Quote:
Originally Posted by Isaac Zachary
If you're single and would or wouldn't rent a $2,000 per month 3 bedroom appartment with a couple of roommates, then the same should apply to a $2,000 mortgage on a 3 bedroom condo in my opinion.
But yes, there may be more of an incentive to get a bigger house and more help to pay for it.
In my case I have children with special needs that I don't see would work with having someone else in my house who isn't family.
|
The buy vs rent conundrum depends on many factors, but the general rule of thumb is that buying is the better financial choice if one plans to live there at least 5 years. Less than 5 years, and renting usually pencils out better (due to closing costs and realtor fees when buying).
Subletting rooms tends to be more appropriate for single people. That said, I maintained 2 roommates for the 3 years following my marriage, but no kids at that time. I'm still open to renting rooms now that I have 2 kids as we don't need all 5 bedrooms and 3 bathrooms. We hardly ever go downstairs as it is. Renting the 3 rooms out down there would easily cover the entire cost of this (in my opinion) extravagant house.
Some rental agreements prohibit subletting.