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Old 05-06-2013, 04:12 PM   #1 (permalink)
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Buying a house

May people have told me not to do it, but I am looking for houses. I know people say that I should start renting, but why do that when I can buy?

I just got out of college and found a really nice job(not high paying but for the area its within the boundaries) and since I live in Kansas its not really going to cut too bad into me to buy a house some where. Just wondering if anyone had any thoughts or feelings on home owning.
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Old 05-06-2013, 04:31 PM   #2 (permalink)
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Any intent to move?
Are you settled in the area - wife/kids etc?
Could you resell the house if you needed to without taking a bath?

Just out of college - unless the mortgage in 50% of rent, I'd sock extra cash into savings
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Old 05-06-2013, 04:34 PM   #3 (permalink)
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Now is a great time to buy a house.

I would recommend it over renting if you know you are going to be in that area for at least 5 years. You will lose money if you move out in 5 years. Potentially a great deal of it depending on where the market goes ultimately.

But if you think you will be in that area for years to come then by all means, make the investment. But make certain you check the following items:

Taxes where you want to buy
Homeowners association - what can you do with the property like additions and such
utilities / cable / Internet
schools - you may be single now, but if you are there for 10 years you may be married with kid(s) and schools become important.
Crime - see above
Insurance - get quotes make certain where you live is not high risk for them
If you are going to be in the area for a while look at places you may be working (if there are industrial parks and such where most of your job types are located) and then determine your possible routes to work - no one wants to have to deal with tons of traffic if they can avoid it.

Take your time and look for a home that will suit your needs now, as well as 10 years from now. Do not think you have tons of time for a fixer upper unless you already have time for that...cause you could ultimately cost you more money with delays and such in repairs because you did not manager your time or have the money to get someone in to cover it.

Plan on needing a few thousand extra dollars to cover the stuff you don't have that you will need for the house....lawn mower, etc.

Go for it.
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Old 05-06-2013, 04:50 PM   #4 (permalink)
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The one I am looking at already has a morton building in the back. I am really interested but trying to get pre-approval is just having a hayday with me. I plan on staying in the area for quite a while.

Thanks for the insight though guys I appreciate it and keep it coming!

Rent around here is 300-500 dollars most house payments are about 300-600 so about the same ballpark.
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Old 05-06-2013, 05:09 PM   #5 (permalink)
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I graduated from college in 2011, and I lived at home for about 16 months then moved into an appartment. It was a hard adjustment in the first few months but now I am looking to buy a house in the near future.
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Old 05-06-2013, 05:45 PM   #6 (permalink)
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Originally Posted by blitz121 View Post
Rent around here is 300-500 dollars most house payments are about 300-600 so about the same ballpark.
The quoted house payment is always less than reality. Taxes, Insurance, utilities, and upkeep add up fast.
I am glad I bought, but you are young and may want to consider renting for another couple of years.
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Old 05-06-2013, 05:59 PM   #7 (permalink)
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Originally Posted by maggot View Post
The quoted house payment is always less than reality. Taxes, Insurance, utilities, and upkeep add up fast.
I am glad I bought, but you are young and may want to consider renting for another couple of years.
I know renting might be the way to go but I hate the idea of throwing money in the air just to watch it burn, I amounted for the cost taxes and utilities as well.
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Old 05-06-2013, 08:04 PM   #8 (permalink)
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Quote:
Originally Posted by blitz121 View Post
The one I am looking at already has a morton building in the back. I am really interested but trying to get pre-approval is just having a hayday with me. I plan on staying in the area for quite a while.

Thanks for the insight though guys I appreciate it and keep it coming!

Rent around here is 300-500 dollars most house payments are about 300-600 so about the same ballpark.
Man that's cheap living there.... But can pretty much double the cost of owning a house on top of a mortgage payment. Newer homes or older in that price range? Newer homes tend to be cheaper to live in, older homes tend to need more things addressed.

Can you get a renter or 2 in the house to share the bills with? Regardless if you are renting or owning the house. What is the vacancy rate in your area for rentals?

And as said above, unless you are intending to stay in the area for a min of 5 years, rent. Your early in your career, don't tie yourself down from taking other jobs or switch careers. Greener fields generally await.
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Old 05-07-2013, 12:46 AM   #9 (permalink)
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I'd buy a house as long the price is right. I'm into the buy low/sell high kinda mentality.

A house is a great investment.
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Old 05-07-2013, 02:20 AM   #10 (permalink)
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Quote:
Originally Posted by blitz121 View Post
I know renting might be the way to go but I hate the idea of throwing money in the air just to watch it burn, I amounted for the cost taxes and utilities as well.
Well once you sign a mortgage and are paying the interest, mortgage insurance, maintenance on the house, and property taxes you will likely still feel like you're throwing money in the air to burn.

Leaving the emotional aspects out of it, buying versus renting depends on where you live. In some cities it make more sense to rent (even long term) and in others ownership is the better route. It's not a simple rule of thumb thing - you need to do your homework if your serious about making a rational decision and not let emotion make the choice. Even the five year thing varies. Where I live currently the population growth is nil, housing prices move maybe 1-2% up in a good year but drop faster in a bad one and rent is relatively low. When I looked into last year, if I sold after roughly 12 years of ownership (based on average market conditions, ownership related costs, and moderately aggressive mortgage payments) I would break even. But that didn't include inflation, so I'd be looking at roughly 14-15 years before breaking even. On the other hand, by renting I am able to put more money into savings and investment which will return more than owning property (in this city). Your mileage may vary.
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Last edited by cobyrne; 05-07-2013 at 02:24 AM.
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