View Single Post
  #10  
Old 11-19-2004, 12:03 PM
lu_hawk lu_hawk is offline
Junior Member
 
Join Date: Mar 2004
Posts: 6
Default Re: making first home purchase in las vegas, advice requested

bonanz,

There is nothing wrong with renting. When you rent a place you can pretty much stop paying that rent and move out whenever you want. When you buy a place you have hundreds of thousands of debt on your shoulders and need to make those payments every month for the next 30 years. Most people just think in terms of the monthly mortgage payment and compare it to their rent but this is wrong.

And if the real estate market turns down then that just means you will get cheaper rent if you are renting, but if you own you still have the same amount of debt and if you need to sell you can end up owing the bank a whole lot of money.

Not that I'm saying buying a place is a bad decision but it really is a huge commitment, much bigger than the monthly payments, and if it really is stressing you out then maybe you should think twice about it.
Reply With Quote