6 ms·

Yeah in my area I'm paying probably $200+/month more for my small apartment than I would for a house that's 2-3 times the sqft. It's frustrating to know that I'

Yeah in my area I'm paying probably $200+/month more for my small apartment than I would for a house that's 2-3 times the sqft. It's frustrating to know that I'd actually be saving money + building equity of I could just buy a house today. But saving up is hard when you're also paying off student debt. My family has told me that you should always save up the 20%, but it seems like like the FHA 3.5% is the winners choice. If I wait until I have 20% down it's going to take ages and all that money spent on apartments is going to waste.

gg2488 7y ago
One thing I keep telling people is that buying a house really won't save you money in the long run. I only bought a house for the space, me and my wife both work from home in the midwest and need the office space. You'll spend more than you realize on upkeep, furnishings and the increase cost of utilities. My opinion is If you really want to save money, find a cheap cost of living area and rent. Only buy a house if you need the space and know that you'll be staying in that area for 10ish years.
- dinkleberg 7y ago
  I get where you are coming from, and the cost of upkeep can certainly be high, especially on older homes. But surely the cost of (apartment rent + other associated costs) * however many months is going to be higher than (cost of house + interest from mortgage + upkeep + increased utilities) - (eventual price you sell it for) The apartment situation you will always be negative, whereas even if you only end up selling your house for the same price you bought it at, you've only paid for interest + upkeep + utilities. The interest + upkeep are certainly not insignificant, but when your rent is as high as the mortgage cost, surely buying has got to be the better option over the longterm. But maybe I'm just fooling myself.

6 ms·

Yeah in my area I'm paying probably $200+/month more for my small apartment than I would for a house that's 2-3 times the sqft. It's frustrating to know that I'

by dinkleberg 7y ago

gg2488 7y ago
One thing I keep telling people is that buying a house really won't save you money in the long run. I only bought a house for the space, me and my wife both work from home in the midwest and need the office space. You'll spend more than you realize on upkeep, furnishings and the increase cost of utilities. My opinion is If you really want to save money, find a cheap cost of living area and rent. Only buy a house if you need the space and know that you'll be staying in that area for 10ish years.
- dinkleberg 7y ago
  I get where you are coming from, and the cost of upkeep can certainly be high, especially on older homes. But surely the cost of (apartment rent + other associated costs) * however many months is going to be higher than (cost of house + interest from mortgage + upkeep + increased utilities) - (eventual price you sell it for) The apartment situation you will always be negative, whereas even if you only end up selling your house for the same price you bought it at, you've only paid for interest + upkeep + utilities. The interest + upkeep are certainly not insignificant, but when your rent is as high as the mortgage cost, surely buying has got to be the better option over the longterm. But maybe I'm just fooling myself.