My husband and I are moving in a few months and we will be staying at that location for at least four years. We don't really want to throw away our money renting, but we're not sure if we want to put all of our savings into a down payment for a house.
We're also not sure if we can handle the responsibility of being a homeowner. My husband will be in school and very busy so we don't want a home we have to do any work to.
How hard is it to go through the process of buying a home? Would it be more beneficial for us to rent-to-own or is four years really not enough time to buy at all?
2007-03-15 07:04:09 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
We are moving to Greenville, SC, which is a growing town with an excellent economy.
2007-03-15 07:18:38 · update #1
Rent to own should not be considered in this case. That is an expensive but convenient way for people who can't afford a down payment to get into a house that they can eventually own. Typically, a portion of the rent is put towards an eventual down payment. But if you leave the house before you buy it you lose any money put towards the down payment.
Buying a house is not all that hard and if you will be living somewhere for four years you should be able to sell the house and get all your equity back out of it so you won't "lose" your down payment at all but put it work for you.
Renting is just throwing good money after bad.
2007-03-15 07:15:05 · answer #1 · answered by PRS 6 · 0⤊ 0⤋
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2016-09-09 23:25:32 · answer #2 · answered by ? 3 · 0⤊ 0⤋
If you're sure that you'll be there at least 4 years, then you should buy. Don't go crazy on a huge house. In many cases you can buy a small house for less than renting.
Also, something many people don't understand are the tax implications of being a homeowner. Huge tax breaks for homeowners.
2007-03-15 07:16:40 · answer #3 · answered by Anonymous · 0⤊ 0⤋
rent. if you just going to be there 4 years you should rent.its not hard to buy a house but you want be able to get your money back in 4 years.if theres any way you might stay longer you might want to look into lease to own. if you dont want to do yard work and all that goes with being a home owner the check in to some condos. good luck to you......
2007-03-15 07:16:39 · answer #4 · answered by BLOODHOUND 6 · 0⤊ 0⤋
Depends on location , where you are going, what real estate is doing in the area, availability and cost of rent vs. buy, appreciation or depreciation in the area. In some cases you would be ahead to buy, in others to rent.
2007-03-15 07:10:22 · answer #5 · answered by Down to earth 4 · 0⤊ 0⤋
Rent, or live in a nice 5th wheeler in a nice camp ground. So, much cheaper and no maintenance, and if you don't like your neighbor then you move.
2007-03-15 07:08:39 · answer #6 · answered by LuckyChucky 5 · 0⤊ 1⤋