To buy or not to buy
We’d like to buy a house but man, it’s through the roof in cost! 
You can’t live anywhere reasonable without paying a ton for the privilege. And I guess that’s the way it should be but dang it if I can afford to buy into a house payment of close to $2k per month. I am definitely not that rich. And the renting market isn’t a whole lot better. It’s minimum $1.2k and up for a nice setting with three bedrooms. I just don’t see the point in moving into another 2 bedroom place when it would be wonderful to have more room. So the questions come up: 1) how does someone afford a house these days and 2) should you really bother buying one anyhow? I don’t know. I guess I’m on the fence. I want to buy. Really. But it’s a big jump and I’d hate to lose it all because I miscalculated all the associated costs with owning a home. Any advice? This stuff is boggling my mind and I usually consider myself fairly quick on the uptake.
March 31st, 2006 at 9:18 pm
I would definitely encourage you to look into buying vs. renting. Often the house payment will be in range of what a rental would cost. And you don’t have to ask the landlord before you put a nail in the wall or whatever you want to do. You might look into possibly a mobile home as a stepping stone toward getting a house. Mobile home loans (at least up here) are typically about 5 years. Then you own the place and can do as you wish; sell it for the money to put a downpayment on a regular house, rent it out, or keep living in it, whatever you want. Whatever you do, ask lots of questions of realtors, bankers, friends, parents, whoever you can think of. It will help you make a more educated decision.
April 1st, 2006 at 2:56 pm
For starters, visit http://www.hud.gov
April 1st, 2006 at 9:14 pm
DO NOT BUY NOW WHATEVER YOU DO!!! PRICES ARE GOING TO START PLUMMETING. DO NOT LISTEN TO REALTORS…THINK ABOUT IT…THEY HAVE A VESTED INTEREST. INCOMES CAN NOT KEEP UP WITH HOUSE PRICES RIGHT NOW. PRICES ARE ALREADY FALLING….JUST BE PATIENT. THERE WILL BE LOTS OF FORECLOSURES TO PICK FROM….TRUST ME!! TYPE IN THE WORDS HOUSING BUBBLE AND LOOK HOW MANY ARTICLES THERE ARE!! IT DOES DEPEND ON WHERE YOU LIVE……RIGHT NOW ARIZONA…CALIFORNIA…VEGAS…AND FLORIDA ARE STARTING TO TANK!! WHATEVER YOU DO…DONT DO AN INTEREST ONLY LOAN NO MATTER HOW TEMPTING!!