to buy a house or not... suggestions, experience, help!

by Aussie Oz 23 Replies latest social family

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  lisavegas420

  Rent or Buy decision is a completely personal choice. Some people love having the freedom of ownership. To work on and add to their home. Working in the yard, deciding on paint colors, ect.

  We own. In this area, our house payments are half of what a similar home would rent for.

  Some people like knowing that if something quits working, they can call the landlord to take care of it. All they are responsible for is making rent each month. ...............Working in a real estate office, I've seen renters' suddenly find out after living in the same place for years, that the owners were not making payments and the property was being foreclosed on and auctioned off and they had to move.

  I've also seen working for an attorney, several elderly people, that have had to go in for surgery for something, from the hospital they are sent to rehab, and then to a nursing home or assisted living home. Sometimes determined to have dementia or some other ailments that the doctors don't think it's in their best interest to go back home alone. If they have no family or friends to step in and care for them, they are court ordered a guardian. (The attorney) From that point all their business is determined for them, property sold to care for their needs and pay their living costs.

  lisa
• 

  StAnn

  Having my own home that I could remodel and decorate as I chose was my DREAM. I now have my home and absolutely love it and love being a homeowner. It took me a year and looking at over 100 houses before I found the right one for me. Ask yourself, is this your dream? If not, then the sacrifices that come with it may make it feel more like a nightmare.

  StAnn
• 

  Mad Dawg

  Shop around, perhaps living 10 miles in another direction will find a better bargain for you. Scaling back expectations can help as well. There is a saying in real estate - buy the worst house in the best neighborhood you can. As you improve the property, it will increase more quickly in value. Do your research. Talk to everyone you know that owns their home, especially if they bought it in the last five years. Talk to real estate agents. Remember, they work for the seller - at least that is the way it is in the states. Don't kill your self to own. If you are living on the financial edge and something happens that decreases your income, you can lose everything fast. Make SURE you can afford it.

  Hope this helps.
• 

  changeling

  I'm not familiar with your market so any adive I give should be taken as "general"...

  In most cases, if you're getting a good deal (price, low interest rate, nice house, good location...) you are better off buying than renting.

  Even though you are buying from a relative, I would consult a real estate professional and have him/her do a market analysis to determine fair market value. I would also want their opinion on the condition of the home and the neighborhood. Even though you do not plan on selling you need to make sure your home has good re-sale value. Most people move every 5-7 years. You need to know that your property will bring a good return if you ever choose to sell.

  If you decide to purchase the home, try to double up on payments once or twice a year. This will shave of several years and many dollars from your mortgage. Also, if you can afford the monthly note, try to get a 15 or 20 year mortgage instead of a 30.

  Best of luck to you! :)