uglyboy
 |
Renting is like throwing money away, if you can afford to purchase don't wait. Make sure of what you are buying. Don't just buy a house because it looks good. You must consider the location, is it where you want it, if you have kid, are the schools in the area good ones. How long will it take you to get to work. Make sure to get a termite inspection even if it is a brick house there are parts that are made of wood. The roof, plumbing, air condition, heating are also things that should be looked at, these can be costly if repairs are needed. Depending on where you live flood insurance maybe needed. Then there is the mortgage, low fixed rates are the best. If you don't have any credit this is not a bad thing, it is better than having messed up credit.
That be said the housing market right now is the best investment out there you save money by paying your mortgage, this is like money in the bank. Also the value of the house goes up building on top of your savings. Just make sure you can afford it don't buy a big house that you wont be able to pay the mortgage. Add everything up before your final decision. Monthly mortgage, taxes, water, insurance, association fees, etc |
|
Tim B
 |
WAIT. In a few months it will be a buyers market, at the present the market is still a sellers market. |
|
livlafluv
|
If you can get a good loan, I would buy now, rent is gettig someone else rich. |
|
Robert B
|
Buy a house now with a higher interest rate due to your husbands credit rating. After a year of making payments his credit rating will improve and you can refinance at a lower rate. |
|
eddie_schaap
|
If you can afford to buy now, go for it girl. Why pay rent for another year. Your finances will be going backward if you keep renting. On the other hand, paying off your own home will mean that your property will increase in value and you can always sell later to up-grade to your dream home. |
|
J Hero
|
Even if interest rates go up, buying a property that loses equity due to losing market value is not a wise choice. I would always recommend buying when the market (price) is low and interest rates are high. Interest rates will always drop - it's cyclical. Then you have a property bought cheaply and can refinance at low rates when they drop. The key is to buy when the real estate market is at rock bottom and then refinance when interest rates drop to rock bottom. You're lucky if you happen to achieve that, but you sure can get close if you have good information, the patience and CAN wait. |
|
elseyl04
 |
wait and buy, what u save now will make a difference.rentin you will just be throwing money away and can't do anything to the property. |
|
KB
|
RENT FOR THE LOVE OF GOD RENT!!! |
|
Rutlandgirl
|
Keep youe eyes on the local market, don't jump into anything. Owning is WAY better than renting in every single way. Real good way to build credit to |
|
adorable
|
you didn't say how is the case right now. if you are already paying a rent then why should you move and rent another place?
wait till you have enough money then buy a new house.
good luck |
|
Jerry T
|
Wait for at least 6 months to buy. The housing market has become oversaturated with homes for sale and the sellers have already started reducing their asking price for existing listings. |
|
Em
|
A year will go by in no time. The average mortgage rate for our home, which we get under my husband's name, is $700/mo for the next 30 years. The mortgage rate for myself (my score is decent, too) would have been 1,000/mo. If we couldn't have gotten the mortgage in his name, we would have waited. House utilities cost so much in the winter, plus yearly tax and insurance headaches, that the extra 300 sometimes does make a difference every month. Plus, over the next year, you can reduce the amount you pay with interest by saving a substantial downpayment. |
|
fiestyredhead
 |
Wait and buy. Work on your credit and save your money. But don't rent. Renting a place you are giving away your money. You'll never see it again. You'll move out and get nothing. But when own a house and pay a mortgage you'll get your investment back and then some when you decide to sell it. |
|
winter715
|
It has gone from a sellers market to a buyers market in a very short period. If I were you I would buy now. Show your husband the figures. |
|
pinky
 |
i kno what you mean,,im trying to wait and buy,,but there isnt much out there that i can afford and im getting inpatient. I hate to rent and waste all that money. At least with a house it goes towards your own investment.
good luck |
|
david42
|
This is a complex question. A home is 2 things: a housing expense and a real estate investment. The housing market is in a decline. This results in a buyers market. The bottom may not be near, so buying now should only be for a long-term holding. Refer to the link below and good luck. |
|
?
 |
Owning a home is a different kind of nightmare - give yourself another year of bliss. |
|
presidentofallantarctica
|
It is always preferable to own! As far as a "better home" goes, you can take nearly any low-cost house and slowly fix it up over a few years... then you've got a better house. Depending on the market, you could then sell it for a huge profit, then pay cash for your next house:) |
|
cyberalexa
|
wait and buy |
|
Answerer
|
Wait and Buy. Renting never helps anything but make the landlord richer. Compare it to Leasing a car. Would you do that? |
|
Lore
|
We have a Realtor and he says, best time to buy is now because interest rates are rising. You want to get the best rate you can. You may wait too long on the credit build up....we are refinancing in 1 year with the same man we are using now to have a lower interest rate. It is guaranteed for us. My credit is better than hubby and they are using my credit score and his income. |
|
?
|
Your answer is in your question. Building good credit is THE MOST IMPORTANT THING YOU CAN DO. If your husband needs another year to do so, and then you can buy a better house, there's really no question at all. Believe me, I know PERSONALLY, and my dad taught me that from way back in the 1960's when I was a teenager, and he was "right as rain" then, and he still is. And it's always "someone else's home" till you've paid the mortage off, so, not to worry. God Bless you. |
|
Bev t
|
Wait! Market is going down. |
|
David F
|
I work for a national mortgage lender with several $0 down programs. send me a email and I will send you back all my contact information. if you buy now it will be one more year you will be building equity and wealth.
David |
|
mk390
|
buy. you can always sell and upgrade |
|
wendy g
|
Wait a year and work on building your credit. You can do small things now to not only build it, but improve it (unless you have perfect credit, this is always beneficial). Pay down (or off) as many credit cards as possible, but don't close them. Lots of available, open credit is a plus, lots of maxed out credit very negative. Check your credit history and send dispute letters to any creditors who's claim you don't agree with, and a bonus is that some of the older claimants will simply drop the claim rather than proving you owe anything. For any other claims, contact the ORIGINAL company you owe money to, NOT the collection agency, and tell them you will pay them, not the collection agency. Sometimes this works, sometimes not, but it's worth the points. Most importantly, pay ALL bills on time and keep them current, this will make a significant difference. You can save a lot of money by getting a good mortgae rate to begin with. Good luck! |
|
droolie_da_dog
|
wait, I think the housing market is gonna crash soon. |
|
gary h
|
Buy, you big dummy. Why make someone else's payments? Making payments on a mortgage will help your credit rating more than paying rent.
Buy your dream house a few years down the road. |
|
crazynanner
|
we are in the exact same boat. i'm so tired of renting and having my landlord take his time to fix things. we could buy a house right now but we wonder if we should wait until our credit is a bit better. we have opted to keep renting for a bit more so we know we will be able to get the house we really want. of course one of reasonable price, don't wanna go overboard with the first house. start small and work your way up. wish you the best. |
|
MrsMike
|
First things first. Get pre-qualified to see how much you can afford. If it isn't good enough then wait. I think buying a home is the best investment you could ever make. You could always start with an ARM or intrest only loan and then refi later to a fixed rate. That would get you in the door. When you pre-qualify they will also tell you if you should wait till you fix your husbands credit. Just be honest with them. I agree - by renting you are gaining nothing.....good luck. |
|
4mika
|
My wife and I have the same problem we rent and we want to buy because we are tired of the slum lords out there that take the money and out very little into the place to keep it nice.
However, we have asked ourselves if living in this area is where we want to be 5 - 10 years from now. With her job and the promotions that are on the table and my line of work we have decided to hold off just a while longer before we go out and buy. |
|
| |
|
Homepage 
Financial
Forum 
Renting & Real Estate 
No Spam
Adult 
Gambling
Unfinished
Deception
Plagiarism
Not English
