Buy or Rent?
Which to do? It all depends. So many factors to consider. How long do we plan on living here? How much of our income do we want to appropriate for living? Is renting cheaper short term? How much will we be approved for mortgage wise? How long will it take to come up with a down payment? What are the current rates? How do you decide on a lender? What about renter's insurance? What about the pet issue?...The list can go on forever.
I hate the idea of renting. Hundreds of dollars just thrown away. Buying gets you equity when you sell it, if the market is good. We are here for at least the next year, or two. So, what to do?
Live cheap(ish) and rent, or take the plunge and go all in?
1 comment:
Depending on the house you get, renting may not be cheaper. For example, we pay $100 less on our mortgage than to rent and we get 3x the space plus a huge yard (although then you factor in the bigger utilities with the space, plus time to mow the lawn, buying a lawn mower, property taxes, etc.). For us, it was worth it because we hated renting. We definitely wanted something of our own. Plus I always felt like I was throwing my money away with rent and now my money is going towards a home for our family. Hope things are going well for you guys in TN!
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