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So my gf and I have to start looking for a place to move to. Our landlord has decided to sell the property that we are currently renting.
I am on the fence about if we should look at buying a place or just look for another place to rent for a year or two and then buy hoping that by then maybe the prices have come back down.
Currently we pay about $800 a month in rent for a duplex and have been here for about 4 years. Everything in our area that is comparable is in the $1000 to $1200 range for rent. MAYBE $900 if we find the right one.
I really hate paying someone else's mortgage instead of building up equity in a property but does it really make sense to buy a place right now given how inflated the prices are? I don't like the idea of buying a place and then being under water on it once prices come back down. Neither of us really has any money for a down payment but we'd be first time home buyers and I think there are some programs where we could get one with little to no down payment.
What do you guys think?
I am on the fence about if we should look at buying a place or just look for another place to rent for a year or two and then buy hoping that by then maybe the prices have come back down.
Currently we pay about $800 a month in rent for a duplex and have been here for about 4 years. Everything in our area that is comparable is in the $1000 to $1200 range for rent. MAYBE $900 if we find the right one.
I really hate paying someone else's mortgage instead of building up equity in a property but does it really make sense to buy a place right now given how inflated the prices are? I don't like the idea of buying a place and then being under water on it once prices come back down. Neither of us really has any money for a down payment but we'd be first time home buyers and I think there are some programs where we could get one with little to no down payment.
What do you guys think?
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