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jenniferguelker | Should we rent or buy? |
Me and my husband have 5000 dollars saved and we were wondering if we should rent or buy a house. Im pregnant and he is in the army. We are both really young, we are both 20. He has prefect credit but i dont. what should we do? |
 |
 
Ken
 |
You are in a unique situation because of your husband's career. There are some handy buy vs. rent calculators on the net and here is one:
http://finance.move.com/Homefinance/Calculators/RentBuy.asp?poe=homestore
What no one, and certainly no computer program, can calculate are the intangibles. The pride of home ownership, the freedom to do what you want in and with the house, and the return on investment in the long run. |
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HHH
|
hard to say!
There are some questions for you here:
Do you (or/and your husband) really want a house?
What's your (& your husband?) income?
Current rent?
Does your husband live w/ you?
Rent --- lower payment, but I won't own any from it. ($600-1000 maybe???)
Buy --- higher payment, but I will own the house someday. ($800-1200 for small house $150,000 to $200,000 just estimating)
but I'm more on the "buying" side. good investment ---- I suggest to buy a small old (not really old -- 1995-2004 is good) house, pay, live for few years, then you can let people rent and buy new house. Sounds like a plan huh????
I'm in my 20's, too. I'm planning to buy a house soon. I've looked around in my area through websites and postings. Some are good. For example,
2001 2-story 3 bd 2 bth. $ 169,000. With that, you only pay around $850 a month.
Good Luck! :) |
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reichmanix
|
If he plans to stay in the Army, that will be a pretty stable career.
So a house might be worth it.
Then again if he is deployed around allot, that raises some issues.
Actually if you can get a good lender, 5000 is MORE than adequate if you can cut a good deal. |
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Marissa Di
 |
It depends on your location. Some places are a lot more affordable to buy than others. Try to network with some of his friends, as to their choices. He is in the Army, and you may get some advantages either way.
Are you eligible to rent on base, at reduced rent, and have your baby at home with you?
Are you eligible for 0% down and first time home buyers discounts. There are great incentives, just make sure you want to live there 15 years from now. Is the housing improving in your area, and the education, etc?
I would first ask the Army if they can help, before spending any money. They can provide a lot for you now, and maybe travel to Europe as well. |
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spadezgurl22
|
BUY NOW! being that hes in the army he can get a special loan that will lock him in at a lower rate than the average person. tell him to meet with the armies financial advisors and find out more about their subsidized loan program. you have enough to put down a good down payment and if he has excellent credit thats even better bc it will help him in lowering his rate and payments. donmt rent whenu can buy!!! |
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Steve P
|
This is simple. You need to buy a house with 20% down and finance it for no more than 15 years at a fixed rate. The total payment on the home should not exceed 25% of your net income.
Sure, you can buy with $5 K down, or even no down, and sure, you can buy it on a 30 year term. But this will not be a blessing, it will be a burden.
Wait, save more down, take it slow, you have plenty of time. Rent a cheap place now and live frugally. |
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Valencia W
 |
My dear, this is truly an answer that you can only answer yourself. However, being a mom, a wife and being faced with the exact same question I can only give you true advice.
1) 5,000 is a great start to savings, however being a new mom or starting to be a new mom is costly itself. Depending on the credit and if you are a first time home buyer, you may want to take the monies that you saved and try to fix your credit as much as possible. The reason that I say that is becuase there are so many programs out there to first time home buyers, where you may not even have to put money down. Good credit is the best way to go first.
2) Now on renting... Renting can be costly when trying to save, especially with a little one on the way but if you are not ready (army, credit, savings, etc) then renting may just save you money. For example, if you purchase a house (30 years) at a higher mortgage rate due to your credit being shaky then you may be paying more in the long run. If the credit was fixed within a year and you could get financed at a lower rate, then renting for a year may just be worth it.
See how much the rental prices are for a one/two/three bedroom (depending on your preference)
Speak with a mortgage company now to see what you can get approved at and/or what they suggest you do credit wise
See if using some of your savings to fix your credit is helpful, even then you could probably still buy a house after about six months.
Weigh your options and good luck with your little one!!! |
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Craig B
|
Renting is the same as throwing money out the window. By buying you can invest your 5000. and make it grow. If you are handy, you can by a fixer-upper and increase yor gain even faster. I have done this one house at a time until I live in a beautiful home paid for. |
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Waiting and Wishing
|
$5000 is probably not enough for a down payment, AND since you're expecting you may need that later for other expenses.
Looks like the house may have to wait. |
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