If you were me, would you rent or buy? (foreclosures, homes)

[MisterNY]

I say, stay at your parents' place for a bit. If there are no issues pressing you at the moment, stay put and save more. Save as much as you can.

I'm also glad to know you have no debt. That's the way to do it!

I think you should stay put for now, and keep an eye out on a great deal.

Do you know where you want to buy? Do you prefer life in the suburbs or intown? Would you consider a small 3/2 home versus a townhouse?

[midtown mile girl]

Right now you might just want to wait and start going to open houses to get an idea of what you can get for your money. I started going to open houses way before I bought anything just to get ideas about what would work for me.

[K-SawDude]

I echo what Intown says upthread: make sure to factor in HOA fees--and the possibility of HOA increases in the future--into your estimated monthly payments. Even if the mortgage proper is cheaper than a rental of similar square footage, the mortgage + HOA + property tax can easily push you over the top of what seems affordable. I guess part of the risk depends on anticipating where rental rates will go in the future as well as how much equity you'll be building compared to the "sunk" costs of HOAs and taxes. To your benefit, your downpayment will keep you from having to pay monthly mortgage insurance.

After being a renter for years, I recently decided to buy a condo instead. One of things I've liked about condo living vs. rental living so far is the difference in living conditions. I do think condo dwellers--because they're mostly owners--take better care of their units and the common spaces. And the sound-proofing is much, much better in my condo than any apartment I've ever lived in. It's just better construction overall, and that has made more of a difference than I initially realized.

I like being able to paint and decorate, etc., but eric's right about extra costs. You'll spend more money than you realize if you purchase. This has happened to everyone I know. But so far, I'm completely happy with my decision to buy rather than rent.

[Jessifer]

I agree with K-Saw above about spending more money than you realize. Once you own a house, you won't be able to walk out of a Home Depot without spending at least a hundred dollars. Personally, I like spending money on my house, though. Like the original poster, I spend a lot of time working from home, so I try to personalize my space as much as possible. Some of my favorite projects: painting, putting in new plumbing fixtures, landscaping (when I had a yard), installing ceiling fans, etc.

[DoveDiva]

Originally Posted by lastminutemom

I would rent. You are young and right now, there is no evidence that the housing market is suddenly going to surge and you would instantly have a huge "profit" from owning.

Renting is the ultimate flexibility at a time when you should be enjoying that flexibility. What if a great job in another city comes your way? What if you meet the love of your life and they own a home as well...

What she said.

[WriterDawg85]

Well, I'm not willing to plan my life decisions around some mysterious "love of my life" that I'm supposed to be waiting for. I've lived with significant others in the past and I'm not willing to do it again without an engagement, and since I'm currently single, that's at least 3-4 years down the road at the VERY earliest. I don't want to have children, so creating a traditional family is not a "what if" that is going to influence this decision.

Additionally, almost all the jobs in my industry are non-centralized. The only people working in offices in my kind of job are at the very upper echelons of the industry, and I'm only two years out of college. My job now is basically my dream job, so it would be nearly impossible to lure me away at this point unless someone offered me twice the salary. Even then, it would likely be a job without location requirements. My bosses right now live in Ft. Lauderdale, for example.

I'm not interested in flipping the house - it's someplace I'd be looking to live for at least five years, so making a huge profit is not my intention or my goal. I know that the housing market will be depressed for years. A flip situation is the last thing on my mind.

The more I read from people on this thread, though (particularly the real estate agents who have been so kind as to offer some insight), the more I think that I'm balking for a reason. If I wait a year or even two and bulk up my savings even more (and likely receive 1-2 salary increases - I've had 3 in the two years I've been with the company so far and it continues to grow), I think I'll be in a better position to get everything I want in a condo or townhouse with relatively little threat of financial hardship.

Someone mentioned going to some open houses to get used to what's out on the market and what my money will buy me, and I think that's a really good suggestion. What's the best way to find out about open houses?

[IntownHomes247]

Originally Posted by WriterDawg85

Well, I'm not willing to plan my life decisions around some mysterious "love of my life" that I'm supposed to be waiting for. I've lived with significant others in the past and I'm not willing to do it again without an engagement, and since I'm currently single, that's at least 3-4 years down the road at the VERY earliest. I don't want to have children, so creating a traditional family is not a "what if" that is going to influence this decision.

Additionally, almost all the jobs in my industry are non-centralized. The only people working in offices in my kind of job are at the very upper echelons of the industry, and I'm only two years out of college. My job now is basically my dream job, so it would be nearly impossible to lure me away at this point unless someone offered me twice the salary. Even then, it would likely be a job without location requirements. My bosses right now live in Ft. Lauderdale, for example.

I'm not interested in flipping the house - it's someplace I'd be looking to live for at least five years, so making a huge profit is not my intention or my goal. I know that the housing market will be depressed for years. A flip situation is the last thing on my mind.

The more I read from people on this thread, though (particularly the real estate agents who have been so kind as to offer some insight), the more I think that I'm balking for a reason. If I wait a year or even two and bulk up my savings even more (and likely receive 1-2 salary increases - I've had 3 in the two years I've been with the company so far and it continues to grow), I think I'll be in a better position to get everything I want in a condo or townhouse with relatively little threat of financial hardship.

Someone mentioned going to some open houses to get used to what's out on the market and what my money will buy me, and I think that's a really good suggestion. What's the best way to find out about open houses?

Yep. You sound like you have a really good head on your shoulders to me.

Probably the best clearing house for information on open houses intown is http://www.georgiaopenhouses.com which is a public interface from FMLS specifically to show open houses (and broker caravans, which aren't open to the public).

Of course, the problem is that agents actually have to take the time to list their open houses with georgiaopenhouses.com and many agents just can't be bothered. Still, it's probably the best portal for finding listings across the gamut of brokerages. Most major brokerages do a pretty good job of publicizing their own open houses on their web sites (or even have a mailing list you can sign up for to receive e-mail alerts about their open houses).

However, bear in mind that you can make yourself absolutely miserable if you start looking and you really don't want to move yet. If you don't think you're really ready, you might want to put off actually checking places out in person until you're within about 6 months of when you really want to buy.

[Atlanta Georgia Peach]

Originally Posted by IntownHomes247

Yep. You sound like you have a really good head on your shoulders to me.

Probably the best clearing house for information on open houses intown is http://www.georgiaopenhouses.com which is a public interface from FMLS specifically to show open houses (and broker caravans, which aren't open to the public).

Of course, the problem is that agents actually have to take the time to list their open houses with georgiaopenhouses.com and many agents just can't be bothered. Still, it's probably the best portal for finding listings across the gamut of brokerages. Most major brokerages do a pretty good job of publicizing their own open houses on their web sites (or even have a mailing list you can sign up for to receive e-mail alerts about their open houses).

However, bear in mind that you can make yourself absolutely miserable if you start looking and you really don't want to move yet. If you don't think you're really ready, you might want to put off actually checking places out in person until you're within about 6 months of when you really want to buy.

I agree. Much success in your endeavor.

[FromGA]

Originally Posted by WriterDawg85

Well, I'm not willing to plan my life decisions around some mysterious "love of my life" that I'm supposed to be waiting for. I've lived with significant others in the past and I'm not willing to do it again without an engagement, and since I'm currently single, that's at least 3-4 years down the road at the VERY earliest. I don't want to have children, so creating a traditional family is not a "what if" that is going to influence this decision.

Additionally, almost all the jobs in my industry are non-centralized. The only people working in offices in my kind of job are at the very upper echelons of the industry, and I'm only two years out of college. My job now is basically my dream job, so it would be nearly impossible to lure me away at this point unless someone offered me twice the salary. Even then, it would likely be a job without location requirements. My bosses right now live in Ft. Lauderdale, for example.

I'm not interested in flipping the house - it's someplace I'd be looking to live for at least five years, so making a huge profit is not my intention or my goal. I know that the housing market will be depressed for years. A flip situation is the last thing on my mind.

The more I read from people on this thread, though (particularly the real estate agents who have been so kind as to offer some insight), the more I think that I'm balking for a reason. If I wait a year or even two and bulk up my savings even more (and likely receive 1-2 salary increases - I've had 3 in the two years I've been with the company so far and it continues to grow), I think I'll be in a better position to get everything I want in a condo or townhouse with relatively little threat of financial hardship.

Someone mentioned going to some open houses to get used to what's out on the market and what my money will buy me, and I think that's a really good suggestion. What's the best way to find out about open houses?

I currently pay rent to live in a townhouse, and I recommend you do that at this time (only costs couple hundred dollars more than renting an apartment). In a couple of years you could make your next step.

[WriterDawg85]

Originally Posted by IntownHomes247

Yep. You sound like you have a really good head on your shoulders to me.

Probably the best clearing house for information on open houses intown is http://www.georgiaopenhouses.com which is a public interface from FMLS specifically to show open houses (and broker caravans, which aren't open to the public).

Of course, the problem is that agents actually have to take the time to list their open houses with georgiaopenhouses.com and many agents just can't be bothered. Still, it's probably the best portal for finding listings across the gamut of brokerages. Most major brokerages do a pretty good job of publicizing their own open houses on their web sites (or even have a mailing list you can sign up for to receive e-mail alerts about their open houses).

However, bear in mind that you can make yourself absolutely miserable if you start looking and you really don't want to move yet. If you don't think you're really ready, you might want to put off actually checking places out in person until you're within about 6 months of when you really want to buy.

Thanks :-) (and thanks to Atlanta Georgia Peach as well).

I'll take your advice about the open houses and bookmark that website for future reference.