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KAAM
LIF Adult
Member since 5/05 1247 total posts
Name:
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Save a little monthly vs. Buy and save nothing??
DH and I have two of every bill, school loans, car payments, insurance, and so on. We are renting an apartment and havent been able to really save like we wanted to.
Should we take the few hundred we save a month, and put it towards a mortgage on a co-op/condo? If we do that, then we will probably save nothing a month.
Or continue to rent and save a few hundred a month.
My frustration is a year from now, we wont really be in any better position to buy a home, and maybe we should buy a co-op for now, atleast we own something.
I am looking for some insight. Thanks!!
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Posted 1/22/06 6:13 PM  |
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Gertyrae
Peace out Homies!
Member since 5/05 20046 total posts
Name:
Gerty ®
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Re: Save a little monthly vs. Buy and save nothing??
DH and I were in the same position and decided to take the little we had and buy. You always have the value of your home building once you have bought it. You may find yourself able to save after you get used to the new payments.
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| Posted 1/22/06 6:23 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Save a little monthly vs. Buy and save nothing??
IMO buy...
I think it is always wise to buy if you can. Putting your money into something that you can get back IMO is better than spending it on rent.
We went through this decision a few years ago and we decided to buy. BEST decision we ever made.
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| Posted 1/22/06 7:28 PM |
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Re: Save a little monthly vs. Buy and save nothing??
I think you might be better off buying now. Then it's an investment, you'll build equity- you don't get anything out of renting. But if you buy you also get tax breaks.
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| Posted 1/22/06 8:05 PM |
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rose825
Best Friends
Member since 6/05 10228 total posts
Name:
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Re: Save a little monthly vs. Buy and save nothing??
I would absolutely buy. You will earn equity in your home probably quicker than you can save. And you can use closing costs as a tax dedcution as well as your mortgage interest and property taxes.
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| Posted 1/22/06 8:30 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19457 total posts
Name:
L
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Re: Save a little monthly vs. Buy and save nothing??
I would buy as long as your monthly mortgage was about what you are paying in rent. So if you are paying 1200 in rent and can have a mortgage that is about that, then buy. (But you will also need to take into consideration orther costs that you might not have to pay for renting. But over all I would buy if you are able to do so.
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| Posted 1/22/06 8:39 PM |
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LulaBell
:)
Member since 1/06 3508 total posts
Name:
J
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Re: Save a little monthly vs. Buy and save nothing??
Amy,
I finally took the plunge and joined! I have been having my own problems with house hunting lately, but I was thinking of you and Keith.
I definitely think you should buy. Find something you can afford and do it. We are throwing away money by renting.
I will be looking for you!
:0)
PS, happy belated birthday!
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| Posted 1/22/06 9:19 PM |
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KAAM
LIF Adult
Member since 5/05 1247 total posts
Name:
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Re: Save a little monthly vs. Buy and save nothing??
Its all sooo stressful.
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| Posted 1/22/06 10:07 PM |
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karacg
Babygirl is 4!
Member since 5/05 17076 total posts
Name:
Kara®
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Re: Save a little monthly vs. Buy and save nothing??
Buy -- I made a fortune on my co-op when I sold it 2 years later. Rent money is gone, never to be seen again.
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| Posted 1/22/06 11:37 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Save a little monthly vs. Buy and save nothing??
Posted by Amy
Its all sooo stressful.
yes it is....
But it will always be stressful...
So i would just take the pludge now..Starting off as a home owner with a condo/co-op IMO is a great.
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| Posted 1/23/06 6:38 AM |
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