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Rent VS Own (a little long sorry)

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My husband and I have been discussing when we are going to get a house. Currently we're getting ready to move out of our little 2 bedroom apartment into a 3 bedroom mobile home. So excited to have the extra room to move around in! Luckily for us our bills will NOT go up when we move. We have always rented but are looking into buying a house in the next 3-4 years. Yes it's a ways off BUT we're starting ahead of time to get things in order so we can be able to get approved for a loan and have a decent down payment.

Everyone has their struggles and their issues when doing this. Our first is to get my car completely paid off, which will be done by the beginning of next year. Then we have to get DH's credit lined out and pay off that debt. So by that time, the car will be paid off, our credit should go up quite a bit just with that being done. So it is a start. 

My question to you ladies (and gentlemen if there are any in here lol), what are some of the biggest concerns in the difference between renting and owning?

There's the basic, your responsible for repairs, maitanence, and insurances. But what about the options that are available? Foreclosure with a GREAT price?  Older home with a decent price but a chance of more issues to be taken care of before it's released to be moved into? And of course, the newer homes with a higher price tag?   What options are out there after 5 years to refinance? Being that I am kindly new to all of this I am in dire need of info. So if you all can be of any help that would be AMAZING! Thanks guys!

by on Apr. 29, 2013 at 12:37 AM
Replies (11-11):
by Member on May. 2, 2013 at 1:23 PM

oh my jeeez! That sounds horrible! I am so sorry. This is what I'm afraid will happen to us.  It scares me. I'm trying to make sure that we have a few thousand in savings after its all said and done in case we have issues like this in the future. 

Quoting mommy4ever07:

Make sure you get your home inspection but remember that it won't show every problem. We just had to replace a whole exterior wall, siding drywall, sub flooring, etc because the window wasn't put in right and had leaked to the point that a lot of the support of the wall was gone from being rotted. That was a couple 1000 dollar just in material no labor for a contractor because we did it ourselves. Now we have to replace the master bathroom and the ceiling in he laundry room because there is a leak somewhere in the bathroom that has cause our drywall to bubble in the laundry room ceiling. No idea how much that is going to cost. Never again will I buy a house with debt and not having a sizeable emergency fund. 

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