24 March 2009

Please Don't Buy That House

Some friends of ours are going to be moving soon to begin their medical residency. They're considering buying a home for the three years because the monthly mortgage payment would be less than what they can find to rent.

I am doing everything I can to not run to their house and shout, "DON'T DO IT!"

So I did it here, and I feel a little better.

(Of course, buying a home is usually a good investment. But not short-term, not right now. And not when you don't have much of a down payment. And not when your husband is working 80+ hour weeks and you have to buy an older home and neither of you know anything about maintenance.)

3 comments:

  1. I agree! I've been told not to invest in buying a home unless you're going to be there for at least 5 years. There are definite pluses to renting. We spent several years in Utah fending off everyone who told us 'buy', 'buy', 'buy' all the time, and I'm glad we never did. Especially since we didn't have much of a down payment and it would have been a sort of risky loan.

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  2. Yes...we are really regretting our decision to buy three years ago because we are now dealing with the mess of it as we prepare to move. Not fun and it would really not be fun to deal with all of that during residency. Wishing your friends luck!

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  3. Well, they're going ahead with it. They're excited. And I did tell them I wouldn't do it if I were them. It'll probably all work out in the end.

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