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Debating on purchasing a home!

What's the pros and cons, what to look out for and what to look into?

 
mekarevell

Asked by mekarevell at 10:13 PM on Sep. 8, 2010 in Home & Garden

Level 39 (113,252 Credits)
This question is closed.
Answers (8)
  • The pros would be that its yours and you can do with it what you please. The cons would be the extra expense of owning your own home, like taxes, water bills, repairs etc. Also, if you have a neighbor that you despise you are stuck in this home - it's easier to up and move if you are a renter. That saying that you are throwing away your money by renting is a farce - you are paying for a place to live just like you pay for anything else. And if you have a slob living across the street you'd be glad you rent because you could easily leave!
    Iluvautumn

    Answer by Iluvautumn at 10:27 PM on Sep. 8, 2010

  • Make sure you will have three months worth of living expenses left after you make the down payment.
    lovinangels

    Answer by lovinangels at 10:16 PM on Sep. 8, 2010

  • When you pay a mortgage instead of rent, you ARE gaining equity, but remember that the money that you would have paid in rent would also cover emergency plumbers and broken stoves...when you become your own landlord YOU become responsible for it, and if you don't have good savings, a leak in the basement can sink your dreams.
    livewell

    Answer by livewell at 10:25 PM on Sep. 8, 2010

  • I agree with lovingangles, you can get estimates at a insurance place too.
    mamaofficer

    Answer by mamaofficer at 10:23 PM on Sep. 8, 2010

  • If you are purchaing check out http://www.bidselect.com/ and see if there are foreclosure homes in your area - we purchased our house for less than 1/4 of the market value that way.

    scout_mom

    Answer by scout_mom at 10:14 PM on Sep. 8, 2010

  • Just food for thought with this article. 


    How to Prepare for a Home Purchase in 2010

    musicmom08

    Answer by musicmom08 at 10:34 PM on Sep. 8, 2010

  • And wherever you purchase remember the real estate maxim - location, location, location.
    tasches

    Answer by tasches at 2:44 PM on Sep. 9, 2010

  • Location, and buy it with resell in mind........You don't want to buy a home that is not going to be a good resell in case down the road you may want to.
    zbee

    Answer by zbee at 2:46 PM on Sep. 9, 2010

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