Do you rent or own?
By mixey62
@mixey62 (305)
United States
February 6, 2007 9:35am CST
I have been renting for the past five years around the Boston area. It is expensive here, so I think that if I were to think of buying I would have to move outside of the city. Right now, however, I love being able to walk to work and being in such close proximity to everything that is interesting. Moving outside the city is not a priority for me right now, but I wonder about the implications for my future (not building equity, etc, etc.).
I am 27 and plan on buying perhaps by the time I am 33 (depending on the market). I had thought of buying when I was 22, but soon had missed the boat as far as lower home prices. I feel that this is the same situation for a lot of people my age, or even perhaps older. I wonder what is the best plan of action for my future here besides saving?
4 people like this
5 responses
@thunderofsins (738)
• United States
7 Feb 07
I rent an apartment right now, my husband and I don't have the money or the credit right now to buy a place, especially since where we live is so expensive. We'd like to buy a home within the next 5-6 years and we're working on building our credit right now.
Besides saving the best thing you can do right now is build your credit. The better credit you have the easier it will be for you to get a loan and the lower the interest on that loan will be!
1 person likes this
@hellsangelus (670)
• Oman
7 Feb 07
Over here expatriates are not allowed to own homes so we are forced to rent. Id love to own a house but i dont know when that dream will come true. We were thinking of buying a house in India but the problem is we dont live there so it would just probably be an investment.
Someday ill have a house of my own.
@Inklings (1255)
• United States
6 Feb 07
Overall, it is smarter to buy that to rent -- after all, when you rent, you are paying someone else's mortgage plus a profit!
There are several programs for first time homebuyers that can help to get you into a place with very little (or sometimes no) money down. It is a good idea to work with a reliable mortgage broker since they are very familiar with the many opportunities available to turn renters into homeowners.
One particular program to ask about is the Nehemiah Down Payment Assistance Program, which gives qualifies buyers a 3% downpaymet (it's a gift!)... you may want to check into something like that when you are ready.
@mixey62 (305)
• United States
6 Feb 07
I looked in to several of these programs, but to be honest I'm just not ready yet and I don't think I'll be until I have saved the 20% of the total home cost (right now the median in our neighborhood is $600,000). I know about the zero percent down programs, and I might end up using one when it is time, but I think now isn't the right time for me.
Personally, I think renting is okay for now specifically since I am not married and don't want to invest in something by myself to have someone take half of it if I were to ever get divorced. I know that's a cynical outlook, but unfortunately it seems to be a reality these days.
It's frustrating to "throw my money away" every month, that is the only reason why I get "buying pangs" every now and then. In a few more years I should be ready.
@hockeygal4ever (10021)
• United States
8 Feb 07
I used to own my own house but now rent. I can't keep it up myself as a single mom, between both the costs of upkeep and the actually work to do I knew it wasn't feesible. Now we rent a house. I love it because I'm no longer responsible for taking care of it!
@Geminigirl (1909)
• United States
6 Feb 07
I have done both. I would only own if I think I'm going to stay in one place for at least five years. Otherwise, renting can often be an advantage. You do not have to worry about repairs and all the other troubles, you just call your landlord, and just pay the rent bill.
1 person likes this
@mixey62 (305)
• United States
6 Feb 07
That is true! I have moved around quite a bit (Boston is my longest-stayed-in destination), so it didn't make sense before. I guess I'm just thinking about it since I've lived here awhile now. You've got to love calling the landlord when things are amiss though.
