Rent Or Buy For 3 Years, Then Move?
I’m getting married in May 2009 and plan to buy or rent a hose by about that time. I can’t rent an apt, it has to be a house for enough space for my home business.
IF I buy, I’d really like to buy way under my means at around $120-140K (already approved for $275K in August) and pay it off really quickly. Using calculators and such, I estimate I could pay off that entire mortgage in 3 years (no car payment, no kids, tight spending).
I want to stay here in VA for 3 more years so I can stay closer to our two families just a bit longer, but all our lives we have wanted to move further south where it is much warmer (both seasonal depressants when it comes to winter).
In 3 years when we do move, it will definitely be a more permanent home.
So in these 3 years, should we rent or buy (with the intention of fully paying off the house before we move)? The market here has not experienced a decline really and my realtor friend says the average around this area remains at 6-8% appreciation each year, but he could just be *saying* that.
If you enjoyed this post, please consider subscribing to our FHA Mortgage Blog feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Leave a comment