My boyfriend and I are divided on this issue. I agree with him that renting feels like throwing money away instead of building equity, but I’m hesitant about the idea of buying a house and assuming it will automatically become an appreciating asset or a worthwhile investment, especially with not having much in savings.
Since it wouldn’t be a forever home, he wants to put zero down using a VA loan (6% APR, 5.8% interest, 30-year fixed) and sell around the seven-year mark. We’re looking in the North Texas DFW area, where options are mostly limited to subdivisions. He’s open to an older home, up to 10-15 years old, that may need improvements.
I’m struggling to see his perspective because the areas we’re considering have already experienced population booms, and market values are starting to decline. I’m also unsure how much to invest in improvements to ensure a good return. I worry about the build quality of homes in our price range (max $400,000) and whether they’ll require major repairs sooner rather than later.
He’s the eager one, and I'm the slow and steady one, so I'd greatly appreciate anything that could help with finding common ground with selling in ten years or less in mind. Thank you!
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source https://www.reddit.com/r/RealEstate/comments/1igk9hr/should_you_rush_to_buy_a_firsttime_home_to_get/
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