Renting vs. Buying your home

looks like tw is good luck for me. got the call that the bank excepted my offer.

 

I think the title of this post is VERY similar to the question of dating vs marrying.....

But to stay on topic, here in Phx AZ we have had huge problems with the housing market and now we are starting to make our way back. For the first time in a long time there is a housing inventory shortage. So this is good for sellers but not so good for buyers. But this is also causing the housing market to start back up again and all the houses that were 500k 5 years ago that dropped to 200 to 250k have been appraised correctly and people can start to buy and not be upside down after 3 to 5 years.

I have rented and owned and I love the feeling of home ownership. Its yours and you can do with you want with it ..... as long as the wife lets you.... but I also love renting and knowing someone else is responsible to fix what is broken.

So kind of like dating vs marrying......

 

I think of it as ,... leasing vs buying your vehicle.

 

It depends on how hard the housing market was hit. Out here, rising rents due to high rental demand and heavily depressed housing prices can make buying the cheaper option.

For example, I just bought a 2600 sq ft house on 1.5 acres of land. There's a house near me that is 2300 sq feet, 10 years older, and 1/4 of the lot size that's renting for what I'm paying on my new mortgage including property taxes, mortgage insurance and housing insurance. Plus, I'll get a mortgage interest tax deduction at the end of the year.

The people who bought my condo, bought it as an income property. They'll be able to rent it for more than their mortgage including HOA fees.

 

I bought my home at the end of last year for 173,000 1,700sqft not bad considering I live in California and also I'm 23

Conventional fixed 30 year @ %4.0

 

Nope not from the area originally...Allatoona huh? I use to take my dog on the trail at red top mtn all the time. Its a nice park. I like the woodstock area a lot, we were in Kennesaw. My wife went to Life Univ. we were right off barrett pkwy, it could take her 45 mins to get to school sometimes, and it was only 8 miles away. I think ATL would be way better if it were smaller, less traffic. Lots of good restraunts, I put on about 10 lbs while I was there. Just too hot for me.

I agree with you on CA though.

 

I could absolutely afford the mortgage, etc on a home but am a year away from being debt free and probably a year and a half after that from saving up a down payment.

Now is a great time to buy but most people dont have $40k in cash laying around.