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Don't know whether to keep renting or buy?

My husband and I plan on getting out of debt in a few years and saving some money for a house or property. We are renting a trailer for $450 per month, however there's another trailer near us for sale for $15,000. My question it better to pay the rent "wasted money", but stay focused on "the prize" or buy the trailer and in a few years maybe sell it and put that money towards a down payment on another home or even move it onto some property? I don't know if it's a stupid move, because trailers/modular homes don't appreciate in value or a good move because then we have something that we own and can either sell it or move it and have something "free" to live in. Also if we buy it we still would have to pay $180 per month to have the home on the lot.

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Asked by Anonymous at 8:00 PM on Sep. 7, 2009 in Home & Garden

Answers (5)
  • I say buy it! It is always better to buy in these situations, but remember to plan on closing fees, homeowners insurance and probably a proprty tax asessment. If you do buy at least you are building some equity even if it is just a small amount. Good luck!

    Answer by emnasmom at 9:13 PM on Sep. 7, 2009

  • If you and your dh can... buy the other trailer.... start putting money back into it and into a savings... by the time you are out of debt and ready to make the next move.... you will be able to sell or even use the place you are in as an investment .....
    Good Luck....

    Answer by gmasboy at 10:08 PM on Sep. 7, 2009

  • My husband and I just went through a similiar situation - we moved to a new city and didn't know whether to rent or buy. That $8k first-time homebuyer tax credit was a BIG draw for us...not to mention the payment on our mortgage is LESS than what we would've been paying for rent!

    I personally think buying is better than renting - you're putting the money you pay BACK into an investment rather than paying to live there. Good luck with whatever you decide!

    Answer by weezer_cookie at 11:02 PM on Sep. 7, 2009

  • It is better to buy.I own my own home.My parents always owned and so have I.One question I have for you though.Eventhough you are buying a trailer don't you have to pay for the space you are renting it in.If you have to pay the space,I would say buy a small home instead.

    Answer by Anonymous at 5:57 PM on Sep. 8, 2009

  • OP here: To anonymous...yeah we would still have to pay rent on the space/ $180/month.

    Answer by Anonymous at 4:53 AM on Sep. 9, 2009

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