To buy or to stay put - Housing | TigerDroppings.com
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SouthOfSouth
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South of I-10 till I die
Member since Jun 2008
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To buy or to stay put - Housing

Currently I am "house sitting" and have no rent and I have my bills paid for. The place is a bit of a dump.

I have enough money to where I could put down 20% easy on a house if I wanted to buy.

I can stay at this house for up to about another year and a half.

I want to stay in Baton Rouge and I would love to be a home owner, so I am trying to figure out good timing. Should I wait until I cannot live rent and expense free or should I get a house sooner than later due to the housing market?

Any advice, hints, tips, or comments appreciated!


keeton350
Alabama Fan
Member since Nov 2005
428 posts

re: To buy or to stay put - Housing
If it was me I would live rent free and save as much as I could as long as.
a. interest rates dont start to go up much
b. I dont find a house that im in love with for sale, for a good deal.


SouthOfSouth
LSU Fan
South of I-10 till I die
Member since Jun 2008
38357 posts
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re: To buy or to stay put - Housing
Yea. I have been watching houses just to see what I want, like, and prices.

The only problem is I am getting to the age where I want to get out of the situation I'm in. While it is great to be living alone for free, including utilities and such, not having anywhere to call your own kinda sucks.


keeton350
Alabama Fan
Member since Nov 2005
428 posts

re: To buy or to stay put - Housing
It might suck now but not as much as it will suck paying thousands more in interest when you buy a house, while you had the chance to save for more of a down payment... o yea when you do buy get a 15 year. 30 years is a long time.


JonTheTigerFan
LSU Fan
Central, LA
Member since Nov 2003
4889 posts

re: To buy or to stay put - Housing
Interest rates are historically low and could very well go up before your rent free situation runs out. I would buy now, but that's just my personal opinion.


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SouthOfSouth
LSU Fan
South of I-10 till I die
Member since Jun 2008
38357 posts
Online

re: To buy or to stay put - Housing
That's another issue. I have heard both ways. If I have more than 20% to put down, should I do that or not?

Depending on how much I would pay I already have saved up what could be close to 50% of possible cost. Should I put it all or most down or stick at 20-30%


keeton350
Alabama Fan
Member since Nov 2005
428 posts

re: To buy or to stay put - Housing
It depends on who you ask. You have 2 groups of people. The people who will tell you to put 20 down to avoid pmi then invest the rest since you should be able to get better than 4 % investing it. Then you have the people who say pay it off be debt free and live easy and not worry about payments.


SouthOfSouth
LSU Fan
South of I-10 till I die
Member since Jun 2008
38357 posts
Online

re: To buy or to stay put - Housing
quote:

It depends on who you ask. You have 2 groups of people. The people who will tell you to put 20 down to avoid pmi then invest the rest since you should be able to get better than 4 % investing it. Then you have the people who say pay it off be debt free and live easy and not worry about payments.


Im more of the second IMO. haha.


tdavi48
LSU Fan
NA
Member since Mar 2012
606 posts

re: To buy or to stay put - Housing
Why dont you go ahead and get a house put down the money you can. Rent it out until your house sitting gig runs up. And everything you save plus what you charge for rent put towards principal.


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keeton350
Alabama Fan
Member since Nov 2005
428 posts

re: To buy or to stay put - Housing
Me too. I would save as much as I could if i was in your shoes and buy one in cash. Im married with 2 kids and a mortgage. I will never have your opportunity.


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BACONisMEATcandy
LSU Fan
Delta, Amex, & Über Threads
Member since Dec 2007
42930 posts

re: To buy or to stay put - Housing
I would go ahead and start looking... Find exactly what you want

Will take a little while


SouthOfSouth
LSU Fan
South of I-10 till I die
Member since Jun 2008
38357 posts
Online

re: To buy or to stay put - Housing
Yea. I've looked for anything from lots, to fixer uppers, to fully done. Still not 100% sure what I like. I hope when I find the house it'll be obvious.

I think I need to get pre-approved for a load. Any advise on that?


BACONisMEATcandy
LSU Fan
Delta, Amex, & Über Threads
Member since Dec 2007
42930 posts

re: To buy or to stay put - Housing
quote:

I think I need to get pre-approved for a load. Any advise on that?


If USAA is available to you they should be your one stop shop... If not I am no help


SouthOfSouth
LSU Fan
South of I-10 till I die
Member since Jun 2008
38357 posts
Online

re: To buy or to stay put - Housing
quote:

If USAA is available to you they should be your one stop shop... If not I am no help


Im not sure. I am not military nor my father. I have a grandfather who was in the Navy... Does that count?


BACONisMEATcandy
LSU Fan
Delta, Amex, & Über Threads
Member since Dec 2007
42930 posts

re: To buy or to stay put - Housing
quote:

I am not military nor my father. I have a grandfather who was in the Navy... Does that count?



Thats how I got mine... except it was Air Force


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JonTheTigerFan
LSU Fan
Central, LA
Member since Nov 2003
4889 posts

re: To buy or to stay put - Housing
quote:

I think I need to get pre-approved for a load. Any advise on that?


I would wait until I narrowed it down to get pre-approved. That way, they will only have to run your credit report one time. If you do it now and don't buy for 6 months, they will have to run your credit again and your score will take a hit due to an extra hard inquiry. They had to run mine twice because I was building. Good luck.


SouthOfSouth
LSU Fan
South of I-10 till I die
Member since Jun 2008
38357 posts
Online

re: To buy or to stay put - Housing
quote:

I would wait until I narrowed it down to get pre-approved. That way, they will only have to run your credit report one time. If you do it now and don't buy for 6 months, they will have to run your credit again and your score will take a hit due to an extra hard inquiry. They had to run mine twice because I was building. Good luck.


Good advise. Thanks!


schoolteach
LSU Fan
Baton Rouge
Member since Oct 2011
23 posts

re: To buy or to stay put - Housing
if your thinking about pre-approval. Send me an email, im in the mortgage business and can help guide you in the right direction. bmurra1@gmail.com


SouthOfSouth
LSU Fan
South of I-10 till I die
Member since Jun 2008
38357 posts
Online

re: To buy or to stay put - Housing
quote:

schoolteach


I know who you are buddy. FPPE 4 lyfe


rintintin
New Orleans Saints Fan
Life is Life
Member since Nov 2008
9165 posts
Online

re: To buy or to stay put - Housing
I'm looking to buy a house also, but for different reasons than you. I plan on renting and accumulating properties in the future. If I was in your situation I would look to buy ASAP, use the 20% down, and rent out the house until your free ride is up. By that time you might have saved enough to repeat the process.

But again, we have different plans.


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