Advice for a potential first-time home buyer

That's why, at one point, I had a wife.

 

I think there are pros and cons to both. We owned for seven years, got eaten alive by the real estate crash, then rented for more than three years after we moved for a job.

I never questioned renting. We were in a good neighborhood, had good landlords, had the best house we'd been in to that point for really less cost. I never considered it throwing money away. We had the most house we'd ever had and a place to live. Also, we did have good landlords and the few times things did go wrong they fixed it immediately, including a hot water heater that lost it's bottom over a weekend nonetheless. It was nice not having to worry about much.

That said we still bought again after that. I think some added benefits are you don't have to always wonder where you are going to live next. That was a big issue with me and having kids. Our landlords were willing to renew our lease, but what if they wanted to sell or move back in or just not renew for whatever? Rental rates can fluctuate. A mortgage doesn't usually. Our area rents are through the roof. Way more so than when we started renting. If we had to move to another rental, we wouldn't be able to afford it as well right now. If we could even find a place to live at all. Of course there's also the do what you want to the place.

So we've owned again for a little more than two years. Best house we've had, too. We also have a significant amount of equity for the first time. That's not something you get as a renter. And we do get a good deal from the tax break and we need that too. I think that counters repairs and upkeep for the most part. Especially if you stay on top of things, and if you take pride in it you'll stay on top of it for the most part.

You pretty much have to do what's best for your situation at the time. Renting is best for many, maybe even a majority. You go through buying a home the right way it has tons of benefits.