Renting. (apartment, rent, mortgage)

[MissesFixIt]

Do you think that renting is not worth it? I know that right now the market is great to buy but if you don't have the money or other prioreties pop up, it really isn't for you. We have money to put down but mostly if we get an FHA loan and we have been looking & even got a few houses inspected but within our price range they all need more work then we can afford at the moment. My Fiance gets a raise every 6 mths just about,(not much but each raise helps!) and we currently have 2 very small kids. 1 yr old and newborn. I think in about 2 yrs we will be ready to buy but my fiance has become mr. cheap & wants to rush into the house thing. Personally, I think renting is not bad. My family rented all my life and we lived in Brooklyn. It would be nice to own but sometimes things take time. Anyway.... off topic here... Do you think renting on Long Island is not worth it?

[Figaro2008]

If my husband and I could afford to buy instead of rent we would. We pay almost $1400 a month for a tiny 1-bedroom apartment with paper-thin walls. Times that over 12-36 months, it feels like wasted money that could be invested into something you own. :-/

[alexei27]

Originally Posted by MissesFixIt

Do you think that renting is not worth it? I know that right now the market is great to buy but if you don't have the money or other prioreties pop up, it really isn't for you. We have money to put down but mostly if we get an FHA loan and we have been looking & even got a few houses inspected but within our price range they all need more work then we can afford at the moment. My Fiance gets a raise every 6 mths just about,(not much but each raise helps!) and we currently have 2 very small kids. 1 yr old and newborn. I think in about 2 yrs we will be ready to buy but my fiance has become mr. cheap & wants to rush into the house thing. Personally, I think renting is not bad. My family rented all my life and we lived in Brooklyn. It would be nice to own but sometimes things take time. Anyway.... off topic here... Do you think renting on Long Island is not worth it?

I think you'll get a wide variety of responses. We moved here a year and a half ago...and the combination of timing...the right house and a really nice neighborhood pushed up into buying.

If your salary NOW allows it to work, and you have a down payment, i'd never talk anyone out of buying a home.

Think about what your rent would be vs. what your mortgage (including taxes) would be. If you aren't saving a lot of money renting...then it may not be worth it in the long run.

Plus...there are some really good deals out there right now. Good luck!

[seren77]

You should continue renting until you have 20% set aside. Prices are still high and there is way for it to go down. Worst case, they will stay stagnant. Your fiancee is not Mr. Cheap in this case. He is Mr. Smart. You will be able to afford more housing in couple of years. Just make sure to put money aside.

[Crookhaven]

Originally Posted by MissesFixIt

Do you think that renting is not worth it? I know that right now the market is great to buy but if you don't have the money or other prioreties pop up, it really isn't for you. We have money to put down but mostly if we get an FHA loan and we have been looking & even got a few houses inspected but within our price range they all need more work then we can afford at the moment. My Fiance gets a raise every 6 mths just about,(not much but each raise helps!) and we currently have 2 very small kids. 1 yr old and newborn. I think in about 2 yrs we will be ready to buy but my fiance has become mr. cheap & wants to rush into the house thing. Personally, I think renting is not bad. My family rented all my life and we lived in Brooklyn. It would be nice to own but sometimes things take time. Anyway.... off topic here... Do you think renting on Long Island is not worth it?

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