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Should I Rent Or Should I Buy A House?

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Should I Rent Or Should I Buy A House?

Postby Wetherly » Fri Sep 15, 2017 5:11 pm

I'm moving out of my parents' house. The cheapest rooms for rent around here are around 300 dollars a month. But I was looking at houses for sale, and I could buy a 3 bedroom townhouse for about 50,000 dollars. I have like 15,000 dollars saved up that I could put down on the house. I figure if I put 10,000 down, and then rented out two of the rooms, I should be making more than my mortgage would cost. If this is so, why don't more people buy houses instead of renting?
Wetherly
 
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Should I Rent Or Should I Buy A House?

Postby Renfrid » Sat Sep 16, 2017 3:49 am

Seriously jus buy a house if u can pay on house for bout 15-20 yrs but u when u rent ull be payin for the rest of yo life
Renfrid
 
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Should I Rent Or Should I Buy A House?

Postby taj » Sat Sep 16, 2017 12:03 pm

Rent To Own Homes - http://RentToOwnHome.uzaev.com/?WOfa
taj
 
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Should I Rent Or Should I Buy A House?

Postby Fremont » Sat Sep 16, 2017 2:15 pm

first of all, renting out rooms in a house is a PITA. In addition to the mortgage you also need to pay property taxes, maintenance/repairs, insurance etc. You won't be renting out all rooms all the time, you will have vacancies.

initially renting is cheaper, but long term you are better off buying. Where the cutoff point is depends on location, but the rule of thumb used to be "5 years". If you can see yourself staying in a house for well over 5 years, buying could be a good choice.
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Should I Rent Or Should I Buy A House?

Postby presley » Sat Sep 16, 2017 6:47 pm

2
presley
 
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Should I Rent Or Should I Buy A House?

Postby spengler » Wed Sep 20, 2017 9:55 am

Do more investigation.

First, check into all the expenses like the townhouse association dues, insurance, and property taxes.

Plan on expenses like buying a new refrigerator, new furnace, and calling a plumber.

Then make sure you would be allowed to rent.
The town house may not allow it or the municipality may have rules you would have to follow.
Those rules could limit your ability to rent tor may require you to get a permit and meet inspection requirements.
Also, your insurance will be more since the renters will increase the risk.

Now, understand that there are closing costs when you buy.
These might bE $4000 for your townhouse.
These go towards appraisal fees, title insurance, etc.
these do not contribute to the purchase price of the house.
So, for instance, if you have $10,000 available and had to use $4000 for closing costs, that leaves just $6000 for your down payment.

If you sell your townhouse you will owe the real estate agent 6% commission.


At this point in your life, you could get yourself in a very unpleasant situation by buying before you understood the consequences.

You will likely have roommates that do not pay their rent on time or even at all.
You will have time periods between renters with.no one.
spengler
 
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Should I Rent Or Should I Buy A House?

Postby Grant » Sat Sep 30, 2017 6:55 am

Sorry in general it will be the worst

financial mistake/nightmare u ever signed up for.

since u do not say how long u worked ,

how much u earn, what credit rating if any

uy have it is a good guess u will not

qualify for a mortgage.

hint if u can not make mortgage and insurance

and escrow and repairs and home owner council

costs u do not qualify.

u need to rent till u finish your education..

start at library with these or pay the price.

House buying for dummies, by Collier

Total money make over, by D. Ramsey.

both will save decades and 100,000s

of hard pain filled life lessons.

the reason Renters do not become House

owners is they do not earn enough nor

know how to b home owners.

keep renting till u learn cause Foreclosure

will ruin your life for years.

good knowledge is good luck.
Grant
 
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Joined: Sat Jan 04, 2014 3:35 am


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