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13's or Mildly Broken
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Discussion Starter #1
Over the last few months, I've thought about moving out - when I'm going to do it and where I'm going to move to. It will probably be around this time next year (for a few reasons) But I'm debating about whether I want to rent an apartment, rent a house, or save some money for an extra few years and attemp to buy a house.

Here's how I look at it:
The Apartment
Advantage to the apartment is the size. Smaller place, less upkeep outside (snow removal and lawn care mainly) but not all apartment buildings have garages. Or laundry hook-ups in each apartment.

Renting a House
Good: Less people around to annoy... No stupid neighbor that likes to rattle the walls all night... Possible downside is having to scoop the snow in the winter and mow the lawn in the summer. Those don't bother me too much, but it is something I still have to consider.

Purchase a House
See above.. But with the addition of having much more of a committment to that place as opposed to just renting (when the lease is up, I could move) Although, a good thing with purchasing a house is that there isn't a lease so as long as I can pay the payment, I'd be OK for the most part.

If I get an apartment, I'd consider the idea of a roommate, but not so sure about a roommate at the house. I do realize with a roommate, it's a whole new set of rules, but I'll worry about that later. Any more thought into this is appreciated.

Thanks
-Andy "Melon"
 

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Whining Intakes Rock
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If you can get a mortgage, buy a house. Renting sucks. There is no better way to put it. You live under someone elses rules. You may be able to find bargains renting but usually you'll pay as much in rent as you will mortgage. Granted you have other expenses like insurance and taxes but they are not that bad. Plus with owning a home, it's yours. You can knock holes in the wall without having to worry. :D
 

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Yeah, go for buying a house if possible. After 7-10 years your mortgaga will be less than renting a equal house. Remember , rent goes up, mortgages dont, and can go down. I just moved in to my new house with about 3/4 acre's of ground and love it. sure I'm in at 900 a month, but around hear you pay from 550 to 800 to rent a 2 bedroom apartment and 700 to 1000 to rent a house. So I'm a little tight on cash for a few years, but in the long run I will be better off.
 

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I'll say 100% BUY A HOUSE!!!

Even if you have to start small with a "fixer-upper", you are always building equity. Renting anything is just like putting your money in a jar, and then tossing a match in the jar. :beek:

I have repeatedly seen people start with very, very small houses, live in them for 4 - 5 years, sell, and by the time they retire, they are in a 1/2 million dollar (or higher) home!!

When I got out of the Coast Guard, I bought a mobile home and lot. The mobile home depreciated horribly, but the lot appreciated enough that I broke even. So I basically lived free of charge for 10 years. I don’t recommend a mobile home since they do depreciate so much, and if I were to do it again, I would have bought a very small, older house and fixed it up. :D

Just my suggestions and experiences, and good luck with what you decide. :thumbsup:
 

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I agree with the others, now is the time to buy a house. The interest rates are the lowest they've been in a looooong time and generally, you pay as much, or more, to rent a house as you would in mortgage. Make sure that you get a fixed rate and I believe you can still set up a mortgage with escrow to pay your taxes and insurance. Good luck.
 

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GOtta go with everyone else on this. Suck it up, live at home for a while longer and horde your money to buy a house. That's what I'm doing.

I can live at home for free, or I could spend like $800 a month to live in an apartment that's 30 minutes further from my work than I am now, that I can't pull cars apart in the driveway, and won't let me have my dog... hmm, pass!

Now all I have to do is pay off some bills and start money hording myself... no time to waste money anymore.
 

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Geek w/Gearhead Complex
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ok, you guys say buy a house and yes, I do agree, but you have to understand you need a lot of "house stuff" ...like a lawn mower and other needs, you'll play property taxes (which will be offset by your tax return, thank you interest) so when you do make a decision, look at total cost, not the per month surface.

If you've never lived on your own, I'd say rent a NICE apartment where you won't have to worry about security and other things that can cause you pain. I'm in an apt right now and I never hear my neighbors, my car is in a gated parking garage and the building is locked up tighter than ..ok, bad analogy, but you get the idea. It's my first time out, and you learn a lot of stupid little things (like forgetting to clean the lint out of the dryer and wondering why @#$% won't dry...dummie). Renting a house would be sweet because it'd prepare you for all that little @#$% that goes along with owning a home ...just the big things you won't have to fix and you can work on your car, a big plus.

Anyway, just my ideas on the whole bit.
 

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I love owning my house, but there is a lot of responsibility. You have to be prepared for unexpected expenses. (water heater, roof, appliances, plumbing, etc.) When you own your house, you can expect to at least break even when you sell it. But when you rent, you never see that money again.

I'd buy a fixer-upper and fix it up. It's a good way to make money if you do it right. (buy a house for $30K put in $5-10K, and sell it for $50K) If you can learn to work on cars, you can learn to work on houses.:D
 

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Buy a house! The longer you wait, the more prices go up. I wish I'd bought a house sooner, it would have cost far less than what mine did cost me earlier this year. And why wouldn't you want a roomate, (unless your GF would also be living there)? Rent out an extra bedroom, and you'll be set. You'd still be making all the rules.
 

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Black_97_LX said:
I'd buy a fixer-upper and fix it up. It's a good way to make money if you do it right. (buy a house for $30K put in $5-10K, and sell it for $50K) If you can learn to work on cars, you can learn to work on houses.:D
Ah, good ole youngstown... a cheap fixer upper near me is $200k it all depends on where you live...
 

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Crystal said:

Ah, good ole youngstown... a cheap fixer upper near me is $200k it all depends on where you live...
Yeah, those numbers are kinda NE Ohio specific.:D My mom bought a 3 BR house in Massillon (city just west of Canton) for $43K, and sold it for $59K and she only put in about $6k. She was also in a hurry to sell it.
 

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Johnny Bling Bling
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i just purchased my 1st house this past october. it was the least expensive house in town @ $160k. it is only about 850 sq ft, and the lot isn't very big, but it's all we could afford. in a couple of years, we plan on getting a bigger house, but for now, this works.
 

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Refrigerator Raider Hater
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buy a house if you have the long term stability for it.

they are right when they say buying gets cheaper....my parents are at nearly the end of thier payments, and are still paying just $350 a month. $350 is nothing...most rent nowadays is around double that.

Not to mention that even with interest, they paid 100K for the house that is valued at double that.
 

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you gotta look at where you ae at and if you ever plan on relocating for work. i'm in an apartment now, recently got promoted and am moving 5 hours away. i'm glad i did not buy a house, breaking a lease is sure easier than having to sell a house and find a new one in 2-4 weeks. cost of living will have a lto to do with it also. where we are going, we have a 2 befdroom, 1.5 bath, vaulted ceilings, lake view, and a small complex in a prosperous part of the area, for under 700. sure i could have foudn a house, but then again, i may be moving again in the next 2-5 years, hopefully again for a better position and even more pay.

if you intend on living their your entire life, have a great job that you love and want to make a career, then get a house. if you are unsure as to where you will be in 5 years(job, wife, kids) get an apartment, a nice one, washer and dryer available, ample parking, garage option. it's 45 a month for a garage where i'm going, a nice option when snow hits. make sure you can get whatever cable or dish tv you want, as well as cable internet or dsl and phone connections.
 
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