Quote:
Originally Posted by brentbacardi
Well 1. yes get preapproved
2. I am a single young guy, renting is the thing to do, I want to trade in my house in a year and get a new one. Plus no taxes, plus renting is still cheaper than a mortgage. Plus your house will NOT necessarily gain any value at all... (take note to the last couple of years lol) PLUS god forbid you lose your income at least you arent totally SCREWED! A lease you can get out of and then live somewhere cheaper or stay with family, a mortgage not so easy... bankruptcy and/or owing a lot of money even if your house forecloses= not good.
3. Buying is still good if you plan on living there for more than a couple of years as a long term solution or if you absolutely must make changes to the house you live in that cannot be accomplished while renting.
How I know this? 1. Real estate license 2. worked at a home finance company for a year directly under their VP which was pretty awesome actually 3. almost finished my Finance degree. 4. Pops is a real estate investor who did not get bankrupt from this whole housing crisis. So i know what I am talking about. But it really only boils down to what works best for you and your situation. But I say rent.
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yeah, it all depends on your situaton. since i was 21 (im now 31..) i've only rented 2 different places..i absolutely hate moving all my shit. been living here with the girlfriend for 5 years, just seems like it was such a waste to not have bought something several years ago. although, something to note, even if you do lose your income you have to give 2 months notice to your landlord, in that time you could also sell your house and you might even make money on it. the housing market was never hit much here in canada, prices and demand are still very strong in pretty much all areas.