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Sat 3 Sep, 2005 06:35 pm
I wanted to get some opinions on buying vs. renting a home. I currently rent a two bedroom townhouse for $495 a month. My Wife really wants to move into a home. I've found a few homes in the area for rent around $550-$700 dollars a month which should fit into our budget. But everyone I talk to says don't rent a house just buy it. I really feel with the debt that we have now it would be hard to even get approved for the loan. Not to mention I don't have a down payment right now! Meanwhile I have a wife who is not happy in the townhouse. What do you guys think?
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I think with the country dangerously close to a full-blown recession, coupled with the fact that your finances are a bit strained, you would be well-advised to tread carefully and investigate thoroughly before you entertain thoughts of buying a house.
Stay in the cheaper apartment and use the money you will save by not moving to pay down your debt. After your debt is paid off start putting the money towards a down payment. If your wife doesn't like that idea, tell her to get a job that earns more money and let her put away a down payment.
The best advice I was ever given was live below your income. With that advice, I paid cash for my house when I was 30.
Start by getting rid of the credit cards and pay for everything with cash, check or debit.
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