Buying .vs. Renting. [a house.]

[Neezer]

Now, no matter when this happens in someones life... it's a pretty big deal. & definitely a huge fucking commitment. I know the basic pros & cons of owning a home verses renting one. Like, when you own a house, you're basically fucked. You either figure out how to fix it the right way, or dish out the money, which can be mad expensive, to have someone come figure out the issue & the fix it. I know all about this, and as far as home repairs go, I'm pretty handy. Unless it's electrical, in which case... thank God I've got a friend that's an electrician.

But anyways, here's the situation, basically. My fiance are living in a two bedroom apartment, and it's just... definitely not enough. We just had a baby (7mos ago) and she has a five and a four year old from a previous relationship, so we're all crammed into this shitty apartment. Obviously we need a bigger place, especially since the five year old is a girl, and she needs her own room. Due to some law in Ohio, once siblings hit a specific age, they're not longer allowed to share a room. Why? I don't fucking know. Some people can't afford to just up and go because their kids are getting old.

Anyways, we've already been pre-approved for a loan of up to $120,000. Now, that may not seem like a HUGE amount when it comes to buy a house, but.. it's kind of for life, ya know? Lol.

We both have decent jobs, where covering all of our bills isn't going to be a problem, depending on how the pay period falls. I don't really know where I'm going with this, I know we can afford it and shit.. but I need some outside opinions on the situation. Of if you have any questions, feel free to ask. This shit is driving me fucking BONKERS though, bro.. lol.

Anyways, thanks for the hekp.

 

[Foreigner]

A house can be a good investment, depending on how old the house is, where it is, and how well you can upkeep it. If you let it get run down, then it'll just be a depreciating asset. There are housing bubbles all over the U.S. right now where prices are inflated, and I think people are stupid for buying homes in those markets. Once the bubble bursts they'll be stuck with 400k mortgages while the deflated market cuts the selling price in half.

You have a good practical reason to look at a house: a family. If you have the income to support that, then it's not a big problem. If the area you're buying in is well established, or up-and-coming, then your house will see a return in value if you ever decide to sell it, as long as you keep it in good shape. If you're buying a house in one of those bubble areas, then it's considered a high risk investment unless you plan to flip and sell it within a short amount of time. If you intend to USE the house then avoid bubbles.

I dunno what else to say really... buying a house really depends on where you're at in life. Sounds like you are looking to settle and raise a family, so why not? At least if you own your own house you don't have to live under someone else's rules. Just make sure the house you buy has no hidden flaws because it'll be your job to fix all that. If there's anything you're concerned about then hire an expert to go look at the house before you buy. Don't take the current owner's word if it's unsure.

 

[doIhavePotential]

What I like most about a house is the freedom that comes with it,the fact that you don't have a landlord on your ass that has rules set in stone, or neighbours that are noisy. There is a lot more responsibility too, things like cleaning,repairs, maintenance, taking out the trash every week, shoveling, cutting the grass, keeping the gardens clean and looking nice all take a bite out of your time or finances. The downside can be living in an area for a long time though.

It's not necessarily a bad thing, it gives you projects to work, room to have some fun and play with your kids, space so you can breathe and not get on each others nerves. There are things you learn as a homeowner, how to fix things, dealing with problems, budgeting and learning to live within your means.

It does cost a tad more than renting, and you also need to consider the initial things that need to be bought like a lawnmower/weed trimmer/gardening equipment/possible renovations(painting,carpeting) and budget for them.

You can also look into renting a house instead of an apartment, as many people will rent the upper part(main floor/2nd floor) of their house or even their whole house if you want to get a feel of how it is to live in a house/area before buying a house there.