Continue to rent or buy a house?

[geckodani]

Alrighty. So here's the situation. DH got a new job as a lawyer, passed the bar and all is well in the gecko world. He's making a decent salary. It sure beats the heck out of being laid off! (That was seriously scary...)

His new job is a haul from where we live now (45 min in the morning, 60 - 90 on the way home) so we've been looking to move closer to his workplace, while not getting too far away from mine. I have looked at every. single. house. in our price range in the area. We're trying to stay fairly modest with our budget, as little geckos are on the horizon and they cost money. I haven't found anything I'd be willing to buy. DH is unwilling to go higher in price. We've got enough money saved for a down payment, but not for closing costs so those would need to be worked into any offer. At the moment I'm able to sock away a nice sum every month at our current rent.

So. Haven't found a house (yet).There are, however, several very nice rental opportunities in the area. That are really affordable, and would allow us to continue to save at a high rate. Thus begins my dilema. Everyone and a monkey's uncle is screaming that now is the time to buy! There will never be a better time! Interest rates will never be this low again! This is all true.

But...

I look at what we can afford to buy, as opposed to what we could afford to rent, and I start to wonder what the big deal is. Why buy? Or more to the point, why buy at this moment in time?

Tax-wise, we would NOT be looking at a significant difference in tax return/break. At all. So there goes that reason. Interest rates are low, but if I can't find a home we can afford that I would be willing to live in, that presents a problem. Who has the signature line that says a deal is only a deal if you're getting exactly what you want? That's kinda how I feel right now. Our current lease is up in November, so we have got a couple of months to decide what to do.

So. Thoughts? Rent? Buy? Why? Pros? Cons? Help?

Obviously I realize that this is a decision that my husband and I will be have to make for ourselves, but there is such a wealth of knowledgable people here that I figured I'd throw it out there.

 

[steph72276]

Rent! There's no point in buying if there's nothing out there you even like. Just take the opportunity to stockpile cash while renting so you can not only afford a good down payment on a house you do like, but you would also need an emergency fund in case someone gets laid off again. I see no pros in buying a house you don't like. Interest rates aren't going to jump to 20% or anything in the next year or two so take your time!

 

[dragonfly411]

Gecko - My firm belief about buying a house is it needs to be something you will love, and something that you will find useful as well. You should not ever settle. That being said, I say rent until you find the house you REALLY want.

 

[geckodani]

FL Steph and Dragongfly - I'm pretty much on board with that plan! You pretty much put my feelings into words. I REFUSE to settle on such a big purchase. Meh. And the emergency stash in case someone gets laid off again is HUGE. We would have been screwed without it. I think at this point I'm going to keep looking until October, and then try to find a rental that will let us go month to month so I can keep looking. I am SO picky, but it's such a HUGE purchase!

It's amazing how just writing something out can make it a lot clearer.

 

[steph72276]

Gecko, it's so true. When you write out all the pros/cons on paper, it becomes clear. Good plan...hopefully your perfect house comes on the market for you. Don't settle or you will regret your purchase and be mad every time something breaks, needs maintenance, you have to pay property taxes, etc.

 

[meresal]

Rent!

ETA:
Here's my only comment re: purchasing.

Will the house you are looking for now be your "Forever" house? If so, then these low interest rates are a pretty big incentive to find something you like. (Don't get me wrong, I am not saying to settle, just saying it might be a good idea to broaden your search.) However, if you don't plan on being there for the life of your loan, then it doesn't really matter when you buy.

I think month to month is a great idea if you can get a good deal! Places down here charge ridiculous prices to pay month to month. Best of luck!

 

[dreamer_dachsie]

Apparently the best way to make the choice is to factor in how much money you would be applying to principle each month and then factor in the rate at which properties might increase in value, realistically, and then if this is more than the amount you would earn on interest if you socked the difference between renting and buying away in savings, the nyou buy!

Of course, interest rates are like 1% right now, and who knows what is happening in the housing market, so making these estimets seems nigh impossible.

I do have one piece of advice. If you are planning kids, then you should do whatever option allows for the least commuting time humanly possible.

My observation has alwayts been that LONG TERM people who are in the property market always win out financially. If you weather the ups and downs I mean and don't need to move at a particular time. We bought for that reason. We knew we wanted to buy a house eventually, and if we waited, prices would go up that much more and we would get locked out of the market.

 

[dreamer_dachsie]

FL Steph and Dragongfly - I'm pretty much on board with that plan! You pretty much put my feelings into words. I REFUSE to settle on such a big purchase. Meh. And the emergency stash in case someone gets laid off again is HUGE. We would have been screwed without it. I think at this point I'm going to keep looking until October, and then try to find a rental that will let us go month to month so I can keep looking. I am SO picky, but it's such a HUGE purchase!

It's amazing how just writing something out can make it a lot clearer.

One thing to consider though is that you will always be settling is some respect with your first home. Unless you live in an area where realestate is dirt cheap and you are well off I suppose. But most first time buyers must compromise on some things.

 

[steph72276]

Apparently the best way to make the choice is to factor in how much money you would be applying to principle each month and then factor in the rate at which properties might increase in value, realistically, and then if this is more than the amount you would earn on interest if you socked the difference between renting and buying away in savings, the nyou buy!

Of course, interest rates are like 1% right now, and who knows what is happening in the housing market, so making these estimets seems nigh impossible.

I do have one piece of advice. If you are planning kids, then you should do whatever option allows for the least commuting time humanly possible.

My observation has alwayts been that LONG TERM people who are in the property market always win out financially. If you weather the ups and downs I mean and don't need to move at a particular time. We bought for that reason. We knew we wanted to buy a house eventually, and if we waited, prices would go up that much more and we would get locked out of the market.

Haha, or if you are in the US factor in how much your property will LOSE value over time. Depending on the market, some values are continuing to decline, therefore keeping you stuck in a house you don't love until they do start to go up again.

 

[Octavia]

My DH and I are in kind of a similar situation. We have a pretty sweet deal on the place we rent, but everyone keeps telling us we should buy. There's lots of housing stock in our desired price range, but for the moment we're holding off. Mainly because we will probably move to the suburbs in a few years but aren't ready to do it yet (would mean longer commutes for both of us, and my job is a 2-year appointment so I have no idea where I'll be working after that, plus we want to enjoy the city lifestyle for awhile longer before doing the suburbs-and-kids thing). It would make no sense to buy something now and have to sell in 3-4 years. So we're staying renters by choice. Anyway, I think if you can find a rental that will allow you to do month-to-month, it's a really great option. The only downside is that it's one more move to deal with...but I'm with you on not settling with a house you don't like just for the sake of homeownership. I'm sure that when the right house comes along, you will still "settle" in some ways, but it won't feel like settling because it will be the right place for you

 

[iheartscience]

I think you answered your own question, but I agree with dreamer that if you plan to stay in the area long term, buying really is a good option, especially now. A 1% difference in the interest rate makes a huge difference in the monthly payment. Principal and interest on a $200k home at 5% is $1073.64, and at 6% it's $1199.10.

It also depends on the area. Because I'm in a city and the rental market here is very strong, I felt confident that home values wouldn't drop significantly in the future. And if I need to sell but can't, I can rent the house out easily for more than the mortgage. (We might actually just hang on to the house when we buy our next place and rent it out.)

 

[movie zombie]

the market will go lower.
no such thing as first home any more: its now forever home.
market will not see a leveling off for 15-20 years.
or so everything i'm hearing on NPR and reading says.

MoZo

 

[DivaDiamond007]

FL Steph and Dragongfly - I'm pretty much on board with that plan! You pretty much put my feelings into words. I REFUSE to settle on such a big purchase. Meh. And the emergency stash in case someone gets laid off again is HUGE. We would have been screwed without it. I think at this point I'm going to keep looking until October, and then try to find a rental that will let us go month to month so I can keep looking. I am SO picky, but it's such a HUGE purchase!

It's amazing how just writing something out can make it a lot clearer.

One thing to consider though is that you will always be settling is some respect with your first home. Unless you live in an area where realestate is dirt cheap and you are well off I suppose. But most first time buyers must compromise on some things.

I agree with Dreamer. If this is going to be your first home and not your forever home, then you need to stop being so picky unless you live in a cheap area and/or have the cash to plunk down for your desired upgrades. Do you ever watch Property Virgins on HGTV? I love Sandra (the host) and she usually tells couples how it is in black and white and I love that about her.

One of the things that DH and I looked at before buying our first house last year was the difference between paying rent every month compared the paying the principal and interest on a mortgage for a house at the top of our personal budget. The result was that it was cheaper for us to buy a house and pay a mortgage than it was to rent. Yes, we do have to pay property taxes and insurance on top of our mortgage payment but our house is OURS.

Like you, DH and I had a small budget for the areas that we wanted to live in so we gave ourselves plenty of time so as to not settle so much on a house that we'd be miserable, but also give us enough time to really evaluate the local markets and determine how much our money would buy us in different areas of town. Once we were serious about buying we got preapproved and hired an excellent realtor. We didn't bother looking at houses that were out of our budget, in neighborhoods that we would not live in or in a school district that we wouldn't send our child(ren) to.

I think that for many people the low interest rates that are being advertised in the U.S. are a driving factor in buying a home, however, in reality, the only people who qualify for those rates have very high credit scores, a large down payment, high incomes and little to no consumer debt - which bascially eliminates most mortgage loan applicants. That's not to say that people don't get those rates, just that they are few and far between. Further, I think PS is probably not representative of the average mortgage loan applicant, at least based on the limited financial information that is posted here.

 

[monarch64]

Stay. Think. Buy smart. And by "buy smart" I mean you need to consider resale keeping in mind what will happen five years from now when you need to grow into a new home. Just keep it simple.

 

[zoebartlett]

I wouldn't buy just to buy, you know what I mean? If you find something you love, that's one thing, but if not, I'd suggest renting. Plus, renting would give you a chance to get to know the area you'd be moving to better and then once you're there, you can see what specific neighborhoods you like best.

 

[ksinger]

the market will go lower.
no such thing as first home any more: its now forever home.
market will not see a leveling off for 15-20 years.
or so everything i'm hearing on NPR and reading says.

MoZo

This.

Buy a home or not at all. The days of easily flipping houses are over for good. Hubs read an article a few days ago, and it said that if people stopped putting houses on the market today, it would take a YEAR to sell the backlog of houses already languishing.

I live in a backwater - not only physically, but maybe even mentally - and I never understood how people could blithely buy a house, and then 2 years later, move and flip that house. Lack of imagination on my part I guess, a lot of people made off like bandits - for a while anyway - but it always sounded risky to me. I bought my house to be a HOME. If I had had the slightest inkling that I would have to move across country, I doubt I would have purchased, and that was back in "the good old days". The market now is very different.

And I'm with MoZo, I think the market, especially in the still-too-high areas, has a lot of downward correcting to do.

 

[geckodani]

Lots of good points here - thank you to everyone for your comments!!!

This may not be our forever house, but it will definitely be our for at least 10-20 years house. If I can make it our forever house I will. This is why I am being picky. If we were planning to move in 5 years, I wouldn't be nearly so picky. But my office isn't going anywhere (and God willing neither is my job!) and DH's office has been in the same suite for 10 years, so it's unlikely his will move either.

That means that the area we're looking in (five cities/townships) will be pretty much the ideal spot for the forseeable future, and we both have jobs that are unlikely to move or change (government office monkey for me and small firm lawyer for DH). I'm not trying to find the HGTV dream house with all new appliaces and hardwood floors and granite countertops, although that would rock. I'm trying to find something with good bones (and enough room to add another person or two) that doesn't need any immediate help to be livable. Oh, and a bathtub that's big enough for my heiney. Believe it or not we're having a hard time finding houses with bathtubs! It's odd. And since I dunk myself for at least an hour a night, this is kind of important. Yes, I know we could renovate and add one down the line, but we don't have a lot of cash for renovations up front.

DH is a real estate attorney, and apparantly they are predicting another massive wave of foreclosures - over 1% of the national market. So I don't believe that the interest rates are going to jump for a few years either. As movie zombie mentioned, there really aren't "starter" houses anymore - this house will be ours at LEAST until the market recovers. Whenever that is.

Seriously - thank you to everyone that's commented, and keep 'em coming if you have more to say! DH and I had a chat last night, and we both are comfortable with the rent and keep looking scenario. We'll wait for the right one. Even if it takes a while. Although who knows - my life has a way of working out right when I'm making contingency plans for it to suck, LOL!

 

[janinegirly]

I agree with the DD's (Dreamer and Diva!). Ultimately this is a personal decision though and you cannot base it solely on generalizations of how the market is or how it might be. Everyone is an expert on the past. You already are aware of all the fundamentals, rates are low, it's important to be able to comfortably afford the house you want, etc. Then there is the factor of region / area you are buying--buying in. Miami is not the same as buying in more stable areas for example. There are so many variables that come into play.

Real estate is not fashionable right now but it still is a solid investment for the right people. If you have savings, are ok with riding out the waves and are buying in an area with stable comps, excellent school system etc., it can be the right decision. Each person has a different personal situation and waves of foreclosures in Vegas/Miami won't necessarily affect an individual in a different region with different circumstances. For example suburban areas around NYC are stabilizing/rebounding - this is tied to Wall Street which is also seeing a bit of a rebound before the rest of the country. I do still see buying as a much stronger investment than renting overall. For some renting is best until they find what they want in a buyers market. But it is not always the case that it equals saved money..rent can be as high (higher in NYC) as a mortgage + tax payment with no tax benefits and studies have shown that people tend to spend whatever extra money was pocketed anyway.

 

[geckodani]

I agree with the DD's (Dreamer and Diva!). Ultimately this is a personal decision though and you cannot base it solely on generalizations of how the market is or how it might be. Everyone is an expert on the past. You already are aware of all the fundamentals, rates are low, it's important to be able to comfortably afford the house you want, etc. Then there is the factor of region / area you are buying--buying in. Miami is not the same as buying in more stable areas for example. There are so many variables that come into play.

Real estate is not fashionable right now but it still is a solid investment for the right people. If you have savings, are ok with riding out the waves and are buying in an area with stable comps, excellent school system etc., it can be the right decision. Each person has a different personal situation and waves of foreclosures in Vegas/Miami won't necessarily affect an individual in a different region with different circumstances. For example suburban areas around NYC are stabilizing/rebounding - this is tied to Wall Street which is also seeing a bit of a rebound before the rest of the country. I do still see buying as a much stronger investment than renting overall. For some renting is best until they find what they want in a buyers market. But it is not always the case that it equals saved money..rent can be as high (higher in NYC) as a mortgage + tax payment with no tax benefits and studies have shown that people tend to spend whatever extra money was pocketed anyway.

In our case we're putting all the additional money into savings. I've kept our spending and lifestyle pretty much in line with what it was before DH got his new job (at the level of when we were both employed, not when he was laid off - that was its own madness). We're putting more into savings at the moment then we are spending on rent, so assuming we could find a rental at roughly the same rates we are paying now, we stand to save a lot while we look for a home.

 

[janinegirly]

I agree with the DD's (Dreamer and Diva!). Ultimately this is a personal decision though and you cannot base it solely on generalizations of how the market is or how it might be. Everyone is an expert on the past. You already are aware of all the fundamentals, rates are low, it's important to be able to comfortably afford the house you want, etc. Then there is the factor of region / area you are buying--buying in. Miami is not the same as buying in more stable areas for example. There are so many variables that come into play.

Real estate is not fashionable right now but it still is a solid investment for the right people. If you have savings, are ok with riding out the waves and are buying in an area with stable comps, excellent school system etc., it can be the right decision. Each person has a different personal situation and waves of foreclosures in Vegas/Miami won't necessarily affect an individual in a different region with different circumstances. For example suburban areas around NYC are stabilizing/rebounding - this is tied to Wall Street which is also seeing a bit of a rebound before the rest of the country. I do still see buying as a much stronger investment than renting overall. For some renting is best until they find what they want in a buyers market. But it is not always the case that it equals saved money..rent can be as high (higher in NYC) as a mortgage + tax payment with no tax benefits and studies have shown that people tend to spend whatever extra money was pocketed anyway.

In our case we're putting all the additional money into savings. I've kept our spending and lifestyle pretty much in line with what it was before (when we were both employed, not when he was laid off). We're putting more into savings at the moment then we are spending on rent, so assuming we could find a rental at roughly the same rates we are paying now, we stand to save a lot while we look for a home.

Well then in your case it sounds like renting is the way to go-especially since it sounds like that is what you want anyway! I was just trying to offer a perspective on a general level. Meaning it's not possible to have a blanket answer no matter how the market is. People who play it conservative (lots of savings, low debt, great credit) do fine in all markets and therefore have options. Good luck with it all and great news that your DH found a job quickly!

 

[geckodani]

I agree with the DD's (Dreamer and Diva!). Ultimately this is a personal decision though and you cannot base it solely on generalizations of how the market is or how it might be. Everyone is an expert on the past. You already are aware of all the fundamentals, rates are low, it's important to be able to comfortably afford the house you want, etc. Then there is the factor of region / area you are buying--buying in. Miami is not the same as buying in more stable areas for example. There are so many variables that come into play.

Real estate is not fashionable right now but it still is a solid investment for the right people. If you have savings, are ok with riding out the waves and are buying in an area with stable comps, excellent school system etc., it can be the right decision. Each person has a different personal situation and waves of foreclosures in Vegas/Miami won't necessarily affect an individual in a different region with different circumstances. For example suburban areas around NYC are stabilizing/rebounding - this is tied to Wall Street which is also seeing a bit of a rebound before the rest of the country. I do still see buying as a much stronger investment than renting overall. For some renting is best until they find what they want in a buyers market. But it is not always the case that it equals saved money..rent can be as high (higher in NYC) as a mortgage + tax payment with no tax benefits and studies have shown that people tend to spend whatever extra money was pocketed anyway.

In our case we're putting all the additional money into savings. I've kept our spending and lifestyle pretty much in line with what it was before (when we were both employed, not when he was laid off). We're putting more into savings at the moment then we are spending on rent, so assuming we could find a rental at roughly the same rates we are paying now, we stand to save a lot while we look for a home.

Well then in your case it sounds like renting is the way to go-especially since it sounds like that is what you want anyway! I was just trying to offer a perspective on a general level. Meaning it's not possible to have a blanket answer no matter how the market is. People who play it conservative (lots of savings, low debt, great credit) do fine in all markets and therefore have options. Good luck with it all and great news that your DH found a job quickly![/quote]

I totally get what you were saying. I was just commenting on my situation in particular. I would truly love to have a house - I just want it to be the right one!

 

[dreamer_dachsie]

the market will go lower.
no such thing as first home any more: its now forever home.
market will not see a leveling off for 15-20 years.
or so everything i'm hearing on NPR and reading says.

MoZo

This.

Buy a home or not at all. The days of easily flipping houses are over for good. Hubs read an article a few days ago, and it said that if people stopped putting houses on the market today, it would take a YEAR to sell the backlog of houses already languishing.

I live in a backwater - not only physically, but maybe even mentally - and I never understood how people could blithely buy a house, and then 2 years later, move and flip that house. Lack of imagination on my part I guess, a lot of people made off like bandits - for a while anyway - but it always sounded risky to me. I bought my house to be a HOME. If I had had the slightest inkling that I would have to move across country, I doubt I would have purchased, and that was back in "the good old days". The market now is very different.

And I'm with MoZo, I think the market, especially in the still-too-high areas, has a lot of downward correcting to do.

I agree with all this too.

We bought knowing we would most likely be in this house for a long time, and if need be, we would never need to move -- it is big enough for us to grow into.

But what happens now for the peopel who cannot afford to buy a home that is large enough for them to grow into. I suppose not buying is the only option. That is sad, because I know we were very happy to finally buy a home.

 

[gailrmv]

At first I was thinking you might be too picky, like if wouldn't buy a house because the cosmetics are bad (when those can be changed). But it does not sound like this is you.

If you can rent a way better house than you can buy right now, I wonder if house prices in your area are still going to fall. (I have no idea where you live!) If I were in your shoes I would rent for now, but keep an eye on the market. I would want to buy as soon as I could find a house that I liked, especially before little Geckos arrived! That's just me

I like Tacori's Three L's: Lot, Location, Layout. The other stuff can be changed; these can't.

 

[swimmer]

Gecko, We are also currently house hunting. We rent really cheaply, but it just isn't enough space with the new baby. I really really really wish that we had moved before the baby. Really really really wish. I was all about staying in our tiny antique apt with a quick walk to coffee and shops, but now, I want parks, good schools, and closet space. Like overnight I wanted to move to the burbs. I don't know how much monetarily this lifestyle change means to me...and of course DH could live in a spider hole with Osama and be comfy. I have to also put it out there that house hunting with a baby is so much harder than it would have been before he arrived. And when we do buy, how am I even going to paint a bathroom, like with him in a sling? We saved a ton by living cheaply for ages, but we pushed it a bit too far and now need to get a move in ready home because we just want to spend time with the baby rather than grouting. So consider that, as you want little geckos down the road, what is the tipping point? There are pros and cons to both. There are lots of houses coming on the market just now, the "fall market" we are told it is called. Maybe your home is out there? Good luck finding the right place, whatever situation that is.

Just as an aside, the nytimes rent vs own calculator (my mac and 2.0 are not friends so can't post the link) is really interesting, showing the exact tipping point from rental to ownership over time.

 

[urseberry]

I deeply love the New York Times rent versus buy calculator. Make sure to click on the Advanced Settings to customize its assumptions for your financial situation. It makes a huge difference. http://www.nytimes.com/interactive/business/buy-rent-calculator.html

 

[dreamer_dachsie]

That calculator is really cool! Basically, if prices stay the same in our area (in reality they have been rising 3%=6% per annum steadily despite the general trends) then buying is better for us as long as we stay in our home for 4 years!

 

[Bella_mezzo]

that just made my night! We bought our 2 br NYC co-op (way, way, way, Uptown at the tippy top of Manhattan not in fancy pants Manhattan) a year and a half ago for a steal, but it's still a stretch to afford it (especially compared with the one bedroom apt I rented previously) but we think it was still a good decision, and according to that calculator it was too! 4 years to the tipping point, so 2 1/2 more years to go...which is great b/c we'll be here for at least 3 more years.

 

[geckodani]

Gecko, We are also currently house hunting. We rent really cheaply, but it just isn't enough space with the new baby. I really really really wish that we had moved before the baby. Really really really wish. I was all about staying in our tiny antique apt with a quick walk to coffee and shops, but now, I want parks, good schools, and closet space. Like overnight I wanted to move to the burbs. I don't know how much monetarily this lifestyle change means to me...and of course DH could live in a spider hole with Osama and be comfy. I have to also put it out there that house hunting with a baby is so much harder than it would have been before he arrived. And when we do buy, how am I even going to paint a bathroom, like with him in a sling? We saved a ton by living cheaply for ages, but we pushed it a bit too far and now need to get a move in ready home because we just want to spend time with the baby rather than grouting. So consider that, as you want little geckos down the road, what is the tipping point? There are pros and cons to both. There are lots of houses coming on the market just now, the "fall market" we are told it is called. Maybe your home is out there? Good luck finding the right place, whatever situation that is.

Just as an aside, the nytimes rent vs own calculator (my mac and 2.0 are not friends so can't post the link) is really interesting, showing the exact tipping point from rental to ownership over time.

This is what I'm joping for! I've already seen a few more houses pop up, and will be checking them out this weekend. I'll check out the calculator too. And I feel ya on the moving before kids - that's my ultimate goal too (we're not going to start trying for kids until next year, so I've got a little wiggle room).

 

[geckodani]

At first I was thinking you might be too picky, like if wouldn't buy a house because the cosmetics are bad (when those can be changed). But it does not sound like this is you.

If you can rent a way better house than you can buy right now, I wonder if house prices in your area are still going to fall. (I have no idea where you live!) If I were in your shoes I would rent for now, but keep an eye on the market. I would want to buy as soon as I could find a house that I liked, especially before little Geckos arrived! That's just me

I like Tacori's Three L's: Lot, Location, Layout. The other stuff can be changed; these can't.

I will admit, initially this was me. I've gotten over it. Mostly. I'm in MI, which was hit HARD by the housing crash. What we're finding a lot is perfectly lovely properties that the banks have let ROT. Seriously, I can think of five houses that I would have bought in an instant. But they were left closed up all summer and the basements MOLDED. Seriously. Black mold, climbing up the walls. I cried after we walked out of one of them - it was GORGEOUS - and hazardous to your health. Meh.

 

[MichelleCarmen]

We paid A LOT for our last house each month. Rent was $1,800! I just did that rent/buy calculator and it said renting was better. Not factored into the equation was all the work it need. Location was fabulous and the house was in walking distance to one of the best elementary schools in the district, but shelling out that much money was just killing me (emotionally and financially) so we're now renting a more realisticly priced home.

Keep in mind, and this is a biggie - if you rent while kids are in elementary, be sure that the house you're renting is in the same area as a house you would consider buying b/c otherwise your kids may have to switch schools. Some offer variances, but in the district we're in there is overflow and only one of my kids was approved for the variance and the other is on a waiting list to get back into his school! He went from a school rated 9 out of 10 to one that is 3 out of 10.