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Message
To buy or to stay put - Housing
Posted on 3/19/13 at 10:23 am
Posted on 3/19/13 at 10:23 am
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!
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!
5
Posted on 3/19/13 at 10:43 am to SouthOfSouth
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.
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.
Posted on 3/19/13 at 10:47 am to keeton350
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.
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.
Posted on 3/19/13 at 10:53 am to SouthOfSouth
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.
Posted on 3/19/13 at 11:04 am to SouthOfSouth
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.
Posted on 3/19/13 at 11:07 am to keeton350
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%
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%
Posted on 3/19/13 at 11:14 am to SouthOfSouth
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.
Posted on 3/19/13 at 11:14 am to keeton350
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.
Posted on 3/19/13 at 11:16 am to SouthOfSouth
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.
Posted on 3/19/13 at 11:16 am to SouthOfSouth
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.
Posted on 3/19/13 at 11:20 am to SouthOfSouth
I would go ahead and start looking... Find exactly what you want
Will take a little while
Will take a little while
Posted on 3/19/13 at 11:27 am to BACONisMEATcandy
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?
I think I need to get pre-approved for a load. Any advise on that?
Posted on 3/19/13 at 11:31 am to SouthOfSouth
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
Posted on 3/19/13 at 11:32 am to BACONisMEATcandy
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?
Posted on 3/19/13 at 11:34 am to SouthOfSouth
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
Posted on 3/19/13 at 11:47 am to SouthOfSouth
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.
Posted on 3/19/13 at 11:52 am to JonTheTigerFan
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!
Posted on 3/19/13 at 12:38 pm to SouthOfSouth
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
Posted on 3/19/13 at 12:45 pm to schoolteach
quote:
schoolteach
I know who you are buddy. FPPE 4 lyfe
Posted on 3/19/13 at 12:52 pm to SouthOfSouth
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.
But again, we have different plans.
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