Seeking Advice

pipermaru9 · February 20, 2003

I am getting married in June. And I was seeking some advice from ya'll out there who have already been down this path. Should we build a new house or buy one or rent? I know I can't let these great interest rates go without me doing something. I welcome all opinions! And by the way, thanks for the advice.

:thumb:

chevy4x4trucks · February 20, 2003

Well, definetly buy one or build one, don't rent. With as low as interest rates are now you can't go wrong w/ buying or building.

I guess the buy/build comes down to what are you want to live in and if you can find a house that you like.

As for price differnces, I have no idea.

carguru · February 20, 2003

Congrats! :thumb: Definitely buying or building is the way to go. If building, just don't go too wild on the options. All of those little add-ons add up quickly. Also keep in mind, buying an existing house means that much of the stuff like landscaping is already done, but have the drawback of things like air conditioners, water heaters, etc breaking down on you sooner and having to live with some of the things you don't like about the house.

Shaners · February 21, 2003

If you have the $$ for the 20% downpayment (no mortgage insurance), you should buy. Renting is throwing your money away!!!

If you are handy, then I would look for a house that needs a few things redone (kitchen and bath), and then redo them yourself. You'll make alot of money on home improvements in those rooms if you are good enough to do that yourself.

My first house I bought form the bank (foreclosure), They wanted $24K and I offered $18K and bought it for $18.5K. About $10K later and 6 years of work I sold it for $50K and bought a house for $80K and hope to sell it in about 5 years or so for $125K (with some more work).

You need to buy something if you can... building one is nice, but good luck finding a contractor that is as nitpickicky as you are when you drop $150K+ on the new house... My parents have had 3 "retirement" homes built/sold in the last 10 years and the workmanship has been shoddy to say the least!!!

Elwood · February 21, 2003

Definately DO NOT rent unless you have no other choice.

If you buy or build you can always sell it later if you want or need to move. Houses are one of the few things that you can usually get more out of them down the road than what you paid for them.