We need to move from our current home we've rented for 10 yrs. ( Landlord is selling the house) Current rents for a three brdm. run from $1000- $1500 per month. We both have stable jobs about 65,000.00/yr combined. We only have $5500.00 in RRSPs for a downpayment. My husband has great credit and mine is okay but I'm still paying about 800.00/month in student loans. Should we try and get a mortgage or continue to rent for awhile and pay off loans and build a bigger downpayment?
2007-02-14 12:21:36 · 4 answers · asked by maggiemay 2 in Business & Finance ➔ Renting & Real Estate
Buy, buy, buy..if your credit is decent, and it sounds like it is, you will not regret this decision. It may be tight until your student loans are retired, but to continue to pay rent until that time is throwing out money. I hope you see this the way I've always advised my own family, and it has always worked! Good luck!
2007-02-14 14:28:42 · answer #1 · answered by cottagstan 5 · 0⤊ 0⤋
if you rented the same place for ten years, then you should be a buyer. think of the equity you could have built up in your own home for the last ten years instead of the landlord making the money. don't overpay, but buy buy buy.
2007-02-14 12:29:35 · answer #2 · answered by trade_info 5 · 1⤊ 0⤋
Yahoo Finance has a calculator to help you decide whether to purchase or rent.
Yahoo Answer trunkates the link, but it should work.
http://finance.yahoo.com/calculator/real-estate
Good Luck
2007-02-14 13:20:34 · answer #3 · answered by A_Kansan 4 · 0⤊ 0⤋
always buy. think of it this way. when you rent the payment is just for you to live there. When you buy with each payment you are one payment closer to owning the place
2007-02-14 12:31:00 · answer #4 · answered by Anonymous · 0⤊ 0⤋