To buy or rent a house or apartment? | Gold Investment Trading Report

FAQ: To buy or rent a house or apartment?

I live in NYC. I love the idea of a house with a yard ? but anything around NYC is VERY expensive. My family income is about $ 50,000 with no kids. In about 2-3 years I would like to consider having one, but only if I could get out of some of my debt and save for a dp.

This is all going to take a while ? and there are several pros and cons of buying a condo vs. buying a house vs. renting and saving.

I donlt think homes are the best investment right now. You spend the first few years paying for the priviledge of borrowing!!! (Amortization charts are scary!!) not to mention that houses aren?t easy to unload these days ? people are lowballing bids like crazy!

So should I buy a condo for cheap just to get into the housing market, wait longer renting as I save up for a happy house, or just rent forever and put my money in gold and China?

goldsenze.com Answer:

Real estate prices have been dropping for a while, so they probably wont drop much more. Intereset rates are near historic lows, so most likely will only go up.
If you can afford to buy now, do it. Better to pay rent to your self (mortgage) and have something to show for it down the road. Paying rent to someone else is just throwing money out the window.
Set a budget, stick too it, buy the place,,,even if you want to upgrade, you could always rent out the place you buy, have someone else pay the mortgage for you (make sure the rent you charge is equal to or better yet higher than what your actual mortgage payment is)

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