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Apartments...

One of my friends told me I was stupid if I moved into an apartment because they say once you move into an apartment you will never move out and be able to buy your own house!!.. I really want to buy my own house, but I understand noone can start at the top, my grandmother always said start from the bottom and work your way up.. But it really ain't true about never buying your own house if you live in an apartment is it?! Personal experience anyone please..

Answer Question
 
Anonymous

Asked by Anonymous at 10:22 PM on Jun. 16, 2011 in Home & Garden

Answers (14)
  • It depends. We use to own but now we rent. We are saving up some money for our dream house. If we went and rented a luxury apartment, no we wouldn't have the money to set aside for savings. Instead, we are renting a modest apartment that is in a good location, and has great amenities.

    JeremysMom

    Answer by JeremysMom at 10:27 PM on Jun. 16, 2011

  • Oh please. Your friend is talking our of her ass. I rented two apartments, bought a house when I was 20, fixed it up, sold it when I was 26, moved from IL to Nevada, rented a townhouse, then rented a house, then finally bought another house when I was 29. Life is always changing. Nobody stays stuck unless they want to.
    JulieJacobKyle

    Answer by JulieJacobKyle at 10:27 PM on Jun. 16, 2011

  • Not true. I lived in an apt and bought my own house. Check with your state and see if they have a SHIP program (that's what they call it in FL). It will give you your down payment for a house. If you can buy one with that down payment then you can skip the apt. You can also lease a house with option to buy in some cases. Ask questions of a realtor
    admckenzie

    Answer by admckenzie at 10:28 PM on Jun. 16, 2011

  • I started in an apartment over a garage. I now live in my own house and have a small farm. It could have been done much sooner in life, however some bad choices with bad men along the way held up the whole works. You actually need to prove to a mortgage company that you are responsible and your rent may come into play. Just do not overspend. Cut corners where you can, save as much as you can. You will need credit, but do not run up your cards. Charge like $20 in gas and pay it off immediately. Put money aside for a down payment. Your grandmother is perfectly right. Good luck!
    attap5

    Answer by attap5 at 10:29 PM on Jun. 16, 2011

  • At this point the only way I can get credit is if I rent my dad is going to cosign (owns his own business), really cheap townhouse (nice area too). I'm in my twenties and I have no credit to buy a house so they said if I rent for a year or even six months then my credit would be good enough to recieve a loan from the bank. But I'm really scared of renting a townhouse..... I'm not sure why either.. I'm just trying to do best for my son and I considering the father walked out and I'm okay with that lol I'm a big girl, just want the best for him..

    Good idea or bad idea to get the townhouse..?
    Anonymous

    Comment by Anonymous (original poster) at 10:35 PM on Jun. 16, 2011

  • You won't just get credit from renting. You will also have active credit from paying your utility bills. Most electric, gas, cable, and phone companies report, so you will be building your credit just by being there and paying your bills.
    JulieJacobKyle

    Answer by JulieJacobKyle at 10:38 PM on Jun. 16, 2011

  • I will only be paying electric if I move in there.. I just kinda wanted to talk to someone else that's been through the whole rent then buying deal to know I'm not crazy that my friend is dumb, and I can rent for a year and then buy..
    Anonymous

    Comment by Anonymous (original poster) at 10:40 PM on Jun. 16, 2011

  • Hey, even one utility will help build your credit. We all started somewhere. You will do better by renting and building a bit of credit now, instead of waiting and then trying to buy a house down the road with no credit at all.
    JulieJacobKyle

    Answer by JulieJacobKyle at 10:41 PM on Jun. 16, 2011

  • I didn't think of it that way, but that makes me feel a bit better.. Thanks..
    Anonymous

    Comment by Anonymous (original poster) at 10:50 PM on Jun. 16, 2011

  • sorry about the lack of credit :(.. but no renting does NOT hinder you from buying a house. It can feel like a waste of money at times because you are paying for a home thatyou don't truly own.. but then again, you aren't responsible for the taxes or home repairs either.. so there are good points and bad points to each.
    xxhazeldovexx

    Answer by xxhazeldovexx at 11:01 PM on Jun. 16, 2011

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