11-07-2006, 05:17 PM
Andy Wrote:Chad, I don't like renting either but getting in over my head with a mortage is not a good idea either.
Why do you think you will be getting 'in over your head'? If you are renting a place you have signed a contract to pay X amount for Y time (usually a year). You can work out the same payments in a house, however, after 3 months you need to move, you can sell the house and not loose much, if anything. With renting they are going to charge you, at a minimum, 1 month's rent. I don't understand the 'in over your head' argument. Its not much different than a car payment, except a new car is worth LESS the next day than what you owe for it, and will continue that way for years.
In the end, everyones got to do what they are comfortable with. I've said my peace on the topic. I just urge you to not dismiss the possibility. Don't listen to the doom and gloom everyone paints about buying a house and don't listen to the fairy tails you hear about it either (100% appreciation in 5 years). Yes, both happen, but you need to do the research yourself and decide what the best course of action is FOR YOURSELF.
I'm done, rent/buy/live in a box away.