comfortable enough to take on the responsibility. We’re planning on restarting our search next year or early in 2013.
Post # 9
My FI and I were looking at houses for over a year. We both were living with our parents at the time, and we just couldn’t find a house that wasn’t a money pit. we were prequlified and everything, but just didn’t feel comfortable. So, we decided to rent, and moved out this past August. We love it! We come and go as we please, if something needs repairing, maintenance fixes is right away. It’s nice not having to pay those extra expenses that come with buying a house (taxes, maintenance on the house, etc). Our rent is about the same as if we had bought a house. Sometimes, I wish we had waited, but now that we’ve moved out, we have a clearer picture of the area we want to live in, the size home we want. So in a couple of years, we can start looking again.
Post # 10
DH and I are turning 30 this year and are now just closing on our first home which is actually a 2 bedroom coop apartment. We’ve been renting for 8 years and also tired of paying inflated rent prices that more than cover the owners mortgage. We were also tired of living in the most crowded city in the world in a rental building with no rules for better quality of life. People move in and out on the weekends loudly and blocking the hallways, renters never report when the washing machine is broken so it will be out for weeks, they also don’t report infestatations so surprise there are always cockroaches, water bugs and fruit flies. Buying was also the only way we could afford to live in a 2 bedroom, if we kept renting we could only afford a 1 bedroom.
We had to save like crazy in order to do this and the bank has been a nightmare, but honestly it’s totally a buyers market. There is so much available and prices keep dropping. If you can save the money to buy, I say go for it. But renting is stil and always will be great because it allows you to be more flexible and in control of your savings. Owning can be a money pit..
Post # 11
We are currently renting our apartment, we’d like to buy a house but we are still early on in our careers and are not sure where we live now is where we would like to settle permanently. I would prefer not to buy a house unless we were planning on living there for awhile! I love looking at houses and we would prefer it to our apartment, but at this point with the wedding we’re trying not to incur any additional expenses.