been there unfortunately
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Post by been there unfortunately on Feb 5, 2012 16:07:42 GMT -5
as someone who purchased a house for my tenure track gig, and wishes everyday that i had not, i'll just say that even with the "buyer's market," there are good reasons to wait a year or two before signing on to a mortgage that will be hard to get out of if you're unhappy for any reason. my house has depreciated every year since we closed -- a trend that will hopefully turn around. but, in the meantime, we feel trapped in a house we don't want in an area we'd like to leave. Paying rent for a year while you get a feel for the area is not a bad idea ...
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Post by oh yes on Feb 7, 2012 0:16:33 GMT -5
as someone who purchased a house for my tenure track gig, and wishes everyday that i had not, i'll just say that even with the "buyer's market," there are good reasons to wait a year or two before signing on to a mortgage that will be hard to get out of if you're unhappy for any reason. my house has depreciated every year since we closed -- a trend that will hopefully turn around. but, in the meantime, we feel trapped in a house we don't want in an area we'd like to leave. Paying rent for a year while you get a feel for the area is not a bad idea ... Well, yes, there's that thing. The thread has been focused on the financial barriers to buying a home as a starting professor, but it is obviously a big commitment and not mandatory. I will say that if one is afraid of getting locked into a mortgage that one is unhappy with, the only way to avoid this for sure is to never buy real estate, so there is no point in being too risk-averse; however, if the alternative is to swoop into town over the course of a long weekend, look at a dozen places in 3 days and jump into a contract, then renting at first is preferable. For some, moving expenses will cover an extended visit to get to know the location a bit and search for a home at a more leisurely pace, while others are working with no budget at all. Maybe someone who is going from Wisconsin to Chicago can make the drive several times, which would make life easier (especially if there is someone with whom one can stay in the location of destination to avoid having to lay out for a hotel each time). If the situation fits, then buying really does make sense in this market, but it is a very bad idea to act without caution and buy a home in an area just because someone else says "This place is awesome!"
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