Friday, April 1, 2011

Should I follow my heart or my brain (rent vs. buy)?

Well, here is a little bit of background information first off. My husband is 22 and I am 19. We got married and I lived in an apartment for a year while he was deployed to Iraq. While I was so anxious to buy a house and get out of the apartment, I am not sure that it was a good idea. We own a home right now that we bought this past October 2010. My husband recently just got an opportunity to start a business in another state, we are going to go down there in a few weeks to hash out all the details and decide if this is what we are really going to do. Now keeping that in mind, we have discussed putting our 4 br, 3 ba house for rent if we do move...my husband I both agree it would probably be best to rent in case the business tanks...but where we are moving to the prices of a rental are far more than buying another home. I am asking this because I have found what I would consider for about the next ten years my dream home. My husband is also allotted another 8,000 dollar tax credit until april, we already got one for this house, since we have a VA loan and he qualified within the certain time period. So what would you do? Rent an OK house while you go to school and work a job or would you get the dream home that is close to his sister down there (both properties are not far, but the one I want is about 5 minutes away). I just don't know what to do.....every time I bring up the topic I know that I shouldn't be talking about it but I can't help myself. Have a 600 dollar mortgage payment + make a profit of nearly 300 dollars on our house and my parents give us 300 dollars a month because we both go to school and my sister is in vet school...and we both make about 900-1000 dollars a week at this point. What would YOU do? (Also we would have to get some problems fixed with our current house before it could be rented, which will cost about 3-4k)

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