Should I rent? Should I get a mortgage? What should I do?

[Erzengel]

A freaking mansion, you could get 4 bed rooms (maybe some with en suit) and a garage with a hella big garden for 200k

mine was under 125k and its 2 bedrooms with a pretty big garden

Also depends what area you live in with these things, 200k could get you a bed sit in the heart of london

Does it differ from where Kaine lives?

In NJ, for just a small house 2 bath, 3 bedroom, you are looking at $300,000 on a 50' x 100' lot.

 

[Dangerous]

The only reason I am renting is cause it's cheap.

 

[Erzengel]

The only problem I have with renting is if you eventually want to buy and most of your salary goes to renting, you are throwing money away.

 

[Dangerous]

This is true.

But if you ain't got the money to solicit a mortgage, it can be your only option.

 

[Erzengel]

Yes, if you really just need to get out whether you are literally on your own or you just aren't in a good living situation, that's fine.

But if it's tolerable, stay at home til you can afford to buy your own place.

 

[Dangerous]

That is what I did, but I gotta make a move now.

 

[Iceman]

Okay... how about if I do the following... with my bank, I can open a savings account, and be eligable to borrow five times as much as I've saved...


Save per month
£400

In six months I'll have
£2,400

Then I could borrow
£12,000


So if I saved £400 per month for 12 months, I could borrow £24, 000. I could use that money to get a mortgage, and let the place out to other people. So I'd be able to pay back the bank, and the people I'd let to could pay off my mortgage.

How's that sound?

The bank isn't lending you multiples of your savings to put on as a down payment on an even bigger long term borrowing commitment! If you ever lose that job or get ill, you could lose the house and get a bad credit rating, making it much more expensive (sometimes not even possible) to get a mortgage in future. You should set your sights on a lower priced house/flat, save a lot more per month or get a higher paying job.

 

[LexCorp]

mortgage

Rent is a waste of time

 

[DBella]

Looking at your current financial situation, I think it's better if you continue to remain where you are for a while longer and save more. If you can't stand living at home anymore, you should rent instead of buy because there is A LOT of costs involved when you own your own home and mortage is just one of those costs. Try to rent a place that includes at least some utilities. I once rented a place that included water, electricity, trash pick-up, AND basic cable! The only thing I had to pay for was my phone bill. That was an awesome deal that enabled me to save some money monthly.

 

[Erzengel]

If you have to move out, try and find a place with a brunette and a blonde and see how many misunderstanding circumstances you can have.

Come and knock on my door......

 

[kainedamo]

We've decided what we're gonna do is see if the place we put our names down for gets back to us. If they do, the lease is only 6 months. 6 months isn't a long time to rent a place and yet plenty of time to decide if I can pay for it AND put a little to the side. After that 6 months, I could move back home or stay on.

I'm quite depressed living at home. I don't wanna get all... I just don't like it when people mop about their situations... but I do think about suicide. Not the actual going through with it... but just more than what's healthy for a 23 year old to think about.

 

[Erzengel]

Do the math before you sign any lease Kaine.

This is how much you make.

These are my expenses.

This is how much I can afford in rent.

You really don't want to be eating raiman noodles and eating bologna sandwiches in the dark.

That could be just as depressing.

 

[DBella]

We've decided what we're gonna do is see if the place we put our names down for gets back to us. If they do, the lease is only 6 months. 6 months isn't a long time to rent a place and yet plenty of time to decide if I can pay for it AND put a little to the side. After that 6 months, I could move back home or stay on.

I'm quite depressed living at home. I don't wanna get all... I just don't like it when people mop about their situations... but I do think about suicide. Not the actual going through with it... but just more than what's healthy for a 23 year old to think about.

6 months isn't that long of a commitment so you should be alright. Good luck!

Do you know the reason for your depression? Living with other people can be hard but living alone can be equally hard. Happiness is a state of mind so I hope you can find your peace of mind wherever you're at.

Do the math before you sign any lease Kaine.

This is how much you make.

These are my expenses.

This is how much I can afford in rent.

You really don't want to be eating raiman noodles and eating bologna sandwiches in the dark.

That could be just as depressing.

I agree. Good advice.

 

[kainedamo]

Do the math before you sign any lease Kaine.

This is how much you make.

These are my expenses.

This is how much I can afford in rent.

You really don't want to be eating raiman noodles and eating bologna sandwiches in the dark.

That could be just as depressing.

I've worked out that I'd be spending under £40 a week rent wise, so that's fine. As for expenses... I've had no experience paying my way in a house, but there are 4 of us, so it should be fine.

Basically I'm hoping that some freedom and independence away from home and family will help me find the freedom of peace and mind. Having friends over when I like and living with friends won't hurt either.

 

[kainedamo]

What can £200,000 get you in terms of a house?

# of bedrooms, bathrooms, garage etc?

Depends on the area. For the last few years in Belfast the market was quite bad house wise. Ridiculous house prices. The market has recently started to come down, so £200, 000 would get me a good place. Maybe 3 bedrooms, bathroom, maybe not a garage. If I saved up £400 quid a month for four years I could afford a downpayment on a mortgage. I need a better job, though. So we'll see how much I've saved and what my position is when I'm 27 and see where to go from there.

For now, we have a good chance of getting this 6 month lease and I'm gonna see how that goes.

 

[Erzengel]

I've worked out that I'd be spending under £40 a week rent wise, so that's fine. As for expenses... I've had no experience paying my way in a house, but there are 4 of us, so it should be fine.

Basically I'm hoping that some freedom and independence away from home and family will help me find the freedom of peace and mind. Having friends over when I like and living with friends won't hurt either.

Water, sewer, electricity, cable, telephone, internet, gas(heat).

Ask your parents how much they pay and you can go from there.

 

[tzarinna]

Does anyone know someone that has gotten 100% financing?
It's a world I want to one day live in.

 

[Erzengel]

Another thing Kaine, you have to be prepared if one of the other 3 people you are rooming with is just useless, debtors aren't going to care why you can't pay for whatever.

 

[Varient]

Does anyone know someone that has gotten 100% financing?
It's a world I want to one day live in.

Donald Trump.

 

[kainedamo]

Maybe I'll just spend my £1000 on a 360 and a big HD TV!

 

[knowsbleed]

Does anyone know someone that has gotten 100% financing?
It's a world I want to one day live in.

VA Loans

Maybe I'll just spend my £1000 on a 360 and a big HD TV!

Yeah...I don't think you're ready to own a home.

 

[tzarinna]

VA Loans

Um, hm, I knew I should've given that Marine my number.


Ugh, my realtor presented the contract with an addendum to the sellers agent. *sigh* I hope she takes the deal and I can get this house. I think she's ready to except but I can't get my hopes up. *waits to exhale*

 

[Corinthian™]

Kaine... keep saving... get a better job and maybe until you are ready to get married, get a home

oh wait.. you hate women

 

[raybia]

I've been saving up for ages. Unbearably being unable to touch most of my money. I've intended to move out with some friends into a house and completed an application form for a lease which I handed in. But two other people want the house, so that might fall through.

It would be my first time having my own place. I'm wondering, if it does fall through, what should be my next step? Renting is all well and good as a temporary means of gaining some freedom and independence, but I wouldn't really be able to save much money. A mortgage would be like a long term investment. But a very costly investment. I'm not even sure if I could afford it. Maybe I could get a mortgage, and have the people I intended to move out with move in and help pay the mortgage.

But if I got a mortgage, I'd be paying it off for like 25 years or something. If I went ahead with it and it turned out to be a mistake, I wouldn't be able to change my mind. Whereas if I were renting, it wouldn't be a big deal to just move back home if I lost my job or whatever.

I could live at home for another year and save like a mother ****er. But to tell you the truth, I'm depressed living at home. My space isn't my own. I can't do what I'd like to do. Kids are always over - my brother and one of my sisters' kids. My two older sisters that live at home dominate the living room and kitchen. So I'm stuck in my room all the time. Being bored ****less, of course, because it's very limited what I can do in my own bedroom. And partly bored ****less because I can't spend my own money on account of saving it all the time. Also, I hate the ****ing area I live in. Place is such a dump and the people here are *******s. I'm 70% sure if I stick around in the Short Strand too long, some drunk fool will stab me thinking I'm an outsider.

I'm not sure what my best option would be. And of course I have no prior experience with this kind of thing.

DO NOT UNDER ANY CIRCUMSTANCES BUY A HOUSE RIGHT NOW.

Just rent for the moment.

 

[Kritish]

Houses are overrated.