[deleted account] ( 16 moms have responded )

We have never bought a house before and before we have a second child we want a house and most of our loans paid off. so should we buy or rent. this is our second apartment. we both want a second child now but waitin is the best. but what would you do? buy or rent?


[deleted account]

While there are a lot of benefits to owning a home, there are also a lot more bills when you own a home. If you can truely afford it, home ownership is the way to go. However, remember that if you own the home, you have higher expenses. If the furnace breaks, you have to pay for it. If somebody trips and breaks their leg on your front yard, you'll have to pay if not insured. People assume they can pay the same in mortgage as they are paying for rent, but don't realize all added costs of homeownership. I'm not saying don't own a house, I'm just saying really think about all the expenses, not just the mortgage. I'd also caution on buying a "starter" house. Many people buy down to a house they can afford figuring in a few years they will sell that one and buy something bigger. When doing this, the assumption is the house will sell quickly and you'll be able to close on a new house promptly. That rarely happens. My advise on this is to plan to at least live in the house until the mortgage is paid. If something happens and you can move up, great, but don't assume you'll be able to easily move up when you want.


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Kiara - posted on 05/15/2011




If you can afford it "Buy it" because then your investing in something that will be yours. :)

Bridgette - posted on 05/14/2011




I agree with all the others with one caveat - if you dont want to handle the upkeep required with a house then think twice about buying. My sister really wanted a house but, when she realized all the requirements that came with it, realized she would actually have been much happier as a renter. Good luck!

[deleted account]

A general rule of thumb:
1. 20% down payment
2. the note is no more than 1/4 of your income (15 year loan is better)

If you can meet those two requirements...BUY! If not, renting is okay if you are putting money aside for a down payment so that you can eventually buy.

Annie - posted on 05/13/2011




We bought our first house a little more than a year ago. I am so happy that we bought. We can do what ever we want to our house, and we are paying about the same every month as we where when we were renting. Plus you house is much larger! The only difficult part is that you don't have a landlord to call when something goes wrong! This is the first place that has flrst like home since I moved out of the house that I grew up in 13 years ago!

Laura - posted on 05/13/2011




I completely say buy! It is the best investment you will ever make. The money you would be putting into renting, could easily be going to a mortgage instead. My husband had bought a house at the age of 24. It was very tight for him at the time but when we got married, we were able to afford a bigger home with the equity he had built in his first home. We are in our late twenties now, and we will own our home by the time we are in our early 40's (which is really really good). I'm so happy we did that. Also, there is nothing like walking up to your front door, knowing that you own it!

Danielle - posted on 05/13/2011




Buy while its still a buyers market (at least in Canada).

I love owning our own home. We can decorate and paint and really make it our own. Not only that, but we`d be spending the same on rent each month as we would a mortgage.

It also helps us increase our credit as well as establish equity on our house.

Lady Heather - posted on 05/13/2011




If you can buy, do it. Definitely make sure you go over your budget. There are many added costs to home ownership and you want to make sure you budget a good monthly amount for repairs and maintenance (especially if you aren't handy). But it is soooo much better to know your money is going to you (well...other than the interest) and not someone else. And if there's a problem, you fix it. I can't tell you how many idiot landlords I've had who drag their heels on repairs. I like having the control over that stuff.

Kimberly - posted on 05/13/2011




oh my god there are rules against them coming in like that you need to have a twenty for hour notice that they will be coming in. before we got into this place we had a renting meeting on all the rules what we can and cannot do and what they are allowed to do.

[deleted account]

@ kimberly i would love that. i think our rent may be goin up too. i found out yesterday they came in to our apartment when my daughter, tyray and i were out on a walk. the place was locked up so idk how they got in but they spray painted the wall cuz there was a water leak that travled down here and left a nasty stain. SPRAY PAINT

Kimberly - posted on 05/13/2011




hey well i am renting right now we just found out our rent is going up to 600 a month so we are looking at houses. there is a website that have houses for really cheap some do need fixing up a little bit, but you can check it out its reo realty. its forclosed homes the bank owns, so your paying what is left on the house. it might be something your interested in

Jennifer - posted on 05/12/2011




I agree with the other 2. If you can buy, then do it. Besides the practical side like the others mentioned, there is also other points that are great to buying. Like, if you want to paint a room or own a dog, you don't have to worry about asking someone else for permission. If a stain gets in your carpet, it's not as bad, because you don't have to worry if the land lord finds out. There is no security deposit that often (at least in my area) landlords keep even though you've done everything right. Then there's just the good feeling you get knowing it is yours.

[deleted account]

Always buy if you can. Real estate appreciates in most economies (yes, I know it's not right now, but if you wait 10-15 years, it will).
Another good point is that it only takes about 15 years to pay a house off (though banks will let you take out a 30 year loan, but the interest is higher, and you end up paying A LOT more than the house is worth or than you could ever sell it for). You will be living for more than 15 years, so if you buy, you will eventually have no shelter payments, whereas, if you rent, you will always have those payments.

There are additional costs associated with owning, such as home owners insurance (don't skimp), maintenance, property taxes, and some utilities that are often included when you rent.

Theresa - posted on 05/12/2011




If you can afford it I would buy. At least then the money is going to something that will be yours. When you rent you pay out all that money and it's just gone with nothing to show for it. However you don't want to get yourself strapped down to a house you can't afford and end up having the bank take it from you.

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