I want to buy a house, but what's the downside of buying one than an apartment.
2006-09-17 04:04:53 · 6 answers · asked by ~Innocent_One~ 2 in Home & Garden ➔ Other - Home & Garden
buy a house. Even though you will be responsible for you own repairs you will be building equity in the house and not throwing it down the grain like in an apartment. The best eye opener is to add the amount up that you would pay for an apartment for a year and then think what you will get back. Now add up how much you will pay for the payments for the house for a year and what you will get back. Now do that for 5 years you will be amazed.
2006-09-17 04:38:08 · answer #1 · answered by newspapermaker 2 · 1⤊ 0⤋
At your age, an apartment would be your better choice. Many apartments today have rents higher than some mortgages, so make sure you have the income for a security deposit, rent that in some places can be $1000 or more a month, and doesn't always include utilities. I also wanted to get an apartment on my own when I was 18, but did not have the income. Please make sure that you can afford an apartment. If not, try to tough it out, go to college, get a job ,then the apartment. The house should be put on hold until you are financially on your feet.
2006-09-17 11:24:13 · answer #2 · answered by hollyltstarfleet 4 · 5⤊ 0⤋
At your age it is going to be very difficult to purchase a house. Do you have a job that will support the payments? What about your education? Are you going to be able to afford a college education and a mortgage? If you can afford to buy a house then by all means do so. It will be a much better investment. But be practical and give it a lot of thought. Have a decent down payment. Don't go for one of those interest only mortgages that drains your wallet every month but does nothing to build up equity. Also, owning a house is a lot of work. Things break and have to be repaired.
2006-09-17 11:11:05 · answer #3 · answered by troythom 4 · 1⤊ 0⤋
At 18, I would suggest renting. This will start building your credit worthiness and you will get more of a feel for what can go wrong with a home of your own.
At 18, are you sure you want to be where you are, geographically, permanently? I would suggest doing some traveling and seeing other areas. You may find a gem of a place to live, to work and to fall in love and raise a family somewhere else.
2006-09-17 11:09:15 · answer #4 · answered by north79004487 5 · 4⤊ 0⤋
If you can afford to buy a house, buy a house, it will always be an investment and you can sell at a later date if you want to move on. If you rent, what you spend on rent, that money is gone forever. Own...
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2006-09-17 20:08:17 · answer #6 · answered by Anonymous · 0⤊ 3⤋