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bubblesitter
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2011 Aug 24, 12:29pm
Buying a house with a mortgage isn't always a bad decision.
Yes it is when the house value is upside down.
toothfairy
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2011 Aug 24, 12:38pm
I would do A
but I agree with what people are saying about no debt is pretty ideal.
The only way I would rent is if it will allow you so save up enough in 4 years to buy a house with no mortgage.
otherwise option A
Malkovich
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2011 Aug 24, 1:15pm
What about interest rates? They are the lowest in a long time.
Anyone thing they are headed up?
Buying a house with a mortgage isn't always a bad decision.
Yes it is when the house value is upside down.
That may be an example of when it is a bad decision, which my statement allows for. Maybe I should have said "buying a house with a mortgage is sometimes a good decision." ?
And being upside down isn't the main factor, to my mind. If you pay less than equivalent rent, and live in it for 30 years...with a final value of $0, you still come out ahead.
TMAC54
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2011 Aug 24, 3:06pm
Even WHEN housing hits bottom, do you anticipate an immediate or significant rate of appreciation ? Base your decision on were you will work, where you will raise your children. There are several online "Buy or Rent calculators" if you want to base your decision financially.
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I'll be needing a house in about 4 years for a family. Currently debt-free. Should I...
A) Buy a house now at 2.5-3x my yearly income. 10% down payment. Keep this house for the long run.
B) Buy a condo now at 1.5x my yearly income. Sell in four years and then Plan A). 20% down payment.
C) Continue to keep renting for four years; all together, .67x my yearly income. Would allow for A) and B) reevaluation after the year lease.
What do you think? Can give more info if needed.
Edit: Edited C) value. Added info.