Rent or own?
Forums › General Discussion › Rent or own?-
I'm looking to move out of my parents and was looking for advice from the older mobsters here. I'm not sure if I should buy a house or just find a place to rent right now. I take home 2,000 a month(makin the big $$$ I know) anyone have any advice?
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Rent for now. Buy later when you have a family
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I highly suggest renting. It would help too to rent with a roommate.
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Depends on where you live. How far will 2k a month go? How secure is your job? How much debt do you have? Any savings? Down payment? It's a big commitment not to be jumped in to.
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Yeah I'm looking at just renting until I have a bigger income. I don't want a roommate.
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👆this is true, but you will never see mortgage rates lower than they are right now. Just don't get in over your head. Whatever they approve your loan for, go for half of that amount.
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Rent before you own.
When you rent and something goes wrong, you call the landlord to get it fixed, when you own you have to fix it. -
⬆that's true. I'm only 18 so I have no debt. And my job will be there until I get a new one. I live up north Minnesota.
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Rent. You're too young and your life will fluctuate too much to buy.
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If you buy be prepared to stay for a long time. You are still young, the world is much bigger (and interesting) than northern Minn.
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I don't plan on moving. But I suppose if the money is somewhere else I don't wanna be tied down to a house here. Thanks everyone for your input!
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I bought when I was eighteen. Don't regret it I always wanted to raise a family in area I grew up in. My thoughts are why waste $ On rent when you can put more down per month and it's your to keep. But in retrospect for safety sense rent for two years get your life going see where it brings you, plus gives you a sense on how much your gonna need per month to live on your own..... Side note, now is the time to buy in Mn houses are cheap. Just do your homework about it and talk with your parents about it. Mine were ALOT of help figuring everything out. Hope some of this rambling helps lol.
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⬆ the rambling helped lol. Houses are going really cheap up here and I have the same mindset that you have, "why rent when it'll cost the same if not cheaper to own" but than there is the fact that your responsible for anything that goes wrong, where if you rent you just pay your rent and the landlord fixes everything. I think I'm going to just go ahead and rent for a few years and see where I'm at money wise and than buy.
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Yea that's a solid plan, gives you time for life without added worries. Good luck with the house shopping down the road!!!
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Thanks for the help!
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Rent is dead money. You are paying somebody else's mortgage.
I'm not saying don't rent, but If you do, do it for the shortest time.
I'm 34 and own my house outright now. So I have way less money issues now :) -
slugboy wrote:
That's the way to do it... Sure wish I had started earlierRent is dead money. You are paying somebody else's mortgage.
I'm not saying don't rent, but If you do, do it for the shortest time.
I'm 34 and own my house outright now. So I have way less money issues now :) -
Rent for a bit and see what happens, houses are cheap right now but mortgages aren't the easiest to get, plus you make 2k a month,, my mortgage payment is 1400$ a month, that doesn't include utilities food car ect, I don't know if the cost of living is lower in your parts, but these are things to consider.
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Also do you have money saved for a down payment and closing costs, you need about 4-7 percent of the total cost of the home in cash upfront. Just something to think about.
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My partner and I never rented. My partner saved half his wage a week so when we bought our house we had 1/3 of the house price as a deposit. However, that was our choice. We didn't want to pay off someone else's mortgage and wanted to live in a house on our own terms not on someone elses
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Kyle27k wrote:
I live in st Paul, are you in Duluth?⬆that's true. I'm only 18 so I have no debt. And my job will be there until I get a new one. I live up north Minnesota.
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Rent. You have to have money for up keep. Houses have roofs that leak. This way if you rent. The landlord has to fix it. You will have plenty tim e to own. Save. The time will come. Good luck.
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