Advice on buying a house vs. renting

[kpage9]

I rent a perfect little house in the Springs. Rent's a little high, landlord's a little truculent, but otherwise I am very happy here. Landlord won't sell the house out from under me til he can get what he owes on it, which won't be for a few years at least, so I feel relatively safe.

There's another house that's almost as sweet for sale, for a price I could afford. Monthly expenses and tax benefit would save me a little.

Any opinions on the relative merits of buying vs renting these days?

thanks--

kathy

[lifequest]

There's lots to consider, but overall owning has advantages over renting. The deductions (mortgage interest, property tax), and possible appreciation (some day this may kick in again).

But lots of related costs like repairs, insurance, keeping on top of maintenance. It's become harder to qualify for loans now so provable income is immportant and a high credit score means a history of making all credit payments on time. Costs associated with buying amount to a few thousand sometimes (title insurance, prorated tax and insurance).

Unfortunately the state's credit for first time buyers has expired - that could have helped.

Hope this helps some.

[Barry]

For me, the big win in owning a house is control. Assuming you can afford it, no one is going to kick you out of the house and you can do what you want to it.

On the other hand, you are stuck with it. You can't just decide to leave nor is there a landlord to call to handle problems, which will surely arise.

If you are ready to "settle" and put down some deep roots in a community owning a home is a great thing to do, and now is a great time to do it!
:castle:

[Tars]

For me, the big win in owning a house is control. Assuming you can afford it, no one is going to kick you out of the house and you can do what you want to it.

Amen to this! It just makes a whole world of improvement to feelings of self-worth, accomplishment, security to know that you're in control of your own domain.

Odds are good this is an excellent time to buy, the real estate market being what it is. It may well be worth your time to pay a professional to appraise the house you're interested in. If it's in good shape, and reflects current market down-sized value, and as Barry mentioned, you feel happy in that neighborhood, then it'd be a challenge to find a better time to buy than right now.

Did I mention I'm a realtor? Just kidding! Good luck with your project.

[podfish]

that's the key question you need to answer for yourself. If you want to leave the area, it's suddenly a lot harder. If you have to leave the area, it's suddenly a lot more expensive!



On the other hand, you are stuck with it. You can't just decide to leave nor is there a landlord to call to handle problems, which will surely arise.