Quote:
Originally Posted by patricias213
Thanks for all the info alibaby!
We actually found a good deal on a house, not from an agent though. Its not in the state we currently live in, however, we would like to buy that particular house because of the great price and try to rent it out until we are ready to move from where we currently reside. We are still debating on wether we should take it or not. Whats your opinion on renting out the house and is there anything specific i need to look out for?
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The only person I know who bought, then rented an out of state property found it to be far more trouble that it was worth. He was always traveling to fix minior problems - otherwise calling a repair person was very expensive. There are tax issues, etc.
Remember, there are something like a hundred MILLION houses in the US. Wait until you find what you want, where you want. I would not let the house determine where you live.
This is a spooky time to buy property. With the problems with bad morgages, lenders in trouble, etc, there may be a lot of foreclosures, and a serious drop in house prices. I'm no expert, but I don't think you want to buy now.
In addition to money, houses take time. If you enjoy doing things around the house, that is great - if not....
If your mortgage is going to be more than your rent (including any tax break), be sure you can comfortably cover it. Have you been saving as much as the difference over the last few years? If not, what specifically will you give up to make the payments?
Sorry to sound negative - it is just that buying a house is a really big deal - in a lot of ways a more serious decision that marriage. It is often, but not always, a good investment.
Good luck!