*drip drip* said piscis' furnace

[piscis_lj]

The charms of apartment living are beginning to wane after 10 years. I'm resigned to the fact that water will get in our apartment at any moment - we've just been so lucky that it hasn't hit anything important so far. Today the gas heater's exhaust vent is melting the snow on the roof - causing it to drip into our little furnace room. All we can

Comments

Pros, cons of owning

[anonymous]

PROS: "you're not throwing your money away" if you own a house - but that all depends on the market when you go to sell. Real estate is a "safe" investment and rarely loses value. Depending on your mortgage, your payments are relatively fixed for life - rent could always increase. Down the road, in an emergency, you can borrow against your house with equity if you need cash. The interest on your mortgage is tax deductible, rent is not. The first 15 years of a mortgage is mostly interest. Decorating. Having things exactly how you want them. Yardwork (shoveling snow). Gardening. Pets. Neighborhood. A feeling of "belonging" and having an emotional & financial connection to where you live. Feeling like you're a grownup

Pros, cons of owning

[anonymous]

PROS: "you're not throwing your money away" if you own a house - but that all depends on the market when you go to sell. Real estate is a "safe" investment and rarely loses value. Depending on your mortgage, your payments are relatively fixed for life - rent could always increase. Down the road, in an emergency, you can borrow against your house with equity if you need cash. The interest on your mortgage is tax deductible, rent is not. The first 15 years of a mortgage is mostly interest. Decorating. Having things exactly how you want them. Yardwork (shoveling snow). Gardening. Pets. Neighborhood. A feeling of "belonging" and having an emotional & financial connection to where you live. Feeling like you're a grownup

home warranty

[anonymous]

No one ever told me about it when we bought, but my friend has been saved notable money by a magical thing called a Home Warranty--look into that!

I know financially it might be a risk or a wash for you guys...but emotionally I think it might be well worth it since I can't see you guys going 5 more years in apartments without a homicide occurring. Might as well get on with buying then! But of course I'm biased for other reasons... :) wmw

loans

[anonymous]

Also remember that as first-time homebuyers you may be able to get special kinds of loan programs, zero money down and that sort of thing (of course you can always put money down anyway to decrease payments/insurance). That helped us in Mich. The realtor who advised us here worked closely with a GREAT loan officer who looked into every kind of loan imaginable for our goofy situation. So financing options may be better than you think--worth finding out anyway...

wmw