buying or renting

Re: buying or renting

• BMenz

  June 2011

  I had nothing in savings, and currently do not have anything in savings. I just cannot afford to put money in savings as I have a hard time even making ends meet at the end of the month
  

  
  
  In my bag
  d90
  50mm f/1.2 * 28-85mm (Macro) f/3.5-4.5 * 70-300mm f/3.5-4.5
  Opteka Fisheye Adapter * Lightscoop

  Report0 Reply
• Loading the player...
• r9stedt

  June 2011

  I didn't have anything in savings when we separated, I have accumulated one month's salary (not including bonus) FINALLY, as well as paying off the credit card balance I racked up the first year.    Selling my house, and moving, finally put me in better financial standings (after having thing after thing after thing break and having to shell out for it myself with no help from exH) to be able to put back money each month.   $25 goes straight into my savings every month.  Then, the last two weeks of the month I use cash for everything.  IF there is anything left over, I leave $100 in my checking, and transfer the rest into my savings.  Some months there is nothing left, and I have had to transfer money from my savings into my checking.
  
  Is your job steady?  Could you put down a downpayment without wiping out your savings?  Would you be positive every month if you moved out (vs being in the red)?  
  
  I would pay off that school loan, as well as the CC debt, and see where that leads you.  
  
  
  

  

  Report0 Reply
• LJF1218

  June 2011

  You may want to consider renting over buying if money is a constant worry.  Owning a home is not cheap, and if something like the water heater breaks you may unexpectedly need several hundred dollars at once to fix it.  So even if you have enough for living expenses every month, you may find yourself behind if something happens in your home.  I understand wanting to get out on your own, but going with an apartment or renting a house is probably the better option until you are on more solid financial footing.

  Report0 Reply
• haleyw458 member

  June 2011

  If you have no savings, I would go with renting for right now. I moved out of my parents house a year ago and had nothing in savings. Now I have over $2,700.

  I want to buy a house SO bad since I feel like I'm throwing my money away by renting, but you have to think about how much you will spend in property taxes, house insurance, and anything you may want to do to fix the house up.

  Also, I don't know the specifics, but I was told that since I'm a single parent I would qualify for no down payment if I were to buy.

  

  Report0 Reply
• luckygirl13

  June 2011

  I haven't moved from our house yet (and won't until it sells). But after the divorce and selling I probably won't have much left in savings.  As much as I hate it I will probably end up renting for a few years.  I really want to make sure that I have a good savings account built back up before I even think about buying.

  I would love to buy a house but I need to get my crap together before I jump in to such a big purchase.  Plus, what I could probably buy now may not be exactly what I want so I would rather wait a few years.

  

  Report0 Reply
• JCGreene85 member

  June 2011

  I have decent amount in savings. enough for a down payment and about 6-8 months reserve. I just like seeing the money in my account, so I know putting down 5,000 would be tough. I'm worried that if I bought I wouldn't be able to put enough in savings. I have $400 a month put innto savings so I'd like to still be able to do that. Plus 100 a month in a 529 plan. I think I may rent for a year. I haven't heard anything about 0% down for single parents, neither has my mom, but she said shed look into it. I'm just worried about resale value, but now "is the time to buy" so it's a double edge sword. Thanks for the responses definitely a lot to think about!

  Warning No formatter is installed for the format bbhtml

  Report0 Reply