Please help me--Renting or buying a 1965 Year old or 1967 home (real estate, loan)

[PnD4God]

I've been searching for houses, and I found this one that they still undecided if selling or renting the house. Can you give me suggestions in terms if it's okay a good deal to get into an old house. It has a big patio and back yard, The kitchen needs some work. I don't know what will be the selling price as of yet, but I would like to get some input before I get in to this. first time shopping or searching for homes.

[tippster]

It sounds like you need a good agent to represent you. If you are going to purchase the home I would get it inspected. They will tell you if the house is going to require any major repairs.

[slaz]

As an ex real estate broker I would first suggest you find what is called a buyers agent. One that only works with buyers. Some agents will try to confuse you and tell you they are a buyer agent but they in fact take listings. This is what I consider a loop-hole in the system. My first home purchase was with an agent that represented herself as a buyer agent. I later found out that she had many listings and what do you know, she showed me those first. This way if I bought one of them she gets the whole commission.

Remember owning a house means lots of repairs. Even if nearly new. Make sure you are able to save money for these and not max out your monthly payments. It is probably different now but when I first got approved for a loan it was for 450K. I could only afford 150K.