We plan to stay in our current town, which is a fast growing college town in Illinois, for at least 1-2 years. We are sick of renting and apartment life, and are considering buying a townhome or small house. My question is, would it be worth it to buy a house and only live there for 2 years max? Or should we just keep renting? We want to eventually move to Austin, TX, but we're scared our house wouldn't sell when we decide to move. As I said, the town is a fast growing college town. Businesses thrive here, and the largest insurance company is headquartered here. Advice???
2006-11-25 18:59:48 · 1 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
If the two of you are married in May '07, then you can consider buying a house together. Assuming your married to each other.
Owning a home for just two years, even in B/N, is an iffy situation as far as breaking even. Closing expenses to get in will be around 3-5%. Closing expenses to get out may be up to 12%. Mortgage payments made on an empty house can hurt too.
If you find a good enough deal to buy, then it could work. But usually this entails a fixer upper. Do you want to buy a fixer upper, live and work in it for two years so you can end up financially about the same as if you'd rented for two years? Puts alot of stress on a new marriage with new jobs.....
........... I'd say rent. Together if married, separate if not.
2006-11-26 00:37:16 · answer #1 · answered by teran_realtor 7 · 0⤊ 1⤋