I need your opinion. I'm leaving my boyfriend, should I buy a house or rent?

Question

I have been approved for a home loan, It'll be a little tight to buy a home, but I love that more than anything.

I moved to this town to be with my boyfriend, things didn't work out after almost two years.

I absolutely love my job, wouldn't quit it just to move back home, so I am face with the dilemna, do I rent or buy?

I have three cats and most rent places won't accept them.

I was wondering how hard it is to get out from underneath it if I decided to move out of this town after a few years.

Is it a really big hassel to sell a home?

Very good answers everybody!! Thanks for being so helpful!!

Answer 1

A lot of people have given you THEIR answer but NONE have given you the information you NEED to make the MOST intelligent decision. And nobody can except YOU.
First thing to consider is WHERE you live because real estate is a LOCAL market and what may be happening here may not be happening where you live so my first question for you is,"WHERE do you live and what is the LOCAL housing market NOW and what do EXPERTS think it will be doing in 3 to 5 years?" Is the population of the area going up or down, WHO is causing that population change? Is it illegeals moving in and business owner's moving out of state, ( like southern California) Are jobs being created or shipped offshore or out of state? How is the current market? Las Vegas and most of the USA is getting hammered but there are placs like Austin, TX that are STILL gaining property value ( my rent house in Midland, TX went up over 10% in value THIS year).
NExt you posted that you had been approved for a home loan but things would be tight; but that is ONLY IF you buy for the MAX amount you qualify for, what would the numbers be if you bought for 70% of what you qualify for? NEVER buy at max; if you qualify for a loan of 150K, who says you MUST spend ALL of that on a house? Look for the best buy and not for the biggest that you can get.
Start talking to local real estate agents, call 10 of them; and then pick the brains of ALL of them to take advantage of over 100 YEARS of collective experience and ask, what are the rental rates of the area? What are housing prices doing and what are the 5 year projections? Do they own "investment property"? Find oe or 2 good agents tht you "click with" and then have them keep their eyes open to "the buy of a lifetime" (which comes along about everry 3 weeks in real estate".
If you compare what it will cost you to rent, then try to buy a house at or below that monthly cost. Until you run the numbers you will ALWAYS be guessing and that is NOT a smart way to spend money.
IF you buy a house or condo, live in it 2 years and sell for a profit, you can keep up to 250K TAXFREE. Find a place you can buy for 60% of what you are approved for, get a 203K rehab loan to paint and fix it up the way you want, and then sell for a profit taxfree after atleast 2 years.
Or you also have the option of renting it out if you decide to move and create a passive income stream IF you can rent it for more then your total carrying costs; which is house payment, taxs, insurance, property management fees, and maintence. Buy based on positive rental rates in the area and you CAN own for less then you will pay in rent. IF you can do this, buy. If the numbes do not work then rent. But do the math by talking to LOCAL experts and not the advice of people who don't have a clue where yo live, what each option will costs you , and what the REAL numbers are.

Answer 2

I'm sorry that things didn't work out for your boyfriend & you, but I admire you for moving on as you are. It's always best to buy when you can. One thing you want to consider when buying, is location. Buy in a good neighborhood, so if & when you decide to sell, you won't be stuck with a house that you can't sell. Stay away from neighborhoods where noisy factories, trains, etc. are located Any time a person can buy, they are smart to do so, over renting, & especially when there are multiple animals. Find a home that fits your needs. Work with a realtor who isn't just seeing $$$$ when trying to sell you a house. Tell her/ him, what you are looking for, such as price, location, rooms, yard, garage, etc. Take your time & look at many homes until you find the one just right for you. You'll know it when you see it. Check out the foundation of the home, wiring, plumbing, furnace, roof, windows, etc. You don't want nor do you need a home that needs major repairs. Make sure there are no liens against the house, because that could become a real mess. I saw it happen to a friend of mine. Do not buy a home that has a shared drive with your neighbor. Ask the realtor to show you the property boundaries. Yikes, that's a nightmare in the works. If your realtor isn't working for & with you, then move on. There are tons of them in your area, I'm sure. Buying a home is a big step, so take it slow. Good luck!!!

Answer 3

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Answer 4

Do lots of homework before you jump into purchasing a home, don't make your payments too tight. You get a first-time buyers break. You have to be sure you will be there for at least around 5 years, can you make that commitment? You have to be prepared to be able to pay for unexpected 'surprises' that come along with owning a home. If you are leveled-headed and stable, I would say, buy. Even if you rent, keep up the homework part of it, later you will be more knowledgeable. Ask your family as well. Good luck to you.

Answer 5

I suggest you move into an apartment so that you can still keep money in the bank. If you bought a house now and something should go wrong (lose job,get back with boyfriend,get sick or injured) you could lose your home faster than you would anticipate and may not be able to recupe your losses. Down the road you may end up without so I would think carefully. It is not a hassle to sell a home if you were to buy but most people think its a fast process when in reality it can take some time because there are other people involved.

Answer 6

Unless you are planning to stay in the house for at least two years, preferably five years, then rent. Now is a buyers market because of the real estate downturn so this is a good time to buy. But it may take a few years for the real estate market to start going up again so you would have top bewilling to wait that out. Also, if the value of your property does go up and you sell it, you must have lived there for at least two years to have the profit on the house be free from capital gains tax .
The only hassles to selling a home are 1.Find a great real estate agent, they do the work for you and are worth every penny of their (negotiable) commission and 2. You have to keep the house clean and picked up every day that it is on the market and can be shown.

Answer 7

Buying a home is a great responsibility, their is more to it, You should take incarnation the mortgage payment a month, Taxes a year, house and property Insurance, the up keep a year, house repairs and wiring up to date, pluming up to date, what your power bill will be a month if you have winters where you are , it will cost more for heating, than the Grass got to be cut once a week, what your water bill be a month. Take this all in and think about it.. awhile ,hard..... than add in your living expenses weekly and pet care. I think this will be very over whelming just for one person to take on. To sell your home should not be a problem, I will depend on your contract. I think renting would be best for now just take it slow, things will come when you are ready. The old saying id don't bite of more than you can chew....could choke.

Answer 8

Our laws are set up for married couples when it come to the division of real and personal property. I don't think the individuals that set our current laws up ever envisioned men and women living together and buying property unmarried to each other. Under the situation basically you and your boyfriend are setting up a partnership of some type, outlining the distribution of the property in the event things would not work out in your relationship. There would be furniture, payment of the mortgage, utilities, insurance, taxes, even after a potential breakup. Would you be able to comfortably pay the monthly mortgage payment as well as other debts in the event the relationship does not work? Even with the pre-nup, and your boyfriend not having a legal interest in the house purchased, would you be able to financially pay all the debts necessary to maintain the house? You and he would have to feel comfortable with any agreement decided upon by the two of you. I hope this has been of some benefit to you. Good luck. "FIGHT ON"

Answer 9

rent for six months ? the prices will get lower , the foreclsoures will get worse and you will be able to get a better deal. it is a great market for buying right now . the best decision you could make it to unload the cats and move to the most inexpensive flat you can find(that is safe / reasonably clean) conserve and save as much money as you can. eliminate all non essential spending. have as much cash in hand so you can take advantage of the housing market slump . and as much cash as possible so that you don't lose the investment you are making if something unexpected comes up.

Answer 10

Buy. It's a "buyers market" right now anyway and it won't last forever. Besides the fact that when you rent, you're basically throwing your money down the drain by paying someone else's mortgage. When you buy, you are making an investment for yourself.