Is it worth buying a house for only three years?
359021
A lot of military personnel buy houses to live in when they are stationed somewhere, and then rent them out when they move to a new duty station.  There are rental management companies that can take care of the property for you when you are stationed somewhere else in the US or overseas.  Even though you won't be making much money on the rent, you will at least be building equity on the house.\n\nHowever, if you just intend to buy the house and sell it again in three years, you are exposing yourself to a lot of risk due to fluctuations in the housing market.  only buy the house if you intend to own it for ten to fifteen years.
47651
I suggest you have an apartment for several years to save a large down payment and find exactly the right home for yourself.  Paying rent IS like flushing the money, but in the long run, the investment of a good solid home is worth the wait.
171648
As an expert in Interest only loans; I think they are a good way to get "more bang for your buck".  As long as you are in a market that will continue to appreciate, you have nothing to lose and more to gain.  \n\nI don't think that there is a special circumstance that would permit you to get an interest only loan, because it's been my experience that no one ever has too much money.  However, it IS more beneficial for someone who wants to stay in their home for a period exceeding 7 years; that time period will be the most beneficial to someone with an interest only loan.
1139982
What the heck...you again?\n\nI bought my first house at 25. It was 80k...I had no down payment and at the time I think I was making around 28k. The first year was a struggle. But 2 years later...I am making 37k and it is much easier. I don't have to worry about if I can eat well this week. If you have the 50-100k saved for down payment, I would think you are safe as long as you are making 50k+. It all depends on what you are making at the time of purchase and if you are comfortable with it. Don't buy an extravagant house (even with down payment) if you think you will struggle. It's not worth it. Life is too short to be stressed over a high mortgage and bills. When you have a steady and decent income, buy a smaller, cheaper house to start. You can always sell it. Most houses go up in value (unless it's a real dump in the ghetto) and you will likely make money. I thought about selling mine and going bigger, but I'm not ready for the struggle and I really don't need it. I just want it. But that's just more to clean and a bigger lawn to mow. I would start small. If you can afford it now...buy a small house. At least you will be investing your payments toward something that is yours and that you can always sell for profit. Rent is investing your money for someone elses benefit. I'm glad I bought mine. I was scared at first, but it was well worth the investment. the house across from me (same size and design) just sold for 11k more than I paid for mine. And mine was brand new when I bought it. So it's nice to know I can always sell for more than I paid for.\n\nEDIT: Sorry! Just another thought. If you are married or have kids at that time your income will obviously need to be much more. Probably in the 80k range for that kind of house. I also don't spend money on worthless things and I have no kids or husband, so most of my money goes into savings and towards the mortgage. I see my friends who are married and have kids struggle because they tried to buy too big. And another friend who bought kinda small, but still struggling. Her husband owns his own business...so their income is not always the same or steady. They make good money, but they got themselves into something they can't really afford. Just keep in mind that if you are married (and especially with kids) that they will have needs and wants that cost money. Your priority will not be a monsterous house. Dang...was my friggin' answer long enough? I'm gonna quit typing now. I ramble too much sometimes. Sorry!
4950
It depends. Now is always a good time to buy a house if it's going to be your primary residence. Not only is owning going to take you out of paying rent and probably someone else's mortgage...there are tax benefits as well. There is no better feeling than ownership. It is also a way to force savings (when you pay principle)\n\nIf you are planning on buying a house for speculation or investment/rental...I'd probably hold off. People who are buying and flipping properties are creating this "bubble".\n\nI just heard on NewsTalk radio that there were 8000 homes for sale in the Phoenix area about 6-12 months ago...and right now there's over 20,000.
1182547
They will go back 3 years because of so many people getting rid of their homes and savings to be able to get Medicaid.  If she transferred the home and all the 'stuff' to you less than 3 years ago, you stand to lose everything.\n\nTo get Medicaid you can have a house, a car and $2000 in the bank and nothing more outside of social security income.
968544
Yes, but depending on your age and if you can make enough money it might be worth it. You also won't have to worry about  repairs or any other problems that come along with renting. You and your wife need to talk to a tax consultant.
608933
It does appear to be a risky market.  \n\nMake sure you pick a house/area where you want to spend 5 years or more.  Also if at all possible put a 20% downpayment down and get a fixed rate loan.  If you think you might only be in the house 3 or 4 years, it might be a good idea to wait until you are a little more settled.\n\nIf you are ready to buy, you can use the risky market to your advantage by making offers significantly below asking price.  If the seller won't budge from asking price, be prepared to move on.
435656
I see the appeal of every situation, here.  Living with your parents translates to very low living expenses.  Keeping your job means good income.  Buying  house builds equity for you in the future, and "locks in" your monthly housing payment...the bank won't ever raise your rent.  Finishing your degree can lead to more financially rewarding employment.  What if you could do it all?\n\nIf you kept your job and bought a house that you could just barely afford on your current income (and right now is an awesome time to buy, since there is very reasonable loan money available, still, and the housing market is down in value a bit), you could continue to live with the 'rents for the first 3-6 months while you spend your spare time painting, etc. to get your new place just right before you had to live there.  Ask anybody who has spent the first year living in HGTV wannabe chaos how much they wish they could have done that.  Make sure you get a place with 3-4 bedrooms and 2+ baths.  When your friends see your great new pad, you're going to find two of them who would love to live in a place that nice, and this is where the magic begins.  Assuming you've bought a $175,000 house (the market is wildly different in different parts of the country, so the math will be different, but you'll get the idea), you're looking at a total if maybe $1,400 for the payment with taxes and insurance.  Now, out of your pool of friends, there are going to be at least two of them who would love to (and are cool enough people) pay a mere $500 to live in this nice a house (as opposed to living in some tiny apartment).  You're now living in a $175,000 house for $400/month...kinda.\n\nRather than entering that money into the general income stream, put that $1,000/month away into a new savings account.  Even if you have to "raid" the cookie jar for those occasional end-of-the-month emergencies, you'll be socking away $10,000 a year.\n\nMeanwhile, take just one class per quarter while you keep your current job.  If you can commit to 2 years of this, here's what life looks like at the end of that time:\n\n*You own a nice house (well, actually the bank does, but you know what I mean)\n*You have $20,000 in your education fund\n*You have all the College credits you already earned, PLUS you've gotten 8 quarters' worth of those pesky History, or Math, or English requirements out of the way.\n*You're ready to take on a part-time job, and now only have to deal with your core classes for your major full-time because your housing cost is $400/month and you have reserve money to dip into.\n\nYou'll graduate ready to take that first job, and be able to live, alone, debt-free, in a nice house.
617935
If you are trying to buy a house in Ca, you should wait a year or two because the market is cooling off and the prices of houses are dropping.  I was told buy a realitor to wait a year or two.
269164
It depends. If your financial life is in order and is able to get a loan then you can conceivably buy a house and move in it within a month. But this also depends on if there's a lot of houses for sale where you want to live.
389625
Absolutely NOT! Just wait another year, or two years max and you'll see a very significant savings. Even if prices remain constant you'll be in a much stronger negotiating position. This it the very end of a very long sellers market. A buyers market is just around the corner. Just be a little patient!
711580
The previous posters are correct. The house itself depreciates however the land increases in value. Think of the property as a car affixed to the land. Once, a house reaches the end of it's useful life it can only be used for sold for land value. A house can last for a long time i it has been properly maintained and can extend it's useful life.
278429
it might be better to buy one later because of the fact that the real estate bubble is about to burst. prices should fall on property. plus, by then you'll get a better rate because your putting down payment.
526301
Shouldn't be too much trouble...you can go back 3 years.  If you owe, like the first person said, you'll have to pay what you owe and interest.  it shouldn't be too bad though.
1058348
Financially speaking, a house will usually appreciate in value.  Of course, beachfront property is always hard on the wallet for upkeep, but then a car requires insurance gas and repairs too. A car, especially in the luxury range, will usually depreciate greatly over the first several years.  \nFor example a 2003 Mercedes 500 SL was almost 90 k when new.  Now it is worth around 60 K.  I suppose that if you have the money that's OK, but to me, it's like burning a few 100 dollar bills every week.\nOn the other hand, hurricane season is coming and it is supposed to be hard on the east coast.  Insurance will probably cost you a bundle, but at least you won't be getting any speeding tickets.
1036939
well not yet\nin 2-3 years definately