Buy vs Rent Scenario

Sorry if this isn’t the right place to be asking. I’m a first time homebuyer moving to a new small beach town.

I found a house (new construction) that I’m interested in for $650,000 (4 bedroom, 2400 sqft). One year ago, an identical construction sold for 550. The market in this town seems to have increased unreasonably, though that seems to be the case everywhere. Mortgage payments including taxes and insurance work out to about $4000 a month, which is okay.

My alternative is renting, which will cost me $2700 a month for a 3 bedroom, 1300 sqft.

I know I will live in this house/town a minimum of 3-4 years. I cannot predict beyond that, but I definitely cannot guarantee that I will live in this house 10-15 years.

Obviously, my preference is to live in the house, but I don’t want to make a hasty decision in this current environment. I’m most afraid of the market crashing on me at a time where I would want to sell. If I don’t buy now, I would be looking to buy in the next 1-2 years unless the town truly isn’t a good fit. Any opinions?

submitted by /u/bluejackets
[link] [comments]

Sorry if this isn’t the right place to be asking. I’m a first time homebuyer moving to a new small beach town. I found a house (new construction) that I’m interested in for $650,000 (4 bedroom, 2400 sqft). One year ago, an identical construction sold for 550. The market in this town seems to have increased unreasonably, though that seems to be the case everywhere. Mortgage payments including taxes and insurance work out to about $4000 a month, which is okay. My alternative is renting, which will cost me $2700 a month for a 3 bedroom, 1300 sqft. I know I will live in this house/town a minimum of 3-4 years. I cannot predict beyond that, but I definitely cannot guarantee that I will live in this house 10-15 years. Obviously, my preference is to live in the house, but I don’t want to make a hasty decision in this current environment. I’m most afraid of the market crashing on me at a time where I would want to sell. If I don’t buy now, I would be looking to buy in the next 1-2 years unless the town truly isn’t a good fit. Any opinions? submitted by /u/bluejackets [link] [comments]

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