- August 2, 2008 at 7:10 am #261032
If it were me I’d rent for the reasons you mentioned. At least for awhile. But as for what to do with the monthly savings.. I’d divide between the 2 goals. Because the student loans are low interest, I think it’s very important that you work on getting your savings built up towards the goal of buying or building a house.
We have followed 2 jobs to other states, New York and California. In each case the jobs did not last but 3 years each time. So buying a house was a major pain when it came to having to move again. Seems to me that you would be better off to at least wait long enough to make sure that your situation is solid.
Sent: Saturday, August 02, 2008 2:10 AM
Subject: Budget101.com : Tough Question
We are “planning” on moving next spring (if our home sells). If we
rent (hopefully we can find a place that won’t care we have 5 kids
and a dog..hmmm) we could pay off our student loans in 3 years
($152,000) after the sell of our current home, large sign on bonus
and saving exvery month. Would you either
1. Put a down payment on a home and buy, take several years to pay
off the student loan and about 10 years to pay off the house OR
2. Rent for 3 years and pay off the student loan, then buy a home and
try to pay it off asap.
On one note we are moving to a new area. My husband is visiting
Arizona the northern area, central and southern in 1 week trying to
find the ideal area. It is possible even if we bought a home that we
may not like the area once we stayed there. That is why I think
renting might be a better choice, as we are not stuck somewhere. We
could also buy land after we pay off the student loans and pay that
off and build a house just what we want (modest but including all the
attributes we would appreciate).
- You must be logged in to reply to this topic.