Should I stay or should I go now...???

Question

I mean in my current apt., I'm a single student and I like my apt except I have sometimes noisy neighbors above me. I was thinking of buying but I just feel a little unstable right now and honestly a bit scared of having a mortgage. I don't know if I should stay here or move to another apt (moving costs would make it more expensive than my current one)
I've asked all my friends and family and I get a different answer from each person,

Do you think paying rent instead of a mortgage is ok until I feel more secure with everything?

Many thanks for your advice (:

Answer 1

I would stay put until after graduation. Talk to your landlord about the noisy neighbors, if they have been bothering you I am sure you're not alone in this matter. Owning is a huge responsibility, there are all the extra expenses every month, water, gas, sewer, property taxes, life insurance, garbage, etc. all of this on top of the mortgage. Then there are the extra expenses that the house springs on you, that you don't expect. And if you can't do most of your own repairs getting things fixed can become expensive. Wait until you land a good job and can make a sizable down payment. In the long run owning is better, but you have to be financially stable enough to handle the bumps that come along with it.

Answer 2

The bottom line is....if you don't feel stable & comfortable for a mortgage then, don't do it. You have to be financially ready to buy a house otherwise, you'll lose it. I don't know what rent runs where you are but, when I looked into buying the house we're renting right now, our payment (inc. insurance, interest etc.) was 3 times what our rent is! Also, you're a student so, are you absolutely sure you want to stay where you are after you graduate? Buying a house is a major thing that shouldn't be taken lightly although, I'm sure you already knew that. :)

If you're happy where you are, & you can handle the noisy upstairs neighbors, then I'd stay where you are. If the neighbors are too much too handle, spend the money & get a new apt. where you will be happy! You should get all your deposits back from your current apt. so, that'll help the money crunch after you move! And, you never know...you just might like the new apt. better!

Hope this helped & good luck with whichever you decide!

Answer 3

paying rent instead of trying for a mortgage is perfectly fine until u r sure u can handle a mortgage and all that implies, taxes, insurances, being responsible for everything that goes wrong in the place.
as for ur current apt, have u tried talking to ur neighbors about their noise? There is a law about noise after 11pm in almost every city , if that is the problem, just call the cops if they won't cooperate.
as for moving again it is what u feel u can afford and who knows, u might get worse neighbors.
sometimes it is better to stick with the devil u know.
good luck

Answer 4

I would buy if you can. i hate the fact that i have to pay insane amounts of money each year for something that i dont get to keep. i always fix up the houses while im there, and its never appreciated. Plus, in most cases, you pay more if you rent each month, than a mortgage is monthly & you get a juicy tax right off too! ... plus you can do whatever you want, without hearing a whiny landlord.
And if you buy now before you have kids and stuff, you will have equity towards a bigger house when you need it, since you have proved yourself while youre still young. There are lots of benefits offered if youre a student also probably... Go For It, everything always works out, dont miss out on something just cause its a big step. you will have the same feelings when you get pregnant, it happens and you make yourself adapt.

Answer 5

I'd say stick with renting till u are sure u want to do mortgage.

Answer 6

I think you should stay. (this is an important question, don't make up your mind based on the answers you get here).

Answer 7

go with your gut on this one

don't listen to the advise of others