Would you buy a house you had zero intention

[BlsdMama]

in staying in?

 

We're in the PNW. Housing prices have dropped a lot. We're from the Midwest and have EVERY intention of moving back in the next three years, preferably less but we doubt dh's job is going to transfer him back soon. Sigh.

 

The rental market is hard... We have nine children and if that doesn't scare them, the German shepherd certainly does. :( The house we've been renting has sold. We have less than three weeks. There is a great house near here but we'll be paying $1995/month for it. sigh.

 

It seems like a lot for renting. On the other hand we don't plan on staying. Hive thoughts please?

[Unicorn.]

The general rule is if you are going to be someplace less than 5 years, then you should rent. However, I live in an area where it's cheaper to buy, than rent, so I understand the frustration. Considering the cost, the 9 kids, the German Shephard, and the unknown length factor, I think I would buy. You could always rent it out for a couple of years if you do move sooner. hth

[Catwoman]

I would only buy if I could afford to take a hit on it when I sold it. The housing market isn't exactly wonderful and predictable right now, so the house you buy today may be worth less in a few years, even if you feel that you're getting a good deal on it now.

 

You also have to consider all of the ancillary expenses that go along with owning a home, and it may turn out that the $1995 a month rental ends up being a bargain compared with buying a comparable property.

 

I'm not trying to discourage you; I'm just trying to be realistic about the risks.

[BlsdMama]

Cat,

 

THAT is exactly how we have been thinking. We've spent the last two weeks looking for a house to rent. I admit I'm a little concerned I shall soon be homeschooling in two adjoining hotel rooms... With a dog living in my van. :) Ugh.

[cindergretta]

Special prayers and love to you today, on sweet Hannah's Angel Day. :grouphug:

 

Wow, that is a conundrum. I have no idea what I would do. (I twitch at the thought of trying to rent with 6 dc, no pets.) In a "traditional" market, it might make sense to buy, but these days, it seems like such a big risk.

 

I couldn't be less helpful, but I feel your pain!

[besroma]

I think the peace of mind of being able to move if you need to in this job market and housing market is worth a lot.

 

I would keep looking to rent.

[swellmomma]

In your situation I would look at renting. If the house near you will be the right fit and accept the dog I would take it. If it doesn't work out or you are finding it too much $$ then you could look for other rentals or if his job looks like it will be more than 3 years before he is transferred back then buying. 9 kids and a dog, you take what you can get even at that price.

[DawnM]

I would rent. It may be a little higher rent than you like, but the prospect of paying for a mortgage for years while not living in it or taking a huge hit when you sell and paying all those realtor fees far outweigh the risk IMO.

 

Dawn

[Mrs Mungo]

Talk to a realtor about how homes are selling in your area. We have bought a home when we thought we would only be someplace for 3 years. We wound up staying for almost 5. Even though the housing market was already crashing when we were getting ready to move, the house sold in 8 days. That housing market was never affected by the crisis. There are too many people moving to and from the area to make a difference.