My boyfriend and I are in agreement on a home-currently pending a mortgage. The problem is our broker told us that because we only pay 650 in rent a month and we dont have to deal with the hassles, that its almost beneficial to stay renting. But on the other hand its beneficial owning your own home because it highers your value. We live in a VERY expensive place, most houses are 300,000 and up so its not like this is going to be a cheap transition and with the market losing value little by little im not sure its the right time to buy.
2007-03-27 02:24:23 · 2 answers · asked by sur_fer_chick16 1 in Business & Finance ➔ Renting & Real Estate
Oh, there is a lot going on here...
1. Is there a potential you could be left holding the bag if the boyfriend leaves? Can you afford the place alone?
2. How quickly does property appreciate in your part of the country? Can you recoup your closing costs in less than 5 years?
3. The tax incentive for home ownership does not always offset the actual costs. This is more complex if you and your boyfriend will have to split the tax liabilities and interest on your loans against your income tax.
As for the general economics, it is a pretty good time to buy. Home sales are down in most markets and you should have the pick of your house and a good financing deal. Just make sure it is something you can afford on your own should your relationship go sour.
2007-03-27 02:36:22 · answer #1 · answered by AuntLala 3 · 0⤊ 0⤋
It's always better to put your money into real estate then throw it away on rent and ending up with nothing. I, however don't suggest buying real estate with a boyfriend.
2007-03-27 03:51:19 · answer #2 · answered by KathyS 7 · 1⤊ 0⤋