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Buy or Rent |
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Hi, Edith -
I have a question about buying. Here is my situation: for the next 2.5-3 years I can either rent and pay only $600 per month and save 1200 per month on my savings account or buy a house. I will have to sell it in 2.5-3 years because I plan to either go back to grad school or move to other area. The house I was thinking to buy is about 280K, I can put 30K down and pay closing costs myself. If I buy a house I will not be able to save at all.
Will I break even if I buy a house? Will I lose money or will buying a house be worth it? How much cash will I get back if I sell it in 3 years?
Thank you
Yana |
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I don't know your finances, and I can't predict what the market will be like in three years. But given the costs of buying and selling, you aren't likely to come out even selling after so short a time. Sounds to me as if you'd be better off renting till you know where you're going to be permanently. |
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Edith
Originally published on July 26, 2009 |
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