Renting Or Buying? + My Story



I recently wrote a post about the financial struggles of the twenty-something and I realized that there was one missing: should I rent or buy?

I can't wait to have my own house.  My fiancé is well aware of that and pretty much everyone I know is aware of that.  I can't wait to call a space mine, as little as it may be, and to slowly transform it into a home.  That's something I can't do with an apartment because I know I won't be living there for long.  I don't want to buy anything that would not work in our next place.  That means I can't built a closet organization system or buy that huge mirror that would look so great in the living room.  Well, I could but that would be a waste of money.

I would have LOVED to move into a house in a couple of weeks but we're moving to a new apartment instead.  Don't get me wrong: I'm happy to move because living in the town my fiancé works in will make our lives much easier and we will get to spend more time together,  He currently stays with his parents on week days and come back home on weekends so having him home every night will be nice!

Back to the topic of this post: should we rent or buy?  That's a question we ask ourselves when we made the decision to move.  It's not just about money: you should not buy a house only because you can afford it.  We personally decided to put this project on hold.  Here's why:

House shopping
House shopping is a fun but stressful process from what I have heard.  Whenever we decide to start looking for houses, I want to be fully invested in the process and enjoy it.  I don't want to feel rushed and that's probably how we would have felt if we had been house hunting this year.  Between him travelling back and forth and working over 40 hours a week and me starting my my Master's degree and looking for a teaching position, we didn't have much free time left.  And the time we had left we spent mostly being lazy at home.  Not a good timing for house shopping.

Job stability
Back when we decided to move, I didn't have a job and knew it would probably take a while before I get one.  My fiancé works full time but doesn't have a permanent position yet.  We think it's coming and I ended up finding a "job" (will explain later) but because nothing is set in stone, we decided that it was smarter to rent.

Money
I'm not out of school yet so I don't know what my post-grad salary will be.  We also had a pretty hectic year when it comes to our finances: new jobs, new car, wedding planning, student loans and the list goes on.  We sat down and calculated how much living would cost if we had a house and compared it to our incomes.  We have an idea of what kind of house we could afford but we will wait at least another year to let figure out a budget and track our expenses.  The last thing I want is to stress out about money whenever we move into a house!

That's how we made to decision to rent instead of buying.  I'm happy I was able to refrain my urge to purchase a house because I think it would have been stressful in our current situation.

What's your current situation? Any advice to share?


15 comments:

  1. I bought the home my husband and I live in myself three years ago when I had a stable job and very little debt. Everything was great the first two years, but as a newly married couple we did accumulate some debt that we probably shouldn't have. A year ago I lost my job and just now got a new one (like, last Tuesday)! So it's been during the past year that I've kind of started wishing we were renters! With my new job, it's likely that we are going to have to move soon, so I dread selling a house! Buying it was a breeze, but I hear selling is tough!

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    1. First of all, congrats on your new job! Your story is a great reminder that plans can change even when you feel like everything is set in stone. Thank you so much for sharing and I hope the selling process goes smoothly (if you have to end up selling) :)

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  2. Big decision. Great job on narrowing down the pros and cons!

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  3. We owned our first home for 7 years then sold it when we made a cross-country move for work. We rented for about a year but just bought our second home. We have 3 kids and a stable income. It can be expensive to own if major appliances go out or you have a disaster but we really like the stability of having our own place. Renting an apartment can be more stable but with kids, we like the idea of a home and many of my friends who rent homes have had to move when the owners decide to sell or have not been notified that the owners have gone into foreclosure and have been pocketing their rent. I can't live with that sort of stress in the back of my mind!

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    1. You made a cross country move! That must have been stressful! Your comment is on point: there are pros and cons of renting and buying. You just have to figure out what works for your situation!

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  4. Sounds like you are really thinking this through, so good job! My boyfriend and I actually lucked out...we live in a city that's pretty much impossible to buy anything more than a bachelor apartment for under 350-400k, but we lucked out and got a great deal on a pre-sale condo.

    They hadn't even broken ground to build it yet and we were looking at an almost 4 year wait for it to be finished (just under 3 years now!), but it gives us the chance to save for it now that we've paid our deposit.

    My hope is that we'll be in a more stable financial position before it's ready so we can buy another condo, and then that will just be a rental property once it's done!

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    1. You're in a very different than mine! 400k for a bachelor is crazy! I'm so happy that you could afford that condo...you must be so excited to move in even if it's in 3 years from now (I know I would be!)

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  5. We are going through this debate right now!! Thank you so much for posting this. My husband and I really enjoyed it.

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    1. I would love to know what you ended doing! I'm happy you enjoyed it :)

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  6. There's definitely no rush to buy a house! If it doesn't make sense to buy right now, you're better off renting. =)

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    1. I know haha but I can't wait to call a place mine!

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  7. There's definitely a lot to think about! At this point, I can't imagine 'committing' to buying a house--that's a fairly long term deal, and I know it's not right for us yet. Maybe someday!

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    1. There's no need to rush if you don't feel like it's right at the moment!

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    2. There's no need to rush if you don't feel like it's right at the moment!

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