(Closed) To buy or not to buy?

posted 5 years ago in Home
  • poll: Should we buy the house we are currently renting?
    Yes : (27 votes)
    77 %
    No : (8 votes)
    23 %
  • Post # 16
    Member
    115 posts
    Blushing bee
    • Wedding: August 2014

    LDMTNBRIDE:  im so glad i cold help and give you another perspective on your situation. 

    it really is a great opportunity to make extra income after you already lived in it because you already will have tons of equity into this house. 

    Post # 17
    Member
    2257 posts
    Buzzing bee

    LDMTNBRIDE:  Do not spend more than 28% of your gross income on a mortgage. Keep that in mind.

    That is to say:

    As a general guideline, your monthly mortgage payment, including principal, interest, real estate taxes and homeowners insurance, should not exceed 28 percent of your gross monthly income. To calculate your housing expense ratio, multiply your annual salary by 0.28, then divide by 12 (months).

    Post # 21
    Member
    9637 posts
    Buzzing Beekeeper
    • Wedding: August 2012

    I personally wouldn’t buy a house with so little option for resale. Two mortgages is stressful and renting from a distance can be a huge pain.

    Post # 23
    Member
    613 posts
    Busy bee
    • Wedding: March 2016

    If I were you, I’d take the deal, live there for another couple years, make repairs and when your family gets bigger then either rent it out or sell it for way more than you paid. A friend of mine did this, they got a killer deal on a home, made so many improvements on it but they knew it wouldn’t work in the long run because of size. Their house payment is literally $400 and they are now renting it out for $1300 a month and making an extra $900 on it every single month. Then you can also get use of all the rent money you’ve paid her thus far and you wouldn’t have just thrown it away

    Post # 25
    Member
    5789 posts
    Bee Keeper

    I wouldn’t believe anything the owner told you unless and until she actually puts it in writing. If she’s crazy as you’ve said, she may not een remember telling you any such thing, nor would it even make any sense for her to give it away. In rent to own situations, only a percentage of the rental is usually applied to a down payment, not the whole thing. I’d do a ton of research before I’d ever agree to anything, and most definitely have an attorney review all paperwork.

    Post # 26
    Member
    2331 posts
    Buzzing bee
    • Wedding: October 2014

    LDMTNBRIDE:  I’d buy it in a heartbeat!!!!! If one day you do outgrow it, you can rent this one for the same amount you are paying, use the rent for the mortgage and buy a bigger house. This way you’ll have a rental property and your bigger nicer house. 

    Honestly……..this is a great deal! And the “rent to own” helps make the decision so much better. 

    Post # 27
    Member
    59 posts
    Worker bee

    I am not that experienced about real estate but I don’t think I would pass this offer up! Sounds like a great deal and if anything when y’all do have to sale it you will get money back or if you wanted you could try to rent it out and if y’all are renting for 1200 a month I would assume y’all could get something similar which would cover the mortage cost plus some.

    Post # 28
    Member
    36 posts
    Newbee

    LDMTNBRIDE:  I would get rid of the guest room. If you’re planning a family sometime down the road I would be focusing on that. Your extended family or friends  can stay at hotel. or you could even get a sleeper sofa

    Post # 29
    Member
    453 posts
    Helper bee

    Sounds like an incredible deal and from what you’ve said, I would take it in a heartbeat.

    Any guests you have can stay on a pull-out couch (or if you have the guilty host gene, you could give them your bed for the night and you could take the couch ).

    I shared a room with my brother until age ~7 and my BFF shared a room with her two sisters until she left home, so that’s not a huge deal-breaker, either.

    Post # 30
    Member
    2680 posts
    Sugar bee
    • Wedding: September 2014

    LDMTNBRIDE:  to me, it sounds a little too good to be true. I would be wary 

    Also, if oil is the only industry in town, I would definitely proceed with caution. you don’t want to end up stuck with a house that you can’t sell or rent, because the town’s economy has soured. 

    The topic ‘To buy or not to buy?’ is closed to new replies.

    Find Amazing Vendors