Buy or Rent
I have a dilemma that I'm hoping to get your opinion on. My L.T. boyfriend and I are wanting to get out of this apartment we're currently in for a number of reasons, though if no other good options arise, we're not adverse to staying here and waiting longer. However, I found a manufactured home for sell that would be great for us. I'm conflicted on whether or not we should buy (anything, not just this particular place) at this time or not. Pros: -Can save ~300-400/month on rent, most likely even with park fees -Will be in the area for at least 5-7 more years -Will be able to keep our cat, and possibly get a little dog without fear of landlords finding them -Will be able to take care of problems as they arise, instead of having to wait for slow landlord to get to them -Will have more storage space, so I won't have to store my stinky research gear in my closet (biological oceanography major=lots of time in mud and dealing with fish) -Can plant a large garden and cut back on food costs (I am vegan and eat organic, so we would save a lot on produce) -tax deductions -At the end of the day, will have credit, equity, and will be able to sell this place to buy a "real" home. -??? Other things I'm not thinking of??? Cons: -We are both college students, which means not a lot of money. He makes roughly 800-900/month, I make about 250/month, but have an agreement with my parents that school=my main job right now, and they send me money every month that I will pay back once I'm graduated. -I have a major that would benefit from taking time between graduating and going for my masters, which I plan to get at my current school -We will have to fix any and all problems ourselves/with a professional. -We are not married, so cannot use both our incomes to get a loan??? -Would wipe out quite a bit of my savings, although I would still have about 2000. -Possibly would not be able to get a conventional loan. My parents have already offered to take out a loan themselves that I would pay them back, but it doesn't make sense that I would pay back with their own money, and they couldn't afford to have me defer payments until I graduate -Taxes, home owners insurance, other fees -???? Other things I'm not thinking of? On paper it seems like buying a little place like this would be the way to go and would save us quite a chunk of money. We plan on getting married after we graduate (about 2 years). But I'm not sure how the logistics will work out. Are there other things I'm not considering that I should be? Does it seem likely that I/we could get a loan somewhere and not have to go through my parents? Thanks.