Quote:
Originally posted by griphiam
Is it possible to buy a apartment/house with no money down? I understand the more you can put down the better, because its less in interest over time.
We're looking to be in the area about 2 to 2.5 years, and have been renting the past 9 months and would rather put that rent money into our own place. Is this a good idea?
Can I take what I currently pay in rent per month and translate that into what price range I can afford?
Thanks!
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Just a thought, but if you are only going ot be there for a couple more years, think about what it is going to cost you in the long run. Yes you will not have to pay anything up front, but you are going to want to sell it again in 2 years. if you are lookling at a 100K dollar house you might be making a payment toward the priciple of 100$ a month. so you will have reduced your payoff about 2400 in two years. now you will have to sell the propery which if you are in a hurry to go somewhere else may be difficult. you will have to pay a realtor about 5-7 thousand to sell the house. you would be out a few grand even if the property does appreciate some. also you will be responsible for everything that goes wrong with the place. depending on your credit you may actually end up spending more a month for the same thing that you are renting. not always is it better to own a house. Just make sure you are getting a really good deal. also depending on where you are, the aprtment idea may be a bad idea cause usually they do not appreciate as fast as a single family dwelling.