Buying a house vs renting....

[streetassasin]

Im 21 right now and my only debt it my truck ($400 a mo), no credit cards. Back in march me and my wife started renting a house in a nice neighborhood for $700 a mo, Ive been looking around and it looks like I could get a decent house like this one 8145 Chimney Rock Port Neches TX - Homes for Sale and Real Estate - MLS #144311 - Realtor.com® for less than Im paying for rent right now but it would have to a 30 yr loan. Back in Feb when I got my truck my credit score was 681, would it be better to keep on renting for a few years or try to buy a house some time next year?

 

[thomas91169]

go get pre-approved and see what happens.

 

[pho_phizzat]

Go for the house man. 700 a month for rent?

how big of house is it?

 

[Stanley]

Don't forget about taxes and insurance. With that you would probably be paying more than what you are thinking.

 

[streetassasin]

Go for the house man. 700 a month for rent?

how big of house is it?

around 1100sq ft. I could have rented a similar house in a different neighborhood for a few hounded less but I work nights so my wife and son are alone at night and I wanted to be in a great neighbor hood. Im less than a mile from the police and fire stations right now

Don't forget about taxes and insurance. With that you would probably be paying more than what you are thinking.

That was an example of the max I would want to pay, I have found some decent ones that would be $350-400 a mo with a 30 yr loan

 

[Sniperdog]

buy, don't rent, then you also get a tax deduction and its a buyers market for sure :thumbsup:

 

[streetassasin]

My lease is up in march so I still have a good while to look around and that would let me use some on my income tax for the down payment

 

[Slo3kgtVtr]

Holy s..t! You guys can buy houses for nothing down there! You can't TOUCH a starter home for under $150,000 here and the average house is in the $250 range. I would kill to live in Texas.

 

[pho_phizzat]

thats crazy cheap. I would buy for sure.


My GF pays 685 for her two beroom apartment. a small shithole house costs at least 160 here with an average 1500 sq/ft house being slightly below 200k if not more.

 

[streetassasin]

damn, an average house is 250 there? That can easily get you a 3k sq ft house here lol

http://www.realtor.com/realestateandhomes-detail/4145-Simpson_Beaumont_TX_77705_M87831-65876

 

[Dr. Gonzo]

Im 21 right now... me and my wife

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[txyaloo]

Holy s..t! You guys can buy houses for nothing down there! You can't TOUCH a starter home for under $150,000 here and the average house is in the $250 range. I would kill to live in Texas.

$150k will get you 2000sqft single level with granite, tile, marble tubs, full yard sod, sprinkler system, full wood fence, etc, in most parts of Texas.

 

[DevilSun]

Definitely look into buying, even if it is slightly more (don't forget addt'l items like property tax, mortgage insurance, etc.) ... but in the end, you get a hell of a tax write-off plus your money is going into your house as principal, not into someone's pocket as profit.

 

[LS2GTO]

Hell yeah buy, especially at that price. A house like that I'd be looking easily over 500k and a house like the txyaloo posted is upwards of 700k dang

 

[txyaloo]

Hell yeah buy, especially at that price. A house like that I'd be looking easily over 500k and a house like the txyaloo posted is upwards of 700k dang

$700k is a McMansion in most parts of Texas.

 

[GM Nitemare]

WOW. My wife and I were looking at a lot to build a house on where we live in Alberta. It was $147,000.00 Just for the lot. Real estate is the best investment you will ever make. A 30 year mortgage on the other hand is ridiculous. Check the monthly payment difference between 30yr-25yr-20yr. There is not alot of difference there. The banks love those that buy into the 30 year scam. Renting is not worth it. Unless you're only staying for a fixed amount of time. I wouldn't waste $0.05 renting especially a house.

 

[usmcrebel]

if you can do a 15 year loan it's better, OR what i did was get a 30 year and make double payments...(2 per month)

 

[blackvenom77]

Get you a house man. It's yours when it's paid off and get your taxes back when you file.

When you rent you get nothing when you move out.

 

[buckinwild]

Renting is a temporary stepping stone at best far as I'm concerned. If you can afford a home I say go for it. Don't forget ins. and property taxes factor into house payment also and its likely to increase a little over the course of 30 yrs. for example, when we bought our house the payment was $785 and its now at $830 all due to increases in ins. premiums or property tax increases, property reassessments etc. thats been over about a 7 yr. period you should be prepared for that too but its not like renters don't up their rent to cover this as well.

 

[sunburned]

Get a house.

You guys have it made. I paid $1350/mo for an 800 sqft, 1 bedroom apartment in Alexandria, VA for a year. Starter homes around here are $300k, and thats a POS in NoVa. I need to save up and move to Texas.