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- Jun 8, 2008
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There's some really good replies here, lots of food for thought for my wife and I who are looking to buy our first family home soon.
We're kind of in a dilemma; we could build something that's exactly what we want, but we have to wait for it and pay a lot of rent that could go into a mortgage for a larger lot of land and an established house that's reasonably new and doesn't need renovating. The issue with the reasonably new, established option is every time we look to get more info on a place it's sold almost immediately. So trying to obtain one of those properties is a big gamble. Both options are roughly the same cost (within 5% of each other).
Open to any advice or preference over what someone would do in this situation.
That's a tough decision. I would go for the established house on the larger lot and save money on continued rent. I just asked Greg and he would build exactly he wants and wait for it. Haha so we are not on the same page here which is interesting because usually re real estate we are. I am a fan of paying your mortgage vs paying someone else's mortgage. Especially if you can get a larger lot of land and a nice house. One you want. And once you find it make the (full price) offer immediately. That's the key to getting the house you want. Good luck!
And continued healing dust being sent your way! Heal finger, heal!