 Would you buy an overpriced house??? |
Would you buy a house that was overpriced for the neighborhood it was in, but was much nicer than anything in the neighborhood?
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It is my house. We have added a ... |
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 How do I get the seller to move out of my house? |
| I bought a house through a short sale with the previous owners still in the house. They were in foreclosure and the house was weeks away from being set for Sheriff's Sale. The previous owners ... |
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 How do i behave when people are viewing my house to buy? |
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Yup there's a realtor doing the work.
kudos to Tripod for understanding the nature of the problem.... |
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 Can a landlord walk into my apartment? |
| Ever since we moved in my landlord come in and out. The first time i was sick and pregnant and my daughter was sleeping so i didnt feel like answering the door so he came in and started to show his ... |
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 Will the increased first home owner grant inspire you to buy property? |
| The Australian government is reportedly increasing the first home owner grant to $14,000. Do you think this will help inflate our economyand do you think you'll be able to afford to buy instead ... |
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 I need your opinion. I'm leaving my boyfriend, should I buy a house or rent? |
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 ... |
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 Can an apartment complex find out if youv'e been evicted from another apartment complex? |
| My friend lied on his app and said he lived with his father for the past year when in reality he was evicted for non payment at another apartment complex, but this place he's at now has already ... |
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 If a tree from my property falls on someone else's lawn who is responsible? |
| My parents have a lot of trees on their property, and some of the limbs break and fall off during storms. They frequently fall on a neighbor's property. I was wondering if anybody knows who... |
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 How can I get out of my lease? |
| my family just got approved for a house on post... if we don't take it now, we may have to wait another long time becuase we would have to go to the bottom of the waiting list again. I have 5 ... |
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 Im 17 and my parents are asking for £120 a week to rent my room since i dont go to college anymore? |
is this a fair amount to pay or should i be something else?
please answer - urgent!!!!!!
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is this too much or should i jus get on with it? im only a retial ... |
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 Can a city take your property that you own and claim it as theirs even if your taxes etc are up to date? |
We own land, need to remove/tear down the house. City has termed the area light industerial.. can they eventurally claim our 2 lots?
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We have mowed and cleaned that way.... |
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 I raised her rent and she left? |
| I had a tenant who could be a bit annoying but she did pay her rent on time. I had been thinking about raising her rent, but had not done it for fear of rocking the boat...she is on a month to month ... |
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 What is the Average amount of apartment inspections a year? or even month? does anyone know? |
| I was just wondering if anyone had any idea what the average amount, or number, of inspections was a year for the average apartment complex, Or even monthly average- Because out complex is ridiculous ... |
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 Two serious questions? |
Question 1: Is there life after chicken soup?
Question 2: Do you know that ducks are evil?... |
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 Can we evict my mom's boyfriend? |
| The house belongs legally to me. I let my mom live there for free. Since 1996 she has lived there with her boyfriend who pays her rent. They have never been married. Now due to unfortunate events ... |
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 You think my Landlord is telling the truth? |
| We are renting but our landlord put the house up for sale. She said we can continue to live here but she needs us to let the Realtors bring people in to view the house. Our Landlord SAID for the ... |
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mizz lady | Should I rent an apartment or buy a condo or duplex? |
My boyfriend and I are interested in getting a new place together in a few months. We are able to pay about $1000 in rent and have found some nice 2 bedroom places that are in our price range. We will more than likely will be living there for a few years, until we decide to buy a home. We don't want to be throwing our money away by renting a place, but we are both new to renting and buying. My credit score is higher than his probably about a 690. We trying to decide while we have some offers available....HELP!!!!!
Additional Details
My boyfriend and i have been together for two years and have been considering getting married. We live in suburban chicago. |
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Dirk
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buy buy buy! Its the best way to go. you can then sell it in 5 10 years and use the money you put into it to make a down payment on something bigger and or your home |
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CS
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Now I do not know what market you are looking in... so I really can't give you advice based on your area, but:
Well, with a credit score below 700 - especially right now - you will not qualify for best interest rate mortgages. You will get offers, but they will be of a decently higher interest rate.
1000/mo gets you approx. 150k or so in real estate if you are counting mortgage alone - DO NOT forget association fees (sometimes called condo fees, owner fees, etc.)... these can run hundreds of dollars per month and insurance, taxes etc.
So think about this: If you are RENTING, you are paying: RENT
If you are buying, you are paying: MORTGAGE+INSURANCE+ASSOC FEES+PROPERTY TAXES.
Therefore: Your mortgage may cost 1000/mo, but you may be spending closer to 1500 total... so with a higher interest rate, you may be paying say 950 of that 1000 dollars to INTEREST at the beginning, so only 50 is actually going away from the PRINCIPAL (*original loan amount) what you really owe the bank. Now this goes up, up, and up the further you are into your mortgage (so at year 28, you may be paying 950 to principal/mo and only 50 to interest!)
So, if you are only really making $50/mo towards equity at the beginning, but paying $500 in fees you would not pay with rent, you are actually generally not benefiting from buying at the beginning of your purchase.
Now, if you will live there for many years, it is a good bet - but if you are only living there for a few, I would sit down with a banker and discuss the ACTUAL cost of owning over renting - you may find out you will lose much more money than by "throwing away" your money to rent =(. Hope this helps.
-- to reply to a few responses I have seen here: You may not make up what you "lose in rent" every month by investing, but you forget that a vast majority of what you pay at the beginning of a mortgage is interest, therefore "lost" anyhow. --
Just make sure you amortize your payment schedule, and decide if you will be there long enough to even hit break even. I would be glad to give you a numbers run down if you had a specific place in mind. I had a friend that was going to purchase a place through me in downtown Chicago (condo). We worked out his payments, and the estimated break even (between renting vs. buying - NOT including any income from investing money if renting, but also not including any appreciation of property value... not a good time for that anyhow) - he would take 9 years to be better off buying than renting... sometimes it is less, sometimes more. Depends on your down payment and expenses of ownership of the place you choose! |
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...Maya...
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an apartment
cuz. condo more expansive
apartment you can choose where you want to be!
duplex- ha ha you dont want to get stuck wit crazy neighbors! |
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*****
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I would NEVER buy a condo. The monthly maintenance fee is usually a couple of hundred dollars, even after the condo is paid. |
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maxzab
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Definitely buy since payment for the mortgage will be almost the same as rent. Maybe $500 more. But you will be paying for your own place. However, getting a mortgage right now is hard. Now banks not only looking at credit scores, but at income and many other facts. This happened when prices on the houses were low, everybody went to get mortgages. Then bank raised percentages and people weren't able to pay money back. But definitely try. |
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kookoo4travel
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Before you buy, MAKE SURE YOU UNDERSTAND THESE 2 THINGS:
1) Fixed rate
2) Adjustable
Lots of people right now are in the Shiii*T due to adjustable rates. With a fixed rate...your monthly payment will pretty much stay at the same amount for 30 yrs (if that is the time of the loan you get). Adjustable...
say if your payment started at $1,700 or so...
it can sky rocket, which is my present situation. :( My payment went up by $1,000!!! This is the deal my husband went into and wanted, so now we are paying up the A*s! We have been lucky to keep up with the increase, but many people HAVE NOT. This is why you hear about so many foreclosures. It is really really SAD!!!
If you are gonna buy a condo...
don't forget about HOMEOWNERS ASSOCIATION FEES. They vary per building. Someplace you can pay around $100 and all the way to $500+, just depends where you buy the place. Make sure you look into that too, ok.
I wish we had a BETTER Realtor that was looking for our best interest when we bought and sold some properties. But since HE was looking for his best interest...we got screwed. ANother thing...
go with a Realtor with a good reputation. I now believe that the Realtor can make you or break you. Have fam or friends recommend if possible, someone they have had a good experience with and gave really good advice.
Good luck! |
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shannon s
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condo....it makes money when you but it.... |
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duckfart78
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I personally wouldn't buy a house together if you aren't married or in a committed relationship. If things get messy, it's easier to terminate a lease than to sell a house. On the flip side, it is a nice benefit to be able to deduct your property tax and mortgage interest from your personal taxes. Good luck! |
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Gawaine R
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In some states renters are protected by law from the owners. In Massachusetts for example, trash removal is the responsibility of the landlord, as is the water bill, the land taxes, and upkeep and repair (including kitchen appliances). Renting is simply an alternate way of living - it's not throwing your money away.
Condos typically have a managment that takes care of things like repairs, but you pay a monthly fee for this. Parking might be extra, and there may be other fees for an in house gym or pool or whatever. Deals vary quite a bit, so do your research. And good luck! |
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Trynsee
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If you rent an apartment you will definitely need a condo or durex. |
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scooby
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i would buy when u rent u throw your money away if u buy u can always sell and get your money back |
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LandOfMisty
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to me buying a condo is buying an apartment....who likes neighbors.
Here where I live you could rent a house for $500. I don't get those outrageous prices.
If you are considering marriage....buy. A House! |
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Curious
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If you can really afford to buy and if the relationship is really stable -- like going where you want it to, it's good to buy, especially now that it's a buyer's market. YOu need to factor in all the costs in making the comparison: association fees, etc. For an education in real estate, start reading the real estate section of the newspaper every week. |
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Rachel M
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you need to buy. This is absolutely a buyer's market and you can get a screaming deal. It would be a waste of money to throw it away on rent when you can invest it in your future. |
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Classy Granny
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Buy. Why line the pockets of a landlord? |
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Winters child
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I wouldnt purchase anything with a boyfriend. things can go sour, and then court lawyers etc. who gets even who lives there? I seen it many times. you probably need a more permanent situation, fiance, husband. etc. then go forward from there...
best wishes. really |
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miss_j
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I would do some math.
The first question is, how long have you and your boyfriend been going out? If it's been at least a couple years, I would consider buying a place. To be dismal, stuff happens. You could move out together and find that you aren't happy. It does happen. Even if you've been together for years, you might realize that you can't live together. If you break up, then you could end up financially screwed. Unless you are recognized as common law, then you likely will have to battle out for parts of the house - essentially both of you will end up losing.
I would rent together for a year, and see how your relationship progresses. I do think renting is a waste of money, but I've been renting with my fiance for 3 years now. It's sick to think about all the money we've spent on rent between the two of us.
If you do choose to rent, make sure that you both sign the lease. This way if, heaven forbid, you break up, then each of you is still responsible for 50% of the rent (ie: he disappears off the face of the planet, you're not completely faulted).
You should also consider how much money you have saved already. If you have enough money for a sizable downpayment, then I would consider buying a house.
Just stick with the renting for now, try to rent somewhere cheaper so you can at least save some money for when you decide to buy. Good luck. |
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"Googy"
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If I were you I would rent a cheaper place and save as much money as you can if you want to buy a house, after you start renting you will be losing money. thats what i think anyway. |
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InvisibleWar
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I think you should buy. Trust me I did out the math. Let's say you rent an apartment. It'll be a few hundred less than a mortgage. Let's say you a good saver and invest the money. You won't make enough money to justify the loss you are paying in rent. Let's face it; most people won't save the money. Remember the house is an asset which will go up in value over time. Interest rates are low enough to justify it.
A 690 is not a great score. If you were married, they would actually take the lower of the 2 scores. I don't think you would qualify to buy a duplex. The price would be out of your range. You might get by with a condo. Don't forget the condo fees when calculating how much house you can afford. If you decide to buy a house, you should buy it in your name to get a lower interest rate. His lower score will drag you down otherwise.
I don't want to bring this up but it is needed. You are not married. You need to set up legal contract for ownership of the house. I've had friends who were in similar situations that broke up. One party gets the house; the other is gets nothing despite have paid half the bills. Usually, it's the girl who ends up keeping the house :0
My suggestion would be to live in an apartment as planned. You'll build up more of a down payment. It'll give you time to build up your credit. Just pay bills on time and don't cancel any credit cards (this actually lowers your score). Buy a used car and pay the payments on time to build up score. Focus on your score because it is higher to begin with. If things work out between you and him, buy the house in your name before you get married. Set up a contract after the loan has been approved to protect him and yourself. Have a ball. Good luck to you. |
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Katie
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you def. want to buy something. You're right, you would be throwing money away by renting something, and since you and your boyfriend are going into it together, it help both of your credit scores. |
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littlebotas17
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if you qualify and have the down payment then buy dont rent unless you really have no choice. you will be glad ya did. oh i just re-read that you are just going out. ummm just remember that you dont know whats going to happen in the future. and when you buying, the bank or whoever dont care if you dont love eachother anymore. |
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Big Deal Maker
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It all really depends on where you live. A condo will have tax advantages for the 2 of you. Think about putting at least 20% down. Most lenders now days are looking for that large of a down. Some less. But i would recommend at least 20% down. Then you will need to add the property taxes. The association fees. And of course the loan payment. If you where to purchase a duplex. You now become the landlord. And your new tenants are paying on your mortgage. A duplex will not appreciate much. And in today's market nor will a condo. But in the long run the duplex will pay off your loan with tenants help. In what ever decision you make i hope you all the best. |
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Madalee
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I'd buy a condo, that way you actually own it and can do whatever to the walls and remodel the kitchen if needed. Although, whatever makes you happy works. |
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mel
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you have to live somewhere while you save for a down payment. apartment is good. |
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Andreas
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If u hv the money then buy becouse ul waste a lot of money oin the rent and get nothing |
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Serbesa
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you should buy! |
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alliancebodyworks
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In my opinion buying is always best. I'd get a duplex if possible. A condo is just like an apt. with monthly dues and the whole thing so I'm not a big fan of condos but if you can do it... I'd defintely buy |
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Valerie M
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I think now you should just get something you like but affordable so you can save money for your house at the same time at that's a pretty good score so you should be okay with that.So you should try to find something around 800 so you can 200 and can have a nice down payment on a house. |
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Damn Pocket Protector
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Duplex...
It has a yard for the dog... |
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Ker
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I think that you should get somthing that you can afford without having a morgage if you can if you can't get a small place with enough room for both you and your boyfrend |
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belligerent assistant
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Hi your best bet is to contact a financial adviser either through a bank or a friend who's used one in the past.
Personally I like the Primica company so you may want to try them.
Overall, a mortgage broker can also help as you may not know what you can afford in mortgage.
Ingdirect also has a good website for "what can I afford". I didn't include the link but search google, as you didn't say what country you were in. |
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