Should we buy a house or rent for a year while looking?
We are fresh out of college heading to Austin, TX for a job. The housing seems real inexpensive there. We have always rented but think this would be a great opportunity to move into a house. Would we be better off to move into a house right away, or to rent an apartment and get a feel for the area first-- will the house prices change a lot in a year?
- Anonymous1 decade agoFavorite Answer
Definitely rent first!
You are new to the area, and buying a home is a huge commitment. Scope out the area, see what locations are the best for your needs. Make sure you want to stay in Austin!
You shouldn't rush into a home purchase regardless of whether you just moved to a new city, or if you're looking in a city you've been in for years.
You need to prepare for a purchase. Check out my site. It has a ton of important information you need to know before embarking on the biggest purchase of your life.
- MissMonkLv 71 decade ago
if you know for sure that you are staying in Austin, then you could buy instead of rent, the only downfall of that is that you wont know the best areas to live , if there will be children in the future ,, you will want a area with good schools...if you can rent for a few months that would be great and give you the opportunity to take time to find exactly what you want... good luck ,,, Austin is beautiful,,,
- laviniaLv 44 years ago
The question is two-fold: a million) are you able to get a loan? 2) Will the lease conceal the value of the loan, belongings taxes, maintenance, loan origination value, genuine belongings appraisal/vendor costs, and so on? As to (a million), i come across it troublesome to think of a financial enterprise loaning you very a lot for a house at 21, with certainly one of those small and unreliable earnings. maximum banks could choose to work out a young interest with stable earnings, no longer a self-employed earnings that has basically been going on for 6 months. you ought to o.k. lose business enterprise or go into the crimson and have no earnings. As to (2) it fairly is as much as doing diligent examine on your area. Fwiw, no remember if that's purely going to cover all those costs, you're purely besides off saving the comparable quantity of $, making an investment in a secure portfolio, and residing devoid of all of the hassles and place of work work. on the tip of the day, your components would be purely the comparable and a lot greater liquid (money out your investments, somewhat than attempting to sell a house and having to proceed paying taxes, and so on on it).
- How do you think about the answers? You can sign in to vote the answer.
- 1 decade ago
You should flip houses!
Flipping houses is a great profession to be in. I currently flip houses for a living, and have had a blast making hundred's of thousands of dollars. The key is to do as much work as you can on your own.
Did you know that you can make $40,000 + on a house, and never even own it?
Take a look at my website - I just put it online last month -
Please realize that Flipping Houses is not a "Get Rich Quick" Scam!
Do as much research as possible before starting on your first flip -
Kind Regards and Good Luck!
- DixieNormusLv 41 decade ago
Rent first. You may not even want to live there after a year. You can always buy later. It's the biggest financial decision of your life, don't feel rushed, nor take it lightly.
- 1 decade ago
I would definently wait. Get to know the area first. You may find a hidden treasure. You dont want to get stuck with a house because you made a hasty decision. Good Luck
- kingstubbornLv 61 decade ago
House prices could change a lot in a year, as could interest rates. Considering it is Austin Texas and not Detroit, Michigan, if you can find a home you like in a decent neighborhood, I'd buy if you can.
- 1 decade ago
Rent first -- it is like testing the waters