if you got that cash and the credit then definatly buy. otherwise rent to build credit/cash then buy
if you’re asking, then rent. buying a house is a lot of responsabililty… if you aren’t getting handed money from parents / family, then you may run dry… 1400 a month means that you can afford what 600 a month in mortgage… so i’d say keep working and saving and paying off other debt… rent somewhere for 700 and paying a 700 mortgage are quite a bit different.
there is no shame in renting… people say how you’re throwing money away, other than having a house/ apartment with no strings attached and no personal responsability in structual and land costs when things ‘come up’… listen to people like rookee… why buy a fixer-upper for 75k, constantly dumping money in to live day by day, when in 3-5 years you could kill that school loan and buy a 145k house and have the ability to dump money into it in the future.
you’re young… blow your money on turbo’d hyundai’s and bar nights… the first second you get in over your head, it all goes downhill fast.
If you can afford it, then buy. It might cost a little more per month. But there are a few ways you are earning on your investment.
- The house, unlike most purchases, will actually increase in value
- You are paying down part of the balance every month
- You will be able to itemize deductions and get more money back at tax time
I got into my first house for 0.75% down. Stayed there for 5 years. After selling and paying realtor fees, I figured out that it actually cost me about $150 LESS per month over those years compared to renting an apartment.
It is expensive to repair houses. But, there is a ton of information online. www.doityourself.com for example. I didn’t know anything about plumbing or drywall. But, remodelled my whole bathroom, including installing a new tub, for about $400.
The apartment was a 2 BR. And the house was a 2 BR with a garage and a fenced in yard. So improved standard of living as well…
I wouldn’t buy if I were you. I make about 1800 a month and I rent an apartment for $450, including utilities and I am barely getting by. Imagine if you had a mortgage, which will be more than $450, all the utilities to pay, furniture to buy, groceries to buy, school loans, car payments, car insurance, etc…Plus have to have money to fix things when they break? At least with renting you can move out and only lose your security deposit.