Post # 1
There are always renting vs buying debates and now I am the one stuck in the middle of one. I LOVE the area I live in-its a short bus ride to work, I’ve called it home for four and a half years now and it’s just a great place to live. However, I am sick of renting, especially in my current apartment. We have outgrown it. We have no yard for our active dog, our stuff is just EVERYWHERE and we are sick of having people live below us. I want to own my own home. The big problem is buying a comparable house in the area would run us about $150-200K more than we can afford on a home. So we have to look further away, which means a longer commute to work, a big change of area (city vs suburbs), and the change scares me since I love my current area so much. I’m wondering if other bees were in the same situation and how they worked through it/what decision they made.
I feel like I am on HGTV and they are like “WELL THIS IS WHAT YOU CAN AFFORD IF YOU MOVE OUTSIDE YOUR NEIGHBORHOOD (shows amazing house) and THIS SHACK IS WHAT YOU CAN AFFORD WHERE YOU LIVE (shows cardboard box).”
AND I ADDED A POLL FOR FUN!
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Post # 2
I have no real advice, but wanted to let you know you’re not alone! We’re in the same situation, and it’s definitely a bummer. Right now we’re planning to rent a few more years until we can get a house in the area we want that will a) still be close to the metro for me and b) have more than a postage stamp of a yard. The housing market is great where we live right now, though, so now we’re worried that if housing prices rebound soon, we’ll regret waiting :-/
Post # 3
I feel you. DH and I had the same conundrum. We ended up trading downtown life for a townhouse in the ‘burbs, and haven’t looked back. It’s really nice owning, and we got a decent sized townhouse (3 levels, 2100 square feet), which was a huge step up from our 700 square foot one bedroom apartment. The suburbs aren’t too bad once you get used to a longer commute. I love our neighbors and feeling like I’m part of a community, rather than just the person who drops off a rent check for the property manager.
Post # 4
Can’t you just buy the house and then sell and move back to where you love in a few years? Then you’re getting on the ladder and helping yourselves, not your landlord 🙂
Post # 5
Seems to me there are two separate issues going on here:
1) buying vs. renting
2) city life vs. suburban life
From your post, it sounds like your biggest issue isn’t so much being a renter, but the fact that your life is outgrowing an apartment. If you buy a condo in the city, that will not help your yard/space/neighbors problem. But what about renting a single family home in the city? Is that feasible? I would suggest looking at the two issues separately rather than lumping them together.
Post # 6
I’d buy in the suburbs then save up and buy later in the City! Although turn might like the suburbs better in the end lol. Renting when u can buy it’s just throwing your money away in my opinion.
Post # 7
From a money/investment standpoint, buy a house!!! Renting for short term is fine, but anything longer than that it is really a waste of money. Each month you are throwing that money away. It is money you will never see again.
We own several rental properties….each tenant pays our mortgage each month…and then twice on top of that! You could be paying your own mortgage, building up equity into something solid (a house). I dont’ know if people realize that renting literally means you are paying someone elses mortgage, and more. You could be paying your own mortgage, and then saving money! Then if one day you decide to move closer back into the city, you sell your house, you get back all the money you’ve put into it through your mortgages, so its basically like saving the money up for later…and with the housing market going up, you could probably sell it in 5-10 years for much more than what you buy it for now.
If you really like the city, you could buy a house with some sort of income producing basement or a duplex or something. Like on “Income Property”!