advantages of renting apartment if any? (house, period, landlords, budget) - Apartments, houses, lease, tenant, landlord, agreements, termination - City-Data Forum

jacob1234 · 05-09-2009, 11:12 PM

i pay $900 per month for apartment.. 2bedroom/1 bath..
am scared buying a house
specially now with recession..
should i buy a house instead?

if i buy a brand new house and decide to leave say after 2 or 3 years..
will i lose a lot of money?

can someone advice a website or book for buying a house for dummies?

i plan to buy a not so expensive house.. say $1200/month mortgage
and sell it and buy a nicer house once i get a stable secure job
after i finish nursing..

i have a job in oil and gas.. not stable.. but will study nursing..

westhou · 05-09-2009, 11:20 PM

I hope this helps.

Buying a Home - HUD

Huckleberry3911948 · 05-09-2009, 11:26 PM

when FMV does a nose dive its the landlords issue not yours. btw its not over.
wait 6 months.

jacob1234 · 05-09-2009, 11:29 PM

thanks,... i think i better buy a book home buying for dummies also.. =)

westhou · 05-09-2009, 11:42 PM

Quote:

Originally Posted by jacob1234

thanks,... i think i better buy a book home buying for dummies also.. =)

I'm also considering buying a townhome but terrified. I'm currently renting Uptown but would love a townhome in Rice Village. I'm not going to start looking till August so I'm burying my head in the sand till then.

AlfredB1979 · 05-10-2009, 02:59 AM

Owning a house is basically mortgage x four if you really add in the upkeep, insurance, et al.

Not something to do on a shoestring budget or while already in debt.

psychofan · 05-10-2009, 10:16 AM

My wife and I are in a very similar situation except that we're in the suburb of Washington D.C. where home prices are still way too high. This links to a rent vs. buy calculator from NY Times that I found on another site that received alot of recommendations.

http://www.nytimes.com/2007/04/10/bu...T_GRAPHIC.html

Remember that the first 5 years of mortgage payment is practically ALL about paying the interest and very little towards the principal, so if you move within that time frame, you DEFINITELY lost money.

Silverfall · 05-10-2009, 02:23 PM

I agree with psychofan that if you plan to move in 2-3 years, you should continue to rent.

I am also concerned that you are considering buying when you have an unstable job at the moment. It seems to make more sense to continue to rent, save as much money as you can, and go back to nursing school.

A home is not an apartment. So you will be working full-time and taking classes in the evening and you WANT to try and maintain a home during that time? I really think you should reconsider purchasing a home at this time. Just based on your very brief little blip here, it doesn't seem like the right time.

Sam82 · 05-10-2009, 05:44 PM

Rent. In this market, only buy a place you are prepared to stay in at least 7 years.

hartford_renter · 05-10-2009, 06:48 PM

I think if your choice to own is based on "saving" money that is wasted on rent then you should keep renting. Despite what some may say, owning a property is rarely a money maker. Taxes, upkeep and insurance basically eat away at all of the 3-4% gain in value that you get over long periods of time.

Renting for 900 bucks is pretty cheap, if you are worried about saving then just get a two bedroom apartment with another roomate and you can cut the cost of renting. If you are single without a family and are OK with your apartment I wouldnt ruin a good thing. IMO...