Is it better to buy a home or rent?
Author: diddlydudette
Joined: 17 Jul 2005
Posts: 48
Posted: 19 Aug 2005 10:20 pm
Post subject:Is it better to buy a home or rent?
I was looking to buy a home at end of the year/beginning of next year. The home I was looking at might not be available for when I would be ready. People are building and hadn't even set date to marry. It could be months and months and interest rates are going up so if I decide to buy, I need to do as soon as I can.
I was going to look around at other houses or even get a realtor in the area, but I always get nervous at thought of buying. It's such a commitment and being single makes it extra scarey for me. I don't have a handyman as spouse to fix stuff. All I can think of and what scares me so much is what if I lose my job, what if all these major things go wrong with house and I have to spend all this money to fix. I've heard too many horror stories from home owners about this or that going wrong and how much they had to spend, etc. I'd for sure get inspection on home before buying, but things still go wrong.
Of course home owners say what a great tax advantage it is and all that and how you get so much more for home when you go to sell it later and what a great investment. Well, considering all the money you put into home for upkeep and fixing, don't you pretty much come out even or close to it?
With renting, I always know my budget and am able to save so much money. I know what my expenses are so don't hesitate to purchase things I want. I know no money surprises will creep up. I love that part, but know I'd miss having a yard and being able to paint walls or fix things just the way I want them.
Maybe y'all can shed some new light and give me some pros and cons I've never considered.
Thanks!
Author: Board Monitor
Joined: 06 May 2003
Posts: 1122
Posted: 20 Aug 2005 03:46 pm
Post subject: Is it better to buy a home or rent?
The main issue I have with renting is that you monthly payment is basically just money that goes up in smoke. As an home owner,your monthly payment goes toward building equity. Huge advantage and well worth the extra hassle!
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
Joined: 17 Jul 2005
Posts: 48
Posted: 19 Aug 2005 10:20 pm
Post subject:Is it better to buy a home or rent?
I was looking to buy a home at end of the year/beginning of next year. The home I was looking at might not be available for when I would be ready. People are building and hadn't even set date to marry. It could be months and months and interest rates are going up so if I decide to buy, I need to do as soon as I can.
I was going to look around at other houses or even get a realtor in the area, but I always get nervous at thought of buying. It's such a commitment and being single makes it extra scarey for me. I don't have a handyman as spouse to fix stuff. All I can think of and what scares me so much is what if I lose my job, what if all these major things go wrong with house and I have to spend all this money to fix. I've heard too many horror stories from home owners about this or that going wrong and how much they had to spend, etc. I'd for sure get inspection on home before buying, but things still go wrong.
Of course home owners say what a great tax advantage it is and all that and how you get so much more for home when you go to sell it later and what a great investment. Well, considering all the money you put into home for upkeep and fixing, don't you pretty much come out even or close to it?
With renting, I always know my budget and am able to save so much money. I know what my expenses are so don't hesitate to purchase things I want. I know no money surprises will creep up. I love that part, but know I'd miss having a yard and being able to paint walls or fix things just the way I want them.
Maybe y'all can shed some new light and give me some pros and cons I've never considered.
Thanks!
Author: Board Monitor
Joined: 06 May 2003
Posts: 1122
Posted: 20 Aug 2005 03:46 pm
Post subject: Is it better to buy a home or rent?
The main issue I have with renting is that you monthly payment is basically just money that goes up in smoke. As an home owner,your monthly payment goes toward building equity. Huge advantage and well worth the extra hassle!
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
