Buying Vs. Renting A House For Me, I May Be Moving...
Ok. I am getting married in June of 2005 and I need to move out from living with my Dad and into my own house.
I am not sure how much longer I will live in my town. My fiance will graduate in May of 2006, so a possible move wouldn't be until then.
My question is, even if we may move in the near future, is it a good idea to go ahead and try to buy versus rent a house?
If I am renting, I guess I am making payments toward something I won't & don't own. But if I buy, the money I am spending gives me ownership.
Say that I decided to buy the house this January and we did need to move in two years. By then I would have made 15 house payments towards complete ownership.
My question is, if I buy the house, what are the good & bad of selling it a few years later? Does selling it so soon hurt me in any way?
Thank you.
Can anyone help me with this please?
Thank you.
It all depends on the deal. 15 payments won't mean a thing if you use a realtor and buy traditionally. However if you can buy a house way under market and can afford to hold for a while say 4-8 months after you move, or can and want to have a rental property away from home it may not be a bad idea. What you are asking is way too broad to be answered in a 5-10 line response. A lot depends on your capabilities and your personal ambition. You can make good money in 1 month of ownership let alone 15 months. You can also lose after 10 years of ownership.
Good Luck,
Shawn(OH)