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  1. #1
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    Renting vs Buying advice.

    What up Clones. I'm still pretty new with this graduate, working world thing and was lookin for a bit of advice.

    Lease is running out for my apartment in Waukee and was thinking down the line. I'm 23 single and work in WDM. What's everyones opinions on renting an apt or purchasing a house?

    I know its a buyers market and interest rates are pretty low. Would it be more sensible to purchase a house instead of dumping money into an apartment that I'm not interested in staying in? I have a buddy that will live with me its just whether or not I should rent an apartment or buy.

    Thanks all!



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    Re: Renting vs Buying advice.

    I'd continue to rent until you start settling down. What happens if you buy a house and in a year meet someone and the house is no longer adequate, etc. The interest rates should be low for a couple more years.


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    Re: Renting vs Buying advice.

    It is a buyer's market, and you wouldn't think the housing market would go much lower than it is now. I think it would be a really smart move if you could put close to 20% down, and lock in a good interest rate. But I also agree you need to think if you're ready to settle down in that house long term?



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    Re: Renting vs Buying advice.

    can you afford a 20% down payment?

    i'd stick with renting for a bit




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    Re: Renting vs Buying advice.

    If you can afford to buy, I'd do it. But that also depends on how much responsibility you want. Houses are a chore in themselves and require lots of work.

    But you are gonna look a hell of a lot more attractive to the women-folk if you have a house - just sayin.


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    Re: Renting vs Buying advice.

    Quote Originally Posted by zwclones51 View Post
    What up Clones. I'm still pretty new with this graduate, working world thing and was lookin for a bit of advice.

    Lease is running out for my apartment in Waukee and was thinking down the line. I'm 23 single and work in WDM. What's everyones opinions on renting an apt or purchasing a house?

    I know its a buyers market and interest rates are pretty low. Would it be more sensible to purchase a house instead of dumping money into an apartment that I'm not interested in staying in? I have a buddy that will live with me its just whether or not I should rent an apartment or buy.

    Thanks all!
    I would continue to rent. Unless you have a nice size downpayment saved, a house at this time could be a huge burden. Even if you payment is the same, a house comes with many more costs and responisbilities than an apartment. Other things to consider are how stable is your job, and do you have any desire to move in the next 5 years? Are you out of debt, or do you have an emergency fund in place where if you lose your job, you can still make house payments for six months?


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    Re: Renting vs Buying advice.

    Quote Originally Posted by zwclones51 View Post
    What up Clones. I'm still pretty new with this graduate, working world thing and was lookin for a bit of advice.

    Lease is running out for my apartment in Waukee and was thinking down the line. I'm 23 single and work in WDM. What's everyones opinions on renting an apt or purchasing a house?

    I know its a buyers market and interest rates are pretty low. Would it be more sensible to purchase a house instead of dumping money into an apartment that I'm not interested in staying in? I have a buddy that will live with me its just whether or not I should rent an apartment or buy.

    Thanks all!
    Here is how I look at it. I pay $8,160 a year in rent. That is money that is gone and I have NOTHING to show for it. But...I can walk away at any time and don't have to pay for repairs.

    You can buy a nice 2 bed 2 bath townhouse for 80-100k in Waukee (I know, because I'm currently looking). The costs are about $100-200/mo more in total expenses (that's mortgage, ins, taxes, association fee's, utilities, etc).

    My thoughts:
    I can buy a house like that...not make a single penny on my return, deduct the interest, and lose up to 8k per year on the house and still be even from a cash flow standpoint. Remember when you buy the house though that YOU are on the hook for the mortgage. Make sure it's something you can afford to pay yourself in case something happens and your buddy moves out!!



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    Re: Renting vs Buying advice.

    If you see yourself living in the area for the next 2 years or more I'd buy. Low market and low interest rates.

    Just think resale when you buy. I've bought and sold 4 houses and the old saying you make your money on a house when you buy it not when you sell it is VERY true.

    Start making lowball offers and you may be surpirsed what you end up with.



  9. #9
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    Re: Renting vs Buying advice.

    Quote Originally Posted by The_Architect View Post
    I'd continue to rent until you start settling down. What happens if you buy a house and in a year meet someone and the house is no longer adequate, etc. The interest rates should be low for a couple more years.
    I'm in the same situation as the OP and I came to the same conclusion you did. I'm going to continue to rent until I either decide I'm just going to stay where I am now and not try to move or I get married and settle down.

    Yes, it's true that you build equity by buying a property, but you also gain liabilities. You don't have to pay for maintenance or property taxes on a rental. Also keep in mind that even when you buy a house, you're still throwing part of your money away on interest. If you want to move, you'll have to sell the house which means you aren't guaranteed to get all that equity back.



  10. #10
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    Re: Renting vs Buying advice.

    Quote Originally Posted by Hawkeye11en1 View Post
    If you can afford to buy, I'd do it. But that also depends on how much responsibility you want. Houses are a chore in themselves and require lots of work.

    But you are gonna look a hell of a lot more attractive to the women-folk if you have a house - just sayin.
    I'm not sure he's going for the women-folk. He did say that he'd be living with a "buddy."



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    Re: Renting vs Buying advice.

    Rent.




  12. #12
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    Re: Renting vs Buying advice.

    Quote Originally Posted by VikesFan4Ever28 View Post
    I'm not sure he's going for the women-folk. He did say that he'd be living with a "buddy."
    Well then he's REALLY going to turn heads! They can decorate!


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  13. #13
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    Re: Renting vs Buying advice.

    Quote Originally Posted by intrepid27 View Post
    If you see yourself living in the area for the next 2 years or more I'd buy. Low market and low interest rates.

    Just think resale when you buy. I've bought and sold 4 houses and the old saying you make your money on a house when you buy it not when you sell it is VERY true.

    Start making lowball offers and you may be surpirsed what you end up with.

    i don't know if a 2011 grad has the cash on hand to sling real estate




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  14. #14
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    Re: Renting vs Buying advice.

    Quote Originally Posted by ISUAgronomist View Post
    Rent.
    Buy.










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  15. #15
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    Re: Renting vs Buying advice.

    Owning a house is cool, all that extra stuff that goes with it sucks.



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