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I think renting is the best option for us currently because of those reasons, as well as the fact that we are not responsible for issues that arise. As a homeowner, repairs can be costly and frequent, it’s nice to know that an issue that pops up isn’t on us now.
We are friends with a couple a year older than us who bought recently. They’ve racked up massive credit card debt because of unforeseen repairs that had to get done. From my own personal experience, people who are buying young, have a tough time affording things when something goes wrong. You almost have to hope you don’t need repairs or something doesn’t break.
True, especially the 3 "biggies": Sinkholes, roof and central air (although, I actually prefer window units).
No, I am not in any of those groups. I am older and mobile. I have no kids.
I could move to where wages are higher, but then houses would cost more, too.
You're not alone. There is an unprecedented number of adults living alone.
The answer seems to be sharing; because you can't afford to do it alone.
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But if the "3 x salary" mortgage rule is true, I could never qualify.
The 3X is just the first pass rule of thumb. There are deeper quals most LL's or lenders require.
Target your budget so that one WEEKLY paycheck can cover all your MONTHLY housing costs. Util's incl.
No, I am not in any of those groups. I am older and mobile. I have no kids. But if the "3 x salary" mortgage rule is true, I could never qualify. I could move to where wages are higher, but then houses would cost more, too.
It's not true it's debt to income ratio. If you don't have a lot of debt you can qualify, go to a bank and find out how much you qualify for. That's how I started my process. I was surprised that I did qualify to buy a starter home in a decent area.
It's not true it's debt to income ratio. If you don't have a lot of debt you can qualify, go to a bank and find out how much you qualify for. That's how I started my process. I was surprised that I did qualify to buy a starter home in a decent area.
I have no debt and my credit is excellent. But I simply don't make enough money. Isn't that the biggest thing they will look at? I have used mortgage calculators and I know what I can afford, but I would still need financing.
I have no debt and my credit is excellent. But I simply don't make enough money. Isn't that the biggest thing they will look at? I have used mortgage calculators and I know what I can afford, but I would still need financing.
Add up the housing payment you'd potentially have, along with all your other monthly bills. ALL your bills.
If you make more than you would be spending and have excellent credit, you should be able to find a lender.
I'd not advise doing this though unless you have some decent savings as well.
They’ve racked up massive credit card debt because of unforeseen repairs that had to get done. From my own personal experience, people who are buying young, have a tough time affording things when something goes wrong. You almost have to hope you don’t need repairs or something doesn’t break.
No, they bought a house they couldn't afford and don't have an emergency fund. Everyone needs an emergency fund, and it needs to be even bigger when you own a home. Way too people scrape together a little, put 3% down because that's all they save up, and then are house poor. That isn't a problem with home ownership, that's a problem with horrible personal finances.
I feel renting is much easier than being a homeowner. Houses take a lot of work and money to maintain it all. Owning a house is not for everyone and many people wind up broke due to a mortgage and expenses they could never really afford.
And then there is this.
I don't have a mortgage, but crap is always breaking and it's irritating.
For me, it depended on the circumstances for living in that particular place. If I knew I wasn't going to stay there long or I knew major life changes would be occurring soon, renting was the best choice. No reason to feel sad about that. No long commitment, hassle with buying/selling a home, worrying about the real estate market, and a simpler departure to the next place. If I knew I wanted to stay put and become part of a community for years, buying a house made sense as long as it wan't a financial hardship (if it wasn't feasible financially, why subject myself to that sort of stress?). Owning isn't a requirement of life. I've purchased 3 homes in my life and got the typical satisfaction of ownership. Now that much of the "joy" of property maintenance has lost it's bloom, I can see renting the next place instead. That way I could go somewhere else a lot more easily.
I have no debt and my credit is excellent. But I simply don't make enough money. Isn't that the biggest thing they will look at? I have used mortgage calculators and I know what I can afford, but I would still need financing.
There is no requirement to buy anything. If it doesn't feel right to you, don't do it.
This is so funny. I grew up in NYC, renting was pretty much all people did. I rent now and have all my life. Feel sad? Too funny.
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