What’s a better for someone who just moving out their parents house?
I’m 33 years old and seriously considering moving out my parents home. I know I should have moved out years ago but things happen and my parents don’t really want to move out because I pay most of the bills. I have a steady job and make around 65k a year. Currently I’m paying off 16k lease on car and I have no other big debts. I’m thinking I can afford house but since this will be my first time living alone an apartment sounds better. Maybe later I can buy house one day.
- G RLv 71 month ago
If you can afford a condo or townhome, since this is your first time out and there is less up keep, i would recommend doing that unless you'd prefer to try renting for a year or two first.
Have you been saving for a down payment.... It doesn't hurt to look around, go the bank and see what you would qualify for should you decide to try the buying route
- Landlord365Lv 51 month ago
It is better to rent your 1st time out.
- Anonymous1 month ago
If you've never lived on your own, get the apartment. You're seriously overdue to leave (regardless of the reason), and an apt is a quick easy transaction. A home purchase has a high potential to allow you to mentally stall out. That said, you do want to talk to at least one realtor about market conditions in your area. If it's a strong buyer's market, but a safe purchase over the long term, this might matter. A home isn't just a place to live. It's a huge investment.
- linkus86Lv 71 month ago
It depends on your lifestyle and your real estate market. If you plan on sticking around at least 5 years, consider buying a house (or condo). Or at the very least look into it. Talk with a lender to consider your borrowing options as to how it relates to your purchasing options. You may in fact not be financially ready to do so, but by looking into it first you will know what you need to accomplish to be ready down the road. But if you are ready, buying is a MUCH better idea than wasting your money on rent. Where you have lived before is inconsequential.
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- AmyLv 71 month ago
With your salary you "can afford" one of those $1000 gold-plated ice cream sundaes, which I guess are for people who want to literally sh*t gold. That doesn't mean you should buy one.
The process of buying a house costs money independent of the cost of the house. Don't buy unless you intend to stay there for many years. Maintaining a house also costs both money and your time.Buy a house / rent an apartment are not your only options. If you want to own your home but don't need a whole house for just yourself, buy a condo. If you do want the space but don't want the long-term commitment, rent a house.
- JudyLv 71 month ago
Makes sense to rent an apartment first.
- oldprofLv 71 month ago
What's better depends on what your needs are. If you need to be close to your work site and transportation is an issue, a condo within walking or bus/subway distance is better. If you are working at home or don't need to be close to some other work site, getting a small stand alone bungalow is probably better because you'll get more house for the buck. And your place will be more private.
In any case, stay within your budget. A rough rule of thumb is to limit you purchase price to no more that 2.5 times your annual income. It is rough; so there could be all kinds of circumstances to change that. But it's a start for house looking.
So you claim to be earning $65K gross before taxes (I presume). Then your purchase limit would be about $162K. That alone would strictly limit you to living in low housing areas. You could do it if you live in places like a small town in Ohio for example. But where do you work?
- A HunchLv 71 month ago
I agree that you should get an apartment. Figure out what you want / don't want in your own place.
If you decide to buy a house in the future = great.
If you decide that you like the flexibility of renting, don't let other people tell you it's wasting your money. It's not. It provides a roof over your head and you don't have to deal with homeownership.