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My renting/owning situation
Posted on 4/10/13 at 12:29 pm
Posted on 4/10/13 at 12:29 pm
It got buried in another thread and got only 1 response.
I have a couple basic questions about this. I'm in college and not sure which to do after college.
How much is a normal down payment (what percentage)? 20%?
What other costs are associated with owning? (Besides obvious maintenance)
What would be the minimum length of time you stay somewhere to own?
For example, I'm going to be a minister and might be at 3-5 churches throughout my life. And you can't move if your house doesn't sell.
I have a couple basic questions about this. I'm in college and not sure which to do after college.
How much is a normal down payment (what percentage)? 20%?
What other costs are associated with owning? (Besides obvious maintenance)
What would be the minimum length of time you stay somewhere to own?
For example, I'm going to be a minister and might be at 3-5 churches throughout my life. And you can't move if your house doesn't sell.
3
Posted on 4/10/13 at 12:34 pm to LSUTigers00884
Ideally you'd put 20% down to avoid PMI.
Other costs I'd think of would be homeowner's insurance, property taxes, and utilities.
Don't most churches still use parsonages?
Other costs I'd think of would be homeowner's insurance, property taxes, and utilities.
Don't most churches still use parsonages?
Posted on 4/10/13 at 12:37 pm to LSUTigers00884
I guess my biggest question is how many years would you deem it necessary to stay somewhere to buy a home?
Posted on 4/10/13 at 12:43 pm to LSUTigers00884
quote:3.5 for FHA. Conventional financing can range from 5%+. at 20% you don't have to pay PMI (mortgage insurance) anymore.
How much is a normal down payment (what percentage)? 20%?
eta:
quote:
What would be the minimum length of time you stay somewhere to own?
that depends on a lot of factors, the largest being the housing market in the city where you're buying. Generally I'd say 5 years, but as little as 3 years could make sense in a good housing market. Either way, you'll get more back out of selling a house than you would from getting out of a rental, unless the housing market bombs some more like it did a few years ago (I don't see that happening).
This post was edited on 4/10/13 at 12:46 pm
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