I want to buy a house but there is a chance that I might have to sell it in a year (I might have to move, though I want to stay). Would it be smart to buy it even if I have to sell it within a year? Will I end up losing money and complicating my life? I am so tired of living in an apartment, but I must admit that when you don't own the place life can be pretty easy specially when you are single (no grass to cut, no spending money on repairs, etc).
2007-10-31 13:22:15 · 4 answers · asked by yomera 2 in Business & Finance ➔ Renting & Real Estate
First consider the housing market these days. Then consider what you'll be paying in out of pocket closing costs for the mortgage. Since you anticipate living in Houston for a year, I'd suggest you just rent since you'll be out of pocket for a large sum of money that you may not recoup.
From my perspective, you'd be throwing your hard earned money out the window if you think you'll be there about a year or so. If for 2-3 years or longer, I'd consider buying a house.
2007-10-31 13:34:56 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I can't see real estate prices increasing appreciably - if at all - in the next year. And, when you go to sell the house, you will have expenses, like real estate agent fees. So, you will probably take a loss if you sell it within a year.
2007-10-31 20:30:12 · answer #2 · answered by Paul in San Diego 7 · 1⤊ 0⤋
Long story short, it wouldn't be wise. Just rent for the year.
2007-10-31 21:21:07 · answer #3 · answered by frankie b 5 · 0⤊ 0⤋
wait untill you know you'll be staying put for awhile. you'll lose money and gain stress.
2007-10-31 20:51:21 · answer #4 · answered by marieajs 2 · 0⤊ 0⤋