let said you have come up with enough money to buy a house, would you buy a house or leave it in the bank to earn interest that's high enough to cover your rent?
2007-01-22 06:33:23 · 18 answers · asked by jean 4 in Business & Finance ➔ Renting & Real Estate
Buy a house immediately! I am tired of living in an apt!
2007-01-22 06:35:50 · answer #1 · answered by ♥Mizz Al-Abbady♥ 5 · 1⤊ 0⤋
Buying is almost always better than renting. If you areplanning to stay in the same area/house for the next 4 or more years, you should buy! The money you save from not renting, i.e. throwing away, as well as the tax incentives, is well worth not having the money in the bank earning maybe 3-4%. If you are planning on moving in the next 3 years you will want to make certain you are buying in an area that is not on the decline housing wise. Investing in real estate is normally a very good investment.
Owning a home has other expenses also, upkeep, insurance and taxes, make certain you take these into consideration. By no means would I put a big down payment on it and finance the rest. That is somewhat ridiculous. The only way I would say NOT to buy a house is if you have other debt. Pay off all your debt first ALL OF IT!!!! Then purchase a house. Good luck! Home ownership is awesome and scary at the same time!
2007-01-22 15:23:28 · answer #2 · answered by cunhvn 3 · 0⤊ 0⤋
Buy the house. The mortgage interest has a dramatic effect on your taxes. The house will appreciate in value as much if not better than any investment, certainly better than a CD or savings account at a bank.
The monthly outlay for the mortgage will by and large remain flat for the life of the loan (assuming you get a 30 fixed). The only changes to the monthly payment will be as a result of tax/insurance changes.
2007-01-22 14:41:27 · answer #3 · answered by Fester Frump 7 · 1⤊ 0⤋
It would be wise to leave the money in the bank...make a very large down payment then quickly pay off the house to build credit. But honestly I would just buy the house :)
2007-01-22 14:37:15 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Buy a house. Paying rent, is just throwing money away. Find an agent you trust because you can get some great deals if you are paying cash for a house.
2007-01-22 14:37:24 · answer #5 · answered by RayCATNG 4 · 1⤊ 0⤋
Heh...well that depends on what kind of apartments or flat would I be using at that moment. If my apartments had a pool, a tennis court, a gym, free cookies, a porch and enough space to support a family.....then NO WAY! But sadly I live in a flat with non of those advantages, so yes, I would go for the house.
But if you are going to buy a house then watch in what kind of neighborhood its located - do it for the kids! =]
2007-01-22 14:45:13 · answer #6 · answered by EverLearningFool 2 · 0⤊ 0⤋
Buy a house, or if you want the ease of the aparment condiser a condo or townhome! Generally you'll earn more in equity than you'll earn in interest at the bank.
2007-01-22 14:41:29 · answer #7 · answered by Em C 5 · 0⤊ 0⤋
Definately buy a house! The housing values continually to increase. I have been in my house for 3 years and just refinanced and now it is worth $40,000 more than what we started with! And we bought a fixer-upper.
2007-01-22 14:38:07 · answer #8 · answered by Jo 6 · 1⤊ 0⤋
you'd be crazy to keep renting. you're just throwing money away like that. at least with a house it can only go up in value so whenever you decide to sell you'd make a profit. no doubt alot more than what you'd make in interest in a savings account.
2007-01-22 14:38:22 · answer #9 · answered by chamae 4 · 0⤊ 0⤋
Real Estate is always a good investment. Make a Large down Payment and keep some to buy high yeild CD"S(make's you $)
2007-01-22 14:38:24 · answer #10 · answered by suzzanlynn 2 · 1⤊ 0⤋