- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
First time home buyer - need advice
Posted on 2/1/17 at 10:24 pm
Posted on 2/1/17 at 10:24 pm
So recently got a new job that has giving me a set schedule and cut out traveling so looking into buying a house. Location is flexible so as of right now I am looking at either the Mand/Cov area or Laff area. I thought about renting as I am still applying to out of state jobs because I am interested in moving to Denver or TX but my field "O&G" is slow right now. However renting seems like throwing away money, especially being the current outlook for the industry isnt all that good and it could be awhile before an opportunity arises.
Ideally I am looking for a place I can either start renting out or sell in a couple of years, by no means a long term residency. The housing market in Laff seems way over bought and a bubble waiting to burst. The continued climb in housing prices with the collapse of O&G jobs makes no sense. Is there something I am missing there?
The 2nd question is do I put money down or go with a FHA or rural development "all if St. Tammany parish applies for this somehow". I have always heard to put money down but not exactly sure of the reason.
Ideally I am looking for a place I can either start renting out or sell in a couple of years, by no means a long term residency. The housing market in Laff seems way over bought and a bubble waiting to burst. The continued climb in housing prices with the collapse of O&G jobs makes no sense. Is there something I am missing there?
The 2nd question is do I put money down or go with a FHA or rural development "all if St. Tammany parish applies for this somehow". I have always heard to put money down but not exactly sure of the reason.
This post was edited on 2/1/17 at 10:25 pm
7
Posted on 2/2/17 at 5:34 am to GREENHEAD22
quote:
However renting seems like throwing away money,
Renting will save you money
Posted on 2/2/17 at 7:08 am to GREENHEAD22
If I recall. General rule of thumb is if you're not going to live in it for more than 5 years then just rent. With things like closing cost, taxes and all the bullshite that comes with owning a home you won't make enough equity to make it worth the risks.
Of course you do get to do what you want. I rented while I built and it was miserable.
Of course you do get to do what you want. I rented while I built and it was miserable.
Posted on 2/2/17 at 7:11 am to GREENHEAD22
I believe there are income restrictions on USDA Rural Development loan. When I bought my house I think the income limit was 75K. I am no means a financial expert, but if you are planning on moving to Denver or Texas, I believe it would be wise to rent. Even you said O&G is down right now which means a lot of people are not going to be purchasing housing which in turn could make the house you buy sit on the market longer if and when you decide to move.
Posted on 2/2/17 at 10:18 am to GREENHEAD22
there is a LOT of money thrown away on owning a house.
1) property taxes
2) Maintenance
3) repairs
4) interest
5) home owners insurance
If you add these up, it has normally been about the price to rent for my situations. Owning a home for me is not the best financial move. I own a home because I like to play music loud and have the appliances and features I like.
1) property taxes
2) Maintenance
3) repairs
4) interest
5) home owners insurance
If you add these up, it has normally been about the price to rent for my situations. Owning a home for me is not the best financial move. I own a home because I like to play music loud and have the appliances and features I like.
Posted on 2/2/17 at 10:54 am to GREENHEAD22
In your shoes if you are going to buy, I would look at something in the Lafayette area close to UL that you can fix up and if you leave will always have renters in the area because of the university. It will be a pain in the arse at times to maintain if you are that far away and a landlord, but if you find the right house at the right price it might work.
Posted on 2/3/17 at 9:08 am to GREENHEAD22
If you don't have 20% to put down, you're gonna be paying PMI....which is simply throwing money away. About the only way I'd buy with a short occupancy horizon like yours is if you are very handy and can find a distressed/unrenovated property & handle the renovations yourself. Sort of a live-in flip. But you are probably better off renting since you clearly plan to move....
Posted on 2/3/17 at 11:29 am to GREENHEAD22
Avoid the Marigny Circle area when apartment hunting in Lafayette.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News