Posted by MarkB_MI on August 29, 2018 at 19:08:38 from (174.230.25.69):
In Reply to: Real estate question. posted by SodBuster87 on August 29, 2018 at 11:36:28:
Here's the deal with home ownership: Either you're in the market or you're not. If you're renting, you're not in the market, so chances are if you don't buy now, when you do buy that same piece of property will be more expensive. Now that's not a certainty, but real estate generally goes up in price.
On the other hand, if you own the house you're living in, you are in the market. If prices go up and you decide to move, your house will have gone up (or down) in price roughly the same amount as the new house you buy, so you're protected against rising prices and if prices fall it will still be a wash.
To get to the point, if you plan on living in the same place for more than a couple of years, you should definitely buy a home if it's at all possible. Less than a couple of years you're probably better off renting.
I have no idea if the offer your landlord has made is a good deal or not. You say there are a number of problems with the house, but that doesn't really matter as long as it's reflected in the price. If you can buy it at a price where you can turn around and get your money back, then that's a good deal.
You don't mention getting a mortgage, so I assume that's not an option, either because of the condition of the house or of your own credit. If you're thinking of signing a land contract with your landlord, pay attention to the interest rate. He's going to want to charge whatever the maximum is in your state. I believe it's around 11 percent, which is three times what you would pay on a conventional mortgage! There's no way I'd do a land contract if I could get a mortgage.
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