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.

Comments(2)

  • MattWhelan29th November, 2004

    Can anyone help me with this please?

    Thank you.

  • loanwizard29th November, 2004

    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)

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