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We just refinanced our house here (Summerville), and our closing attorney told us something that didn't apply to us, but others here might find useful.
Right now, FHA requires 5 years of mortgage insurance (MI) if you don't put 20% down. They are about to change that because they've been getting the shaft with all the foreclosures. They are about to change the MI requirement to 10 years OR the life of the loan, depending on the borrower's situation. Because of that pending change, he said, people are scrambling to get in their FHA applications before the MI rule changes.
Consider what your job prospects are in the Charleston area if you lose your current job. How many gigs are there in town for you? If you can land another job with similar pay fairly easily, take the plunge. If you position is somewhat tenuous, you may thank yourself later for renting.
And I think that is exactly why rent in this area is inflated. Renters are willing to pay a bit extra for the convenience of being able to pick up and move if the job market goes sour without being tied down to a mortgage.
Consider what your job prospects are in the Charleston area if you lose your current job. How many gigs are there in town for you? If you can land another job with similar pay fairly easily, take the plunge. If you position is somewhat tenuous, you may thank yourself later for renting.
And I think that is exactly why rent in this area is inflated. Renters are willing to pay a bit extra for the convenience of being able to pick up and move if the job market goes sour without being tied down to a mortgage.
I really agree with this. That's why we bought, after living here for awhile, hubs and I knew we had a lot of prospects here (we're both in the tech industry) in case something went sour with our jobs. In the city where we previously lived, there was really only one real tech company to work at.
The primary consideration is whether you plan to stay in that area. If there is likelyhood that you will have to relocate in your career or to retire, then you should rent.
Is it reasonable to think that I could find a house matching my description for around $150,000 in an area of West Ashley that is safe?
Definitely under $200,000. I think Carolina Bay starts in the 150k range... the thing with building is they quote you the base price, so depending on what else you want, the price will go up.
I personally would never buy in a new town until I'd lived there for at least a year, knew the area pretty well, and knew my job situation was stable. I've seen too many people in my life stuck with a mortgage when they had to move, or stuck living in a place they hated.
Thanks for all your responses. I appreciate the feedback.
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