Thread: rent or buy a house?
November 13th 2010, 07:31 AM #1
rent or buy a house?
Ok well presently I am in a house that my ex and I were paying off. However recently he has reneged on a verbal agreement he made before he left. He had said I could stay here and pay half the mortgage, half the rates and half the insurance until my youngest reached 18.
my youngest is now 12. He decided the other day he wants me out either I buy him out, he bys me out or we sell. ASAP.
problem is at the same time his Child support payments to me have gone down because my son is working, and my income has dropped also.
About 6 months ago my now husband and I were looking at buying and got someone to check into whether we could get a loan. there was only 1 bank that would give us one and on some conditions. however now that our income has dropped I don't know if we could afford to pay over $2000 a month which is what a basic home would cost in repayments.
should I take the money I get from here and invest it in something or should I use it to get a new house which we will be scraping to pay off?
I do hate to rent especially since the cost to rent would be something like $300 pw and it's dead money. Plus you can be kicked out and have to move again in 6 or 12 months.
what do you other people do? what would be your advise?I've learned that every day you should reach out and touch someone. People love a warm hug, or just a friendly pat on the back.
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