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re: home buying question
Posted on 7/16/14 at 12:27 pm to Patches O'houlihan
Posted on 7/16/14 at 12:27 pm to Patches O'houlihan
Assuming that you are going to live there for 3-5 years and then sell to build on your acreage, you will have only built $5-10k equity over your down payment (on a 30 yr mortgage), minus your closing costs on the purchase and a later sale, maintenance, property taxes, etc... you're probably going to lose money, even if home values are stable. Why tie that much money up in a home that you know is temporary?
Have you played around with a good rent vs. buy calculator?
LINK
Have you played around with a good rent vs. buy calculator?
LINK
1
Posted on 7/16/14 at 1:00 pm to sneakytiger
There isn't a number that I put on living there. I just know that I'm not ready to build yet. I understand the costs for upkeep and mortgage would be more than rent but I figured that if I stayed in it 5-10 years I would be able to make a little money. I guess that isn't the case.
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