Need some real estate advice. What should I do here?

[GFB]

Rental company won't budge on selling the house. Just got my renewal notice and another year long lease is only $1300. I think I'll stay here for another year. Not gonna find anything similar for the price and meanwhile I'm still piling up money in savings every month. I have more than enough for a down payment already and my credit score is almost 800. Should be no problem getting a mortgage so I'll see what happens with the market next year.

When I got kind of stuck in a house limbo, I bought land and sat on it until I could build. It might be worth consideration if it fits your situation. This thread's old enough now that I might be repeating myself. Apologies if that's the case.

 

[greg vess]

Rental company won't budge on selling the house. Just got my renewal notice and another year long lease is only $1300. I think I'll stay here for another year. Not gonna find anything similar for the price and meanwhile I'm still piling up money in savings every month. I have more than enough for a down payment already and my credit score is almost 800. Should be no problem getting a mortgage so I'll see what happens with the market next year.

Excellent decision. You won't have a problem at all obtaining a loan with that credit score. Just one mentionable. Don't make any major purchases between now and then. Like a new car for example. It will affect your income to debt ratio when you go to get a home loan.

 

[lostchild]

Anytime you consider buying a home instead of renting, figure that *on average* over the long term, you will spend $6000 per year on maintenance or repair.

QUOTE:

"Some expenses that go with homeownership can often be unpredictable — and costly.

Last year, homeowners spent an average of $6,000 on maintenance and repairs, according to a recent report from insurance firm Hippo. A separate study from home services website Angi that measured similar 2022 costs shows maintenance averaged $2,467 and home emergency spending — i.e., an unexpected repair — was $1,953 on average ($4,420 altogether)."


ARTICLE:

Homeowners spent up to $6,000 on average on repairs and maintenance in 2022. Here's how to keep those costs down

While some home-related expenses are tricky to predict, there are things you can do to lessen their sting, according to experts.

www.cnbc.com

P.S. I've been hearing this for 30 years although back then I think the figure was average of $3000 per year.
In the early 2000's it was $5K/yr.

Don’t forget homeowner‘s and flood insurance. That ain’t cheap any more.

 

[roundhouse]

Don’t forget homeowner‘s and flood insurance. That ain’t cheap any more.

Taxes are usually 1-2% of the value of the house , insurance is about the same , and maint and repairs is 3-7% depending on the condition of the house