Buy a house: Yes or No?
April 14, 2009 2:14 PM Subscribe
Do I buy a house?
posted by CPAGirl to grab bag (46 answers total) 7 users marked this as a favorite
I understand this may be an annoying question, but it's a big one, so I'm hoping to hear from people who've gone through this situation as well.
Situation: I'm early 20s, young professional (solid job), living in a great place I can see myself settling into, and certainly someplace I can see myself in for at least 5 years.
But I love to travel and definitely want to see some of the world, live in other cities, before I settle down.
With the tax credit for first-time homebuyers, this would be a great opportunity to build some equity. Costs would be about the same as renting an apartment and I have enough budget wiggle room to cover a minor catastrophe.
You never can tell what the future holds, so I'm not sure how long I'll stay or go for (if I just leave for a couple years, it can be rented or such (I have siblings in the area)), so I'm just not sure to pull the trigger or rent. Spending 40,000 renting for the next five years seems like a waste when 25% of the could be equity. I know it's risky to depend on real estate for future prosperity, so that's not even a given. I just don't want to miss out on a great opportunity.
Again, I know this question isn't exactly Mefi material, but any advice would be much appreciated.