I am about to graduate! with job in hand..Do i buy a house or not?? Question: I am about to graduate in May 2008 with MIS degree. I have a job already accepted a job in Bartlesville, OK. I am married at age 22 and my wife will be continuing school when we move to Oklahoma at OSU so I am making all the income for right now.
Situation:
Income:
60,000 yr + bonus's (my job)
Wife will be out of school in 2 years and will start teaching public schools. (35,000 yr in the future) (student debt: $15,000)
debt:
$250.00 Loan payment to student loans (owe: $19,000)
own cars outright and do not have any credit cards
Savings:
$5,000.00 in CD
Now, With this information when I go to Oklahoma should I rent for a couple of years waisting $20,000 in rent money or would it be a better decision to go ahead and buy a house? I know the market now is more of a buyers market so i could get a house for a good price. I plan to be in Oklahoma for a minimum of 6 years.
ANY SUGGESTIONS??
Thanks
Answer:
With that set up and I hope it all pans out, I'd buy. Get yourself a buyer's agent (free to you). Decide what kind of things you want (split plan? single story? etc.) Get ENERGY EFFICIENT for God's sake. Consider low maintenance and handicapped accessible--you'll never regret those choices.
Get pre-approved for a mortgage--30 year fixed with no prepayment penalty (you can then pay a bit more as you please and get rid of the mortgage faster which IS a good idea, leverage be damned).
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