Ah yes, the old Buy vs Rent question.
I'm currently renting, a big appeal to renting was that I was super close to my old job. It runs me $1,700 a month. I could walk to work, it was great. That convenience has since worn off and I do not think I would pay for it again. Also, I'm switching jobs so if I chose to rent, I would probably find a much cheaper option when my lease ends in Jan.
I hate paying rent. It's such a large portion of my post-tax paycheck that gives me no return other than surviving. I really like the concept of owning property. This new job I have is what I would call a dream job, and I'm incredibly lucky to have landed it, and I expect to stay at it for at least 5 years. And even if I do leave, there are plenty of other job opportunities in the area.
My idea is to scrounge up enough money while I can at my new job before my lease ends and put a down payment on the cheapest house I can in a relatively safe neighborhood that is within 30 minutes of my current job. I grew up in a rundown mobile home, I have no issue with living modestly.
Does this sound like a good idea? I'm 25, so pretty young, and I'm getting a pretty big bump in payscale in my new job to 110k pre-tax. I haven't done any digging into the current market as it's most likely going to change by the time I'll be making a move on this. But I want to make this decision now so I can start saving if I choose to buy. Another motivation is that I want to get a dog and it's hard to find apartments that are okay with that or don't charge you out of the bum for it.
Also, what do you normally do with a starter home once you've finished paying and you move out some point later? Resell, or do you just hand it off to a property manager and try to make residual income from it?
Cheers! Let me know if there's anything else I can provide.
Submitted May 20, 2017 at 04:54AM by DontHireMeImScared http://ift.tt/2qHTvor
