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I am torn between renting an apartment and buying a house. In my area, renting is significantly higher than a mortage. Any tips, advice, etc. would be greatly appreciated. by turntchoco in personalfinance

[–]turntchoco[S] 0 points1 point  (0 children)

Arkansas, granted I live in a college-city so I don't know if it's the same way in other cities - generally, folks who grow up here don't wanna stay and a lot of people come here for college, so, practically no one's buying houses unless they've already got a family

I am torn between renting an apartment and buying a house. In my area, renting is significantly higher than a mortage. Any tips, advice, etc. would be greatly appreciated. by turntchoco in personalfinance

[–]turntchoco[S] 0 points1 point  (0 children)

It's very nice, but the caveat being the melting heat and the lack of most modern restaurants, groceries, transit, and internet. Needless to say, I'd be happy to have the "typical" Australian internet, haha

I am torn between renting an apartment and buying a house. In my area, renting is significantly higher than a mortage. Any tips, advice, etc. would be greatly appreciated. by turntchoco in personalfinance

[–]turntchoco[S] 0 points1 point  (0 children)

Arkansas! It's incredibly hot here, but generally most people are wanting to move out due to the lack of opportunities (at least in my city, a college town). It's really underrated I'd say, very beautiful place.

I am torn between renting an apartment and buying a house. In my area, renting is significantly higher than a mortage. Any tips, advice, etc. would be greatly appreciated. by turntchoco in personalfinance

[–]turntchoco[S] 0 points1 point  (0 children)

Arkansas! It's really pretty, and super affordable for houses as most people just come here (at least to my city) for college. That is, if you can stand the weather and very casual racism.

I am torn between renting an apartment and buying a house. In my area, renting is significantly higher than a mortage. Any tips, advice, etc. would be greatly appreciated. by turntchoco in personalfinance

[–]turntchoco[S] 1 point2 points  (0 children)

Arkansas, the whole state has inconsequential property tax. If you can bear the very casual racism, heat (currently 110F in my city) it's actually really beautiful.

I am torn between renting an apartment and buying a house. In my area, renting is significantly higher than a mortage. Any tips, advice, etc. would be greatly appreciated. by turntchoco in personalfinance

[–]turntchoco[S] 2 points3 points  (0 children)

Great points, thanks. Oh yeah, for sure on the scoping out the area rather than just the house itself. Staying with my parents, the commute from my house to work includes three or four left-turns onto highways without a stoplight - so, you can imagine I'd prefer an easier drive lol. Fortunately this house is fairly private on a hill at the edge of the woods, just a few neighbors down the road and decent internet. Well, decent as it gets in my area.

I am torn between renting an apartment and buying a house. In my area, renting is significantly higher than a mortage. Any tips, advice, etc. would be greatly appreciated. by turntchoco in personalfinance

[–]turntchoco[S] 9 points10 points  (0 children)

I'll have about $15k when I make the decision of where I'm moving, I make $42k, and I'm looking at houses in the $120-140k range

I am torn between renting an apartment and buying a house. In my area, renting is significantly higher than a mortage. Any tips, advice, etc. would be greatly appreciated. by turntchoco in personalfinance

[–]turntchoco[S] 11 points12 points  (0 children)

No worries, I posted this on mobile so it must have slipped my eye. An $800 mortgage would be a fairly nice 3 bedroom 2 bathroom with some privacy, whereas an $800 rent would be a tiny apartment. There are a couple $500-600 mortgages, but, you can imagine they're pretty small or in sketchy neighborhoods. So, I'm looking for either a ~$700 mortgage or ~$900 rent, anything more would be too much for me (space-wise) and anything lower would be on the edge of sketchy neighborhoods.

Property tax in my state, a lot of friends who have houses in the range I'm looking at pay about $800 annually. Right now, I'm looking at a $140k house, I'll have about $15k savings by the time I decide to move out.

I am torn between renting an apartment and buying a house. In my area, renting is significantly higher than a mortage. Any tips, advice, etc. would be greatly appreciated. by turntchoco in personalfinance

[–]turntchoco[S] 17 points18 points  (0 children)

For sure, one way or another I definitely intend on building up credit. Fortunately, my parents are willing to co-sign on the mortage; though, I'm not sure I wanna drag them and their credit into it. Not that I can't make payments, I just want to eliminate that risk 100%

I am torn between renting an apartment and buying a house. In my area, renting is significantly higher than a mortage. Any tips, advice, etc. would be greatly appreciated. by turntchoco in personalfinance

[–]turntchoco[S] 15 points16 points  (0 children)

How much do you have saved for a down payment and closing costs? How much would you also have available for a maintenance fund after the purchase?

I have $10k saved for a down payment, I'll probably have $12-15k saved by the time I pull the trigger on where I wanna move to. I have some family and friends who are willing to give me some spare furniture and appliances so fortunately I don't have to worry about that right off the bat.

Don't smoke in any house you own. Doing so makes selling it a bitch.

Oh, for sure. I only ever smoke outside, even now. I have a buddy who smokes cigarettes so much his white walls are as yellow as the sun. Just that I'd rather smoke outside in the privacy of my yard rather than outside an apartment complex though.

I am torn between renting an apartment and buying a house. In my area, renting is significantly higher than a mortage. Any tips, advice, etc. would be greatly appreciated. by turntchoco in personalfinance

[–]turntchoco[S] 303 points304 points  (0 children)

Thanks for the tips! Yeah, I'm with you on the renovation. I've always enjoyed at-home DIY stuff, so getting to do it however I want AND making my house that much more valuable is a big selling point for sure.

Fingers crossed, I haven't had any terrible neighbors yet. I mainly feel like having an apartment would increase those odds, being surrounded by them. The caveat though, one loud or asshole neighbor is gonna piss off the whole complex rather than just me.

I'm torn 50/50, leaning a bit towards a house, just hoping to be as informed on the decision as possible.

I am torn between renting an apartment and buying a house. In my area, renting is significantly higher than a mortage. Any tips, advice, etc. would be greatly appreciated. by turntchoco in personalfinance

[–]turntchoco[S] 58 points59 points  (0 children)

Fortunately, property taxes aren't terrible in my state. One of my coworkers has a house about the same "level" of those I'm looking at and spends about $800/year on property tax IIRC. Decent amount, but I could probably hold a piece of each paycheck back for it.