2007-10-05 16:59:08 · 4 answers · asked by kema 1 in Business & Finance ➔ Renting & Real Estate
If you are going to be paying that much every month it would best to buy. Why spend all that money making someone else rich? If you buy you can have a property that will be yours plus if you play your cards right, and put equity into your home if you ever want to sell you can make a profit.
2007-10-05 17:09:30 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If you can afford $1300 a month then you should check all options into buying. The benefits include tax breaks and equity to build or borrow against. Only you know the exact details behind this question, but owning your own property is far better than helping someone else own their own property. Also, owning and paying a mortgage will increase your credit score and enable you to have tax write offs in the thousands. Also, as you build equity you can borrow against that to purchase another property and rent this one out.
2007-10-05 17:10:14 · answer #2 · answered by lmallen2790 1 · 0⤊ 0⤋
there are too many things to be considered to really give an answer to that question so you have to make that decision but let me give you things to consider. Are you making that area your home for an extended period of time?
Where is this location? In Michigan at the moment so many people are leaving that it is possible to get a very good price on a house - almost every block in many cases there is a house to sell - and a recent real estate auction had homes for as little as $5,000 for sale although I suspect they needed work done to bring them up to a livable home. what are other houses selling for in the area? And are they selling?
If you are sure that you will be staying in the area for some period of time it may well be a good investment to buy now that so many houses are vacant. on the other hand, you have to consider what other houses are selling for to see if the price is right and whether you can offer less money for the home.
This is all assuming that you are buying the house for an extended period of time but if you are not and want to buy the house as an investment to perhaps resell, you may be better off renting
2007-10-05 17:21:26 · answer #3 · answered by Al B 7 · 0⤊ 0⤋
Depends. If I'm the one spending the money, I would buy. If I'm the one with the property I would rent it for $1300 a month.
2007-10-05 17:07:17 · answer #4 · answered by Squeakers 4 · 0⤊ 0⤋