buying vs renting in Indy (real estate, foreclosure, to rent)

[escapeartist]

I've alluded to the frustration and ambivalence I feel with regard to the local housing market. I'm wondering what everyone else's opinion is when it comes to the choice between buying a home or condo or renting.

On the one hand, I like the idea of having a property I can make my own and decorate to my heart's delight. And, provided I make the right purchase, it would be a good investment.

On the other, with the high foreclosure and bankruptcy rates, increasing violent crime problem within the city limits, the relative flatness of the market in the best of times, the lazy- from what I can tell- real estate agents, and the property tax mess, I can't help wondering if the universe isn't telling me it's better to rent.

Add to this, the fact that I only want to stay in Indy a max of 5 more years (unless there are drastic changes and improvements in the quality of life and career opportunities here), I've been leaning more towards renting. But then again, people always say that renting is money thrown away. But yet again, if I end up stuck with a house I cannot sell at at least the break even point, that's certainly money lost and I would be trapped, in a sense.

Okay, I'm thinking aloud, but I'm curious as to what others opinions are in the matter.

[benjaminooo]

Buying > Renting.

If you buy the right house in the right neighborhood your value will only go up. If you pick a an already established neighborhood selling really wont' be an issue. However quick flipping right now in Indy in up and coming neighborhoods is not advised. Those are more long term investments.

Basically don't buy one of those new crackerjack houses in a vinyl village. Look more into established areas.

I bought a house recently and planned on being here between 5-10 years before I could feasibly sell it for the profit that I want.

Buy smart, dress it up nice and you'll be fine.

[escapeartist]

Originally Posted by benjaminooo

Buying > Renting.

If you buy the right house in the right neighborhood your value will only go up. If you pick a an already established neighborhood selling really wont' be an issue. However quick flipping right now in Indy in up and coming neighborhoods is not advised. Those are more long term investments.

Basically don't buy one of those new crackerjack houses in a vinyl village. Look more into established areas.

I bought a house recently and planned on being here between 5-10 years before I could feasibly sell it for the profit that I want.

Buy smart, dress it up nice and you'll be fine.

I definitely don't want something in a vinyl village. I like neighborhoods with unique, diverse architecture. I've just had such a frustrating time finding what I want in my price range and I've run into a string (three) of lazy/disinterested real estate agents.

The agent I am about to let go was actually advising me to apply for a mortgage with a lender who was willing to overlook the fact that the house didn't appraise out at the agreed upon purchase price. Why? Why would I do something so stupid? And at a higher interest rate to boot!

Maybe I'm having a bad week, but given my waxing disaffection for Indy, renting is probably the way to go.