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Old 04-13-2008, 01:54 PM
 
22 posts, read 104,805 times
Reputation: 12

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Hi folks! We are moving from the Midwest to Phoenix in October ... for two years.

We will have two toddlers and be in the position to buy our first home, but we wonder whether it's wise to buy if we're only staying for two years.

On the other hand, we read a lot in the media about foreclosures and perhaps low costs to buy right now.

My question:
Is it worth it to buy for only two years?
Are there also good rental homes to be had at good rates?

Thank you so much in advance for any tips or thoughts on this!

p.s. (we're looking at north central phoenix or tempe)
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Old 04-13-2008, 02:11 PM
 
Location: Louisville, KY
1,590 posts, read 4,362,349 times
Reputation: 1373
if i knew i HAD to be out of a house in 2 years i would not buy.
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Old 04-13-2008, 03:17 PM
 
Location: Arizona
1,810 posts, read 1,448,293 times
Reputation: 1361
Buying a home for only two years is a bit risky anywhere in the US right now. There are a lot of homes available for rent for very reasonable prices here - pretty much all over the valley.
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Old 04-13-2008, 03:25 PM
 
Location: St Louis,MO
307 posts, read 917,255 times
Reputation: 85
Default Two Year stay = must rent!

Just rent a home...

especially since you are in transition right now!
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Old 04-13-2008, 03:56 PM
 
Location: Casa Grande, AZ (May 08)
1,706 posts, read 4,043,126 times
Reputation: 1444
Agree with others. With a two year window there is NO guarantee that you would even recoup your closing costs, and you could LOSE money in that short time frame. This from someone (me) who did just buy a home but with a longer time horizon before sale.

Rent.
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Old 04-13-2008, 04:04 PM
 
682 posts, read 2,455,322 times
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Rent.

altus2006
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Old 04-13-2008, 04:06 PM
 
101 posts, read 369,437 times
Reputation: 39
I'm with everyone else and say rent. We don't have a timeline on how long we'll be in Phoenix (maybe forever), but we chose to rent. I have never understood how people move cross country or to other states that are unknown to them and buy outright. No offense if that's what's some do I just don't understand it. I think maybe that's why so many will come to an area and hate it. With renting you have the option to try out another area of town.

And to answer your question about affordable rental proprties...YES, there are many, many out there! We just secured a house this week with a pool and great outdoor area. The same house in Nashville would cost us at least $500 more than we will be paying out there. We'll be moving in as soon as school gets out!

Check out these sites for lots of homes:
Rentals.com - Home Rentals, Apartments, Houses for Rent, Condos and Rental Homes
Rental Houses Home Rentals, Homes for Rent, Houses for Rent, Rental Homes
Rental Homes | Houses for Rent | Home Rentals | House Rental

And there is always craigslist and backpage.com We found ours on rentals.com
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Old 04-13-2008, 04:28 PM
 
682 posts, read 2,455,322 times
Reputation: 344
One reason people decide to buy right away is so that they don't have to move twice. I don't know what it costs to have a company come in and move one's furnishings for a three or four bedroom house across town, but I am assuming it is at least a few thousand $$$.

However, in this real estate climate, it makes more sense to me to spend the money to move twice if a person decided to buy rather than chance losing a bunch of money if the purchased house is worth less when one has to move again in a few years.

altus2006

Last edited by altus2006; 04-13-2008 at 04:39 PM..
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Old 04-13-2008, 08:43 PM
 
Location: Scottsdale, Arizona
1,271 posts, read 4,994,462 times
Reputation: 1129
I chose to rent. I was not hugely familiar with the area when I came here. I had been here maybe a dozen times on "trips" but that isnt the same as "knowing" an area. I figured I will rent at least a few years and explore the different areas and then decide if/when I will buy or not. That way I am sure I will end up where I want to be, as opposed to whoever has the slickest promotion/nicest model.

I would definitely NOT buy if you are only in for 2 years and dont plan to stay in Phoenix.
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Old 04-14-2008, 10:26 AM
 
Location: Arizona
180 posts, read 629,475 times
Reputation: 46
I like owning and I hate renting.

However if you are planning on 2 years when you rent you know your costs from start to finish. If you buy you could lose alot. There is a chance you could make out really well since prices are down right now, but that is speculation and is best left to those think about that stuff all the time and are prepared to take a loss if it does not pan out as planned. If you planned to stay 5 years I would buy.
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