Everyone was telling us to get a mortgage. They were extolling the virtues of owning your own home. It was all about putting down roots and establishing credit. We looked into houses we could afford with our down payment and available credit as newlyweds. We had good jobs, but we were still working on getting a higher degree and possible moving where our work would take us. We worked in the same industry, so we could easily move into another biotech firm together. Instead of looking at more homes, we rented an apartment in Hattiesburg MS instead.

It was the best option for us. There was no point in getting saddled with a mortgage if we were going to be moving in a year or so. We could handle paying out the rest of a lease, but owning a home would have been a problem. If we had a mortgage, we would have to go and find a new place, then sell the home here. Taking a chance on a year of leasing was a much better choice than having a 15 or 30-year mortgage. Plus, we got a whole lot more apartment for our money than what we could afford in a house.

If you think about getting a house, you are buying the land too. So, let’s say you could afford a house that cost a couple hundred grand. Just for argument’s sake. I’m talking just the value of the bricks and sticks of the house. Well, you have to cut that value in order to afford the land it is sitting on too. So, if you want a nice location, you are talking about a house that is worth about half of your couple hundred grand. See, why leasing an apartment that is higher end makes more sense? There are advantages to home ownership, but there are advantages to getting an apartment too.

  • Share/Bookmark

Comments are closed.

Pages