My husband and I are currently overseas, but will be returning to the States in December, 2010. We are trying to save up for a house, and have only recently gotten our act together. We only have about $30,000 saved so far, but plan on saving at least $4000 a month until then.
We were toying with the idea of buying a house in the spring and renting it until we return (possibly in Maryland). The houses that we have been looking at are in the $325 - $400,000 price range.
My question is, should we just save up as much as we can until December 2010, or try to get something in the spring and rent it out until we return.
FYI I am absolutely clueless when it comes to real esate. I have read a little here and there, but am really not savvy in this area.
THANKS IN ADVANCE!!!!!!!!
CHI
Comments
first of all, great plan, most people don’t have one. The savings ability is great.
It’s a great time to buy, the prices are down. Can’t tell you if they will continue to go down. Only time can tell on that. Depends on the area too.
Talk to a realtor you can trust. Ask what the trends are. Are they still declining, have they stabilized and how long have they stabilized. Without knowing what area you’re looking at, can’t tell you when to buy.
My area is still declining.
I day wait till you get back to the States. 4,000 a month for the next 2 years and 4 months is an extra 112,000 plus the 30,000 already will give you 142,000 which is almost half of what you will probably pay for your house. So I say wait.
I would wait as well. It’s going to be hard to be a landlord when you’re overseas. You could hire a property management company but renters tend to do alot of wear and tear on a house. You’ll have a great downpayment if you continue to save and it’s unlikely there will be another housing bubble between now and 2010.
