You are not buying the house to allow someone in need to live there, you would be buying it for the convenience of others who cannot do so for themselves. Also, the price of rents is generally no where near enough to cover the mortgage, plus property taxes, plus insurance, etc. The only people who can afford to rent these days are people who have had an existing mortgage for years, or outright own the place. Add to that the cost of repairs and upkeep and you quickly owe a lot more than you expected. Septic and a new sill could run you more than 30% the buying price.
I can also tell you that not living in the first house you buy is a bit of a downer.
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Date: 2007-02-23 02:21 am (UTC)From:You are not buying the house to allow someone in need to live there, you would be buying it for the convenience of others who cannot do so for themselves. Also, the price of rents is generally no where near enough to cover the mortgage, plus property taxes, plus insurance, etc. The only people who can afford to rent these days are people who have had an existing mortgage for years, or outright own the place. Add to that the cost of repairs and upkeep and you quickly owe a lot more than you expected. Septic and a new sill could run you more than 30% the buying price.
I can also tell you that not living in the first house you buy is a bit of a downer.