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If I were the OP I'd look more in the mid $200's range, which should see less potential price fluctuation. And perhaps check out rentals at the same time.
Good point...always buy LESS than you can afford and don't expect it to appreciate much, sock the rest away for the future!
As you know, Vicki, we've rented 21 years in Raleigh.
The good thing is the freedom. When the crap being built now starts to stink too bad, time for Two Men and a Truck. Better than having to fix it up and sell it to a new owner.
I get a pool, gym, and business center in my rent plus full maintenance.
When my A/C croaks, maintenance puts in a rebuilt compressor for $600 (they pay) vs a $4,500 bending over if I owned the home.
Regarding freedom to paint etc, I really have no interest. The landlord's off white suits me just fine.
Not for everyone, but multi-family living has its benefits.
Have a great holiday.
Happy July 4th, SF! You are the ONLY person that I have EVER met that rented for 21 years!!! I cannot even imagine it! You and I have discussed it
and I have even tried to see it from your point of view but I simply can't understand it! But, it is your decision and as long as you are happy with it, I'm happy for you!
I had this conversation with hubby today. He says I'm possessive of what I have so I HAVE to have my own home! Like having my own car. So, maybe that is it but I can't imagine NOT having my own home!!! Mine, Mine, Mine!
We have recently relocated to the area and are renting. My husband was unemployed for a year and after hundreds of leads, almost as many interviews, he got one offer. Here. We had to sell a house in Philly and thanks to a great realtor it wasn't too bad an experience. We are gunshy about buying again though. We love it here and would love to make this home. Having no debt at the moment is luxury, however, after being unemployed with a mortgage for a year.
Still, I miss home ownership. We have dogs. And kids. I want more space, would love to have a bit of land. I look at homes for sale online and feel tempted. Then I think of the no debt and flexibilty of renting and it wins out every time, for now.
I understand your dilemma. I don't have an answer for you. For us, if we knew we were staying here we would buy in a heartbeat. Until we have more security I think we'll be renting. I'm at home with young children. When they are a bit older I'll work again and perhaps that is when we will consider buying.
I would hate to have to sell short and cough up $25,000 at closing.
If they rented at $1200.00 per month times 4 years that would be $ 57,600.00 wasted. Say they rented at $ 1400.00 per month times 4 years is $ 67,200.00 wasted. IMO
If they rented at $1200.00 per month times 4 years that would be $ 57,600.00 wasted. Say they rented at $ 1400.00 per month times 4 years is $ 67,200.00 wasted. IMO
I rent at $629 with full maintenance.
Gives me more for other things I enjoy more than home upkeep.
If they rented at $1200.00 per month times 4 years that would be $ 57,600.00 wasted. Say they rented at $ 1400.00 per month times 4 years is $ 67,200.00 wasted. IMO
You do realize that Grizz meant to say coughing up $25,000 at closing in addition to 4 years of mortgage payments and other incidentals such as home repairs and HOA dues right?
Here is something else. Consider that your job may transfer you out of the area (as maybe the case for the OP). You'd have to rent something out of town and continue to pay the mortgage, utilities, and lawn care on a vacant house while it sits on the market.
Tough call on the 4 year window. I'd say you are right on the fringe. Personally, I'd like to know that I was stable for 5 or 6 years before making the commitment but that's just my opinion.
Yes, it's not about the cost of rent vs the cost of a mortgage. It's about the variables to that equation that are hard to guess.
How stable will your employment be?
How stable will the value of your house be?
I turned down a job offer in Florida, with a great company, doing great work, with great people, for an outstanding salary, because at the time the cost of housing was 200-350% inflated and already starting to plummet. If I took the job there I would either be locked out of buying a house for at least 3-5 years, or I could buy a house, and KNOW that it would loose $20-50k in value for each of the next several years. That killed my options, financially.
Thanks everyone for the the advice and information. The price point I mentioned would put us well below what we are paying now, making it a safe monthly payment following my husband's retirement should he not find work right away. I am a physical therapist and, luckily, there are a number of jobs available in that area and most areas for that matter. My concern was that he would want to find a good job and not find one there or we would decide we need to be closer to family, etc., following his retirement. Would we be able to sell? Would we lose money? Well, it looks like we would come out about even according to my calculations. As for being able to sell....at least I know we would be able to make payments with my work and his retirement. Even if I didn't work for 6 months for some reason, we would be okay. So, after realizing all of this, we would ultimately purchase a home. Now, it is just a matter of finding out for sure where we will be moving!
Thanks everyone for the the advice and information. The price point I mentioned would put us well below what we are paying now, making it a safe monthly payment following my husband's retirement should he not find work right away.
It's not just about monthly payment, you should also consider a potential drop in prices in the coming years. The more expensive the house is, the more risk - I've seen quite a difference between $350K and $250K houses in that regard.
Good luck in your search!
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