New Wave Outpost Forum

...that's the question.

The housing market has taken a huge hit here and the Mr and I are contemplating buying a house while prices are falling like crazy.

I've owned a house before, but I inherited it. This is a bit different, and I'm really afraid we're going to get raped by some real estate agent and/or mortgate company. We don't know jack about buying a house, and that just leaves the door open for us to get screwed...

We rent right now, and there's a part of me that's just fine with that. In fact, I'm having a hard time figuring out why owning a home is such a big deal. Am I missing something?

Buying or renting always an issue when it comes to having your own house. We usually look for some article for an additional idea that can help us decide, however, most of them leave ton of data and hidden fees of home ownership. If you need help paying your rent this month, you can get an installment loan.

We just bought a house back in June -- in southern California no less, so it's still a good time to buy. Homeownership vs. renting is a complicated issue with many things to weigh on both sides. We have a condo that we bought near the top of the market that naturally tanked in 2008 and the modest recovery has helped us almost get back above water with hopes we can sell it next year. We couldn't take the small space anymore and decided to rent it out while we rented a place ourselves, but we ultimately wanted to buy a house. Personally, the tax benefits alone for ownership are well worth it but then you have maintenance and a whole host of headaches that come with it. Also, in some areas like where our condo is, it's better to rent because the rents haven't appreciated much compared what you'd have to pay on a mortgage for the same property. Ultimately, I lean towards ownership -- just do your due diligence and find yourselves a trustworthy realtor that will really go to bat for you, and by referral if possible. Mortgage qualification is tough these days but it can be done if your credit is in very good to excellent standing.