How's the market there? I don't like the idea of renting.
2007-07-12 09:31:14 · 8 answers · asked by Anonymous in Travel ➔ United States ➔ Other - United States
Financially you should rent if you are only going to be there for one year. You will be paying thousands of dollars in closing costs if you try to buy and most of your payments will be applied towards the interest, meaning you will have very little capital built up at the end of the year. Generally speaking you will have at best $100 in equity at the end of a one year period, compared to the thousands that you spent to get the loan. With that being said, it is a general trend that property values increase over time, so that you should be able to sell it for more than you bought it for. If the area you are moving to in Kentucky is a high growth area this may be an ideal time to buy with the hopes that your property value will increase. Overall my recommendation would be to rent.
2007-07-12 09:50:38 · answer #1 · answered by idahoarchmage 4 · 0⤊ 0⤋
If you're going to be there for a year, just rent. The KY housing market, contrary to what a previous poster stated, is not booming (except in Boone Co.) If you buy, you will NOT make a profit when you turn around and try to sell it next year.
A house will sell easier in Boone Co. or some places in the Louisville metro area than in Lexington or other areas of Kentucky. The percentage of Kentuckians who don't own a home is one of very highest of any state. So, my point is KY is not Atlanta, Dallas, South FL, or Washington, DC. Don't buy here; just rent.
2007-07-12 23:13:22 · answer #2 · answered by BlanketyBlank 1 · 0⤊ 0⤋
I was in the mortgage biz for 4 years. Rent. No matter where you live. For at least the next 5-6 years. Seriously. It's gonna get a lot worse before it get's better. The problem is nation wide and is going to effect everyone. I sold my house two years ago. I won't buy again for at least another 8-9 years.
2007-07-12 16:37:53 · answer #3 · answered by Tim 6 · 0⤊ 0⤋
I think you should rent first just to make sure you like it there and to see what you are able to afford after you get there and get a job... get a short contract like 3 to 6 months.. that way your not stuck with renting for a whole year.
2007-07-12 16:33:34 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If it's just one year, definitely rent. Much less money and hassle than if you were going to try to buy a place. Renting isn't bad - just be on the lookout for a nice place.
2007-07-13 00:57:44 · answer #5 · answered by Skylis 2 · 0⤊ 0⤋
Probably Rent. Here is the way to figure it out.
Original cost of the house + real estate taxes - rent for equal property compared to the potential sales price in one year less commision.
2007-07-12 16:40:07 · answer #6 · answered by Truth is elusive 7 · 0⤊ 0⤋
I don't know about buying. I know it's cheap. I lived there for two years and rent was soooooooo cheap! I loved it!!
2007-07-12 16:35:01 · answer #7 · answered by tizym 3 · 0⤊ 0⤋
it's cheap. i live in kentucky
2007-07-12 16:33:40 · answer #8 · answered by shelleighgirl 3 · 0⤊ 0⤋