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Thread: To buy a house or rent?

  1. #31
    Platinum Member
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    Originally Posted by Snny
    Not in my case because I qualified for a federal rural loan. Low interest rate and reasonable monthly payments. In fact I ended up walking out of settlement with money because it was a home I was renting. There are homes out there with good mortgage deals.
    Agree. There are many ways. And there is something called a starter house.

  2. #32
    Platinum Member Cherylyn's Avatar
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    Crunch the numbers first and see if you can afford it with student loan debts, unemployed boyfriend and risk working less than 160 hours. Budget for property taxes, repairs, maintenance and other hidden costs of home ownership. That's the harsh reality check.

    I hope it works for you though however way you obtain your home.

    For interim, try renting or leasing a house short term and see if financial conditions are optimal for you. I hope it is!

  3. #33
    Silver Member LootieTootie's Avatar
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    Originally Posted by Cherylyn
    I suggest leasing a house. Then you will know what it entails while keeping in mind, you will be responsible as a homeowner for upkeep, maintenance, repairs, costly property taxes and higher everything every month such as lease payment, higher utility bills and the like. See if this is your cup of tea or not.

    If a house is not for you, at least you're not saddled beyond a year of remaining in the house as a legal commitment.

    If you don't mind a financial tightrope given your circumstances (unemployed boyfriend, risk of working less than 160 hours, working for a baby and unemployed boyfriend's survival, pinching pennies, living paycheck to paycheck, student loan debts and these types of financial burdens), then try leasing a house to give you some options short term.
    Everyone gave great advices but this one I agree with the most.

    I am also in your shoes, but with no kid and have a working spouse. We live in California and if we were to buy a decent house in a decent area plus juggling the costs of fixing a house and all our other bills, would be more of a financial burden. Be smart.

  4. #34
    Platinum Member Cherylyn's Avatar
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    Originally Posted by LootieTootie
    Everyone gave great advices but this one I agree with the most.

    I am also in your shoes, but with no kid and have a working spouse. We live in California and if we were to buy a decent house in a decent area plus juggling the costs of fixing a house and all our other bills, would be more of a financial burden. Be smart.
    Thank you, LootieTootie.

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  6. #35
    Platinum Member boltnrun's Avatar
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    I'm currently renting a townhouse. Recently two very major appliances took a dump. Completely and totally broken, needed replacing. All I had to do was notify the property manager and they took it from there. It was inconvenient, yes, but it didn't cost me a dime.

    A coworker of mine owns her home and her water heater went out and flooded her house. She spent THOUSANDS on cleanup and replacement of the water heater and mold remediation.

    If you have enough to pay your bills, have a bit left over and have savings in case of a catastrophe, then owning probably makes sense. But if you would be financially ruined if your water heater blows up or your washing machine dies and you have to not only replace them but pay for cleanup and/or remediation, then it might make more sense to save up until you have a cushion.

    And I may have already said this, so apologies if this is redundant.

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