I make around mid 40k a year.
would renting a one bedroom apt. for around $1000 a month be a waste of money.
Live and work in N.Virgina
2007-08-15 03:07:45 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
looking to buy a townhouse/condo in a year or so
2007-08-15 03:17:27 · update #1
all cheaper apartments have income restrictions.
2007-08-15 03:28:17 · update #2
Compared to what? You stated that you're looking to buy in about a year so why would renting be a waste? Is that the average price for a property in your area? Do you have any other options (like living with your girl, family, a roomate, etc)?? It all depends on your situation. As you've heard probably a million times before it's always better to buy then to rent. Sometimes people rent because they don't want to worry about taxes & insurance & hoa fees, etc. $1000.00 a month seems like a good deal to me but again we live in two totally different areas. Our current mtg payment is well over $4000 a month (not including taxes, insurance or hoa). So if you can afford it then go for it.
Good luck!
2007-08-15 16:26:59 · answer #1 · answered by Suzy_305 3 · 0⤊ 0⤋
It depends on what the other places in your area are like, though for that amount of money, you might be better off looking into a mortgage and buying a home.
The problem with renting is that you don't really get anything out of it in the end. Buying a home with that sort of money would be an investment that you could sell later down the road, and while you might have to contribute to the upkeep along the way, it would still give you something solid to use for your benefit down the road, and eventually lead to having no payments at all when it's paid off.
2007-08-15 10:17:40 · answer #2 · answered by firebugarts 3 · 0⤊ 0⤋
Yes. Whenever you are renting you are throwing away money. Have you asked yourself the question of what your return is on renting? $00000000000000. The Landlord is the only one getting rich. However, if you are working on your credit and saving money, then find some place cheaper to live, consider investing the difference. Then use the returns from your investment to purchase your own home. That is what I am doing. I am restructuring my finances. I am a Realtor in Georgia of 7 years and I had to take a few steps back by taking on a place with very cheap rent in order to purchase a home with a lot of equity. My goal is to raise my credit score and have plenty of cash reserves.
I hope this help. I'm just keeping it real.
2007-08-15 10:18:50 · answer #3 · answered by Thomasina A 1 · 0⤊ 0⤋
If you always rent and never buy all the money you spent on renting could have been invested in a home.
2007-08-15 10:16:03 · answer #4 · answered by thebirddr 3 · 1⤊ 0⤋
Well I own a 4 bdr, 3 bath on 2 acres for 820.00 a month...
It all depends on your credit score.
2007-08-15 10:19:23 · answer #5 · answered by jake@home 2 · 0⤊ 0⤋
You have to live somewhere don't you? What are you comparing this to? Are you considering buying a house? Are you comparing it to cheaper places with longer commutes? I'm not sure what you are asking.
2007-08-15 10:13:02 · answer #6 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
why not buy a home and write off the payments. you now pay tases on the full income you make when you own you write off the paymens and pay less tax on your income
2007-08-15 10:13:02 · answer #7 · answered by beachlover 2 · 0⤊ 0⤋
That depends on all your other financial information. If you have good credit then why not buy a home of your own?
2007-08-15 10:11:58 · answer #8 · answered by Anonymous · 0⤊ 0⤋
YES RENTING MEANS THROW MONEY AWAY BUT A HOUSE
2007-08-15 10:15:19 · answer #9 · answered by Kelly RIch 5 · 0⤊ 0⤋
yes when you can go and buy a house for that kind of payment
2007-08-15 10:22:57 · answer #10 · answered by ivory 2004 3 · 0⤊ 0⤋