I would love your opinions....To rent or to buy? That is the question

ok so most of you know the story
ant's job is in huntington for the next 3, at most 5 years
we dont plan to have kids for AT LEAST 3-4 years.
after the stay on LI, we'll be moving to Orange county to build our house(already have family contractor, blueprints, etc)

Anyway, originally we were going to get a condo in orange, but since anthony got transferred here, we switched to searching for a condo or a small ranch to live here.


Heres my question, with the market now, and since we'll only be on LI for a few years, is it worth it to buy?:

real fake numbers just to give emample

lets say our mortage and utilitles is 2000

if we rent with utilites it would be 1000
and then we could invest, save the other 1000 we would have put towards the mortgage. So, is renting a better option


pros of Renting
-i dont have to worry about maintenance around the house and and unforseen money pit situations
- we know how much we will be saving every month for the next few years


pros of Buying
- home ownership
- what if the market turns around, and we make a profit


another thing, if we buy we have to continue looking which is stressing me out bc i dont see anything
if we rent, i know a great apt complex in Commack


ughhhhh
i dont know

Message edited 6/4/2007 2:26:23 PM.

Re: I would love your opinions....To rent or to buy? That is the question

if you know you are going to be leaving in a few years, I would probably keep renting. This way you can save money and have a great down payment when you are ready to buy in Orange Co.

Re: I would love your opinions....To rent or to buy? That is the question

If I was in your situation I would probably rent, especially since the market is in such a soft place. Who knows if it is going to get better or worse.

Re: I would love your opinions....To rent or to buy? That is the question

I would definitely rent in your situation.
You already have plans to buy and you are working towards your dream home.
Why put yourself through the aggrevation of buying a small older home, that will most likely need rennovations.
Also, if you are only planning on staying for a few years, you might be taking a chance w/ the market if you buy.

RENT!

Re: I would love your opinions....To rent or to buy? That is the question

I would rent. You have plans for your home, save money for it. You don't knwo if the amrket is going to turn around, and buying a house is a LOT of work, especially if you don't plan to stay there and you're not in it for the money neccessarily (or if you don't want to stay long enough to get more money)

Re: I would love your opinions....To rent or to buy? That is the question

we are in your situation- and we are renting

we almost bought in 2005- and we would be in big trouble now- which is why we decided not to buy

Re: I would love your opinions....To rent or to buy? That is the question

I believe I read somewhere once that unless you are going to be in your home for about 7 years or longer, because of the cost of closing fees, in your case you should rent and not buy the house.

Message edited 6/29/2009 10:46:51 AM.

Re: I would love your opinions....To rent or to buy? That is the question

I would rent given your scenario. Owning has a lot of pluses, but the closing costs are high, and the market is very uncertain now.

So rent.

Re: I would love your opinions....To rent or to buy? That is the question

I would rent and save your $$$$.

Re: I would love your opinions....To rent or to buy? That is the question

Don't forget that buying will help your taxes. Lots to write off.

Not sure what I'd do though, honestly.

Re: I would love your opinions....To rent or to buy? That is the question

Rent!

Re: I would love your opinions....To rent or to buy? That is the question

Re: I would love your opinions....To rent or to buy? That is the question

I think the cons outweigh the pros at this point. What if the market is still bad? What if you can't sell when you're ready to go? What if it's a money pit?

I would rent.

Re: I would love your opinions....To rent or to buy? That is the question

I would say rent, or buy a co-op.

Re: I would love your opinions....To rent or to buy? That is the question

Rent

Re: I would love your opinions....To rent or to buy? That is the question

I'd rent.

Re: I would love your opinions....To rent or to buy? That is the question

I agree with the others. I think that renting is your best option right now. Bank the extra money and then you can build an EXTRA EXTRA big house!

Re: I would love your opinions....To rent or to buy? That is the question

I agree with the above posters-rent! This way you could save more! Good luck with your decision!