Comments on: If you’re renting now and want to buy, don’t worry!

By: Home Equity Loans

Home Equity Loans — Sun, 09 Dec 2007 12:10:11 +0000

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By: Someguyouknow

Someguyouknow — Mon, 03 Dec 2007 18:00:01 +0000

I am currently living with my parents for the low, low price of $350 a month. I was planning on moving out but the prices are still dropping. I want to stay as long as i can before getting a place because it seems like I could get a better deal later.

The question is, how long should a person wait? This would be my first place.

By: Money Advisor

Money Advisor — Tue, 27 Nov 2007 11:16:27 +0000

with house prices on the up…borrowing money will steadily increase…getting expensive planning for your future!

By: Joe

Joe — Mon, 26 Nov 2007 05:32:04 +0000

My rent is about $24k per year. If I wait another year that’s another 24K I could have put toward paying off a mortgage. If I wait 4 years for the market to bottom out that would mean that housing prices would have to fall more than 100k for me to break even, no? That would be about a 25% correction, does that seem realistic?

By: Lord

Lord — Sat, 24 Nov 2007 22:09:37 +0000

Having that much patience can be difficult but if they can hold off for five years they should be better off. Over a lifetime though, timing isn’t that critical. They are probably holding off on the child to qualify on two incomes and minimal expenses which will change once they do.

By: mbhunter

mbhunter — Sat, 24 Nov 2007 16:58:02 +0000

Aaron: Yes. The key is that down payment. Lenders will be looking for those more and more.

Plonkee: Yes, we can rent houses. Under $1 per square foot (something like 5 pounds per square meter).

By: plonkee

plonkee — Sat, 24 Nov 2007 10:51:09 +0000

Can’t you rent houses? We can over here in the UK. In any case, a small baby certainly won’t notice living in an apartment.

If house prices drop significantly in the next couple of years, they’ll be all set. If they don’t, a couple of years of saving should improve their position.

By: Aaron Stroud

Aaron Stroud — Sat, 24 Nov 2007 07:45:09 +0000

My wife and I just finished building our house in the woods (brought utilities in, dug a well, etc). It’s been a huge challenge on a single salary, and wouldn’t have been possible if we didn’t already own the land.

The key is to focus on what *you can do,* not the factors *outside of your control.*

If the guy is already working and going to school, his plate is full (I’ve done that too). However, once he graduates he and his wife should really buckle down and save till it hurts.

They might not like their options, but the are lots of things they can do. Find a smaller apartment, part-time jobs, etc. Every few months, they can sit back and evaluate if they’re happy with their progress. Perhaps house prices will continue to drop. If not, they can always move to a more affordable market with a hefty down-payment.