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Old 05-07-2010, 09:36 PM
 
5 posts, read 7,119 times
Reputation: 10

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The situation: I am 31 and have never lived on my own because financially it just made more sense to stay at home. I now though feel like it's time for me to get out regardless of my financial status just because i need to live my own life, have my privacy and get a place to myself where i can do just that.

My question: Should I try to buy a place for what I can somewhat afford which would be around $100,000 that has other expenses like maybe fixing it up? or should I rent a place for around a thousand a month and try to save what i can if anything on the side?
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Old 05-07-2010, 10:35 PM
 
Location: Pomona
1,955 posts, read 10,980,249 times
Reputation: 1562
If you don't have at least 20% down saved up, then forget about buying. Yes, FHA loans allow for less on the down payment, but home ownership isn't just about the monthly mortgage payment. There will be upkeep ... and expensive ones from time to time too.
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Old 05-07-2010, 11:21 PM
 
Location: Shadowridge. Vista
204 posts, read 641,776 times
Reputation: 90
If you mean you were living with your parents, then I think you should try living on your own and renting.
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Old 05-08-2010, 12:16 AM
 
Location: Coastal San Diego
5,024 posts, read 7,572,215 times
Reputation: 4055
I second the renting option. You need to rent for a year or so before you consider buying.
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Old 05-08-2010, 02:03 AM
 
5 posts, read 7,119 times
Reputation: 10
thank you for responding this was very helpful I appreciate it greatly.
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Old 05-09-2010, 07:24 PM
 
Location: SoCal
6,420 posts, read 11,592,513 times
Reputation: 7103
It may be that renting will always be right for you. Or, maybe not. If you're single and want to stay flexible, for career change for example, then renting might be better. If you're raising a family and want to be settled while the children are growing up, then buying might be better. Financial concerns are only a small part of the decision to rent vs. buy.

For now, I don't know what you could get for $100 K that would be a worthwhile investment. If you can afford to continue to save while renting, then that sounds like your better option for now.
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Old 05-11-2010, 06:15 PM
 
Location: San Diego, CA (North Park)
181 posts, read 465,989 times
Reputation: 66
Renting definatley. and for around 100,000 you won't really be able to find a house to buy in San Diego unless it is pretty much condemned...

Check out North Park/Normal Heights/University Heights/Bankers Hill area's for rent, you will get more for your money than living close to beach or Mission Valley. It is best to drive around these area's to find For Rent signs, lots of places are immediate occupancy only or don't advertise on rental sites like Craigslist.

Good Luck!!!!
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Old 05-12-2010, 11:39 AM
 
Location: chula vista
129 posts, read 473,561 times
Reputation: 61
You can get a mobile home for very cheap.

The downside is that you will have to pay rent also.

At least with a mobile home you get some equity.
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