home cost is $280,00, monthly expenses- utilities-$220., maint-$100., property tax-$380., home insurance-$50. 30-year mort-8% interest rate, 20% downpayment and closing costs equal to $1,000. plus 3 points. Rent would be $1400./month plus $220. utilities and renters insurance $25/month. price of housing expected to rise 3%, util, taxes,ect raise 3% anually.
2006-12-13 08:32:14 · 15 answers · asked by wicked 1 in Business & Finance ➔ Renting & Real Estate
Rent. If you're going to relocate, try to find a cheaper place to rent and save the difference.
2006-12-13 08:41:41 · answer #1 · answered by Mr Bean 5 · 0⤊ 0⤋
I would rent if those numbers you gave were correct. You are looking at almost $8000 alone in closing cost. 3 points and 8% with 20% down! You are either getting ripped off or you need this year to work on your credit. Fix your credit and you would be getting 6% today with no points. A point is 1% of the loan amount. I see no upside to this scenario, only problems. Good luck!
2006-12-13 08:59:27 · answer #2 · answered by pontooner 2 · 0⤊ 0⤋
Rent! You can lose a lot of money if you buy a home and then sell it too soon. The housing market fluctuates a lot and you can run into the problem of not being able to sell it when you want to. As far as the suggestion of renting it out to others, think twice. There are too many horror stories of people destroying homes and costly repairs!
2006-12-13 08:40:59 · answer #3 · answered by Christabelle 6 · 0⤊ 0⤋
I would suggest renting. If you really want the feel of a house, then you can also consider renting a house. There are plenty of places that rent houses just as you would rent an apartment. There is more red tape in buying and selling a house than just renting something.
2006-12-13 08:37:26 · answer #4 · answered by Lulu 2 · 1⤊ 0⤋
It is always better to rent. When you rent you just pay the rent, and no matter what brakes, the people that get your rent money must fix it for you or you can get them to court for that. Also you never will worry when mother nature gets mad, you just find another place, and don't actually lose money like you would when buying a hose and it gets flooded or destroyed.
2006-12-13 08:45:08 · answer #5 · answered by hih 5 · 0⤊ 0⤋
Buying a home is always worth it in the long run. When you own a home you are investing your money, rather than paying someone else's mortgage.
After one year you can Lease the property and they can pay your mortgage and mabye even a few hundred dollars extra for you to sink into a bank account.
You can sell the home and as long as you have put a little improvements into it over the time you were in it, the home will probably appraise higher, and you can make a quick profit.
2006-12-13 08:34:11 · answer #6 · answered by Anonymous · 1⤊ 2⤋
DEFINITELY RENT. You need to take into consideration that it takes time and money to buy a house, then re-sell it w/in a years time frame and problems like what if it doesn't sell, the list goes on. Look at the #'s yourself with bankrate's Rent vs Buy calculator. http://www.bankrate.com/brm/mortgage-advisers/rent-vs-buy.asp.
2006-12-13 08:56:26 · answer #7 · answered by Anonymous · 0⤊ 0⤋
If i had the money for a down charge i might decide for a house, yet there are different factors you would be able to desire to contemplate. *you would be able to desire to get a private loan that would have an interest fee. Makes particular your credit is roofed and your expenditures are guard. *you would be able to desire to scout out the community. ascertain it incredibly is secure at evening in simple terms as much as that's durring the day. Many neighborhoods become seedy after darkish. *verify the codes for the section. Are you allowed to have a satellite tv for pc dish in case you opt for satellite tv for pc. in case you have a canines does the back backyard would desire to be fenced. *bear in suggestions Taxes for the abode would be due each 12 months to boot as your month-to-month lease. * bear in suggestions you will additionally would desire to pay coverage and which would be yet another couple hunderd a month. *and it incredibly is achieveable and greater desirable than probably you will would desire to pay a householders assiciation due each month. watching the community they are able to selection from 15 money each of ways as much as 250 or greater. So ask approximately that to boot. * ascertain you have greater low value costs incase something happens like a pipe breaks or your heating is going out. given which you will would desire to pay for that your self, in assessment to residing in an house the place they're to blame for keeping it.(except you have a house guarantee, then you definately purely would desire to pay a deductable) All in all the final element you're able to do is Weigh your strategies! ascertain you have all the supplies to pay for unknow costs and get knowledgeable previously you bounce in over your head!
2016-10-05 06:49:23 · answer #8 · answered by ? 4 · 0⤊ 0⤋
i would rent an apartment because going to be relocating in a year so i wouldn't spend all that money on a house 4 a whole year if ur going to move within a year.
2006-12-13 08:38:36 · answer #9 · answered by new new 1 · 1⤊ 1⤋
You should definitely rent. Buying a house is too much hassle for one year.
2006-12-13 08:40:28 · answer #10 · answered by FeelingPurple 2 · 0⤊ 0⤋