How Can CIA Help You?

Request Consultation
Ask an Advisor
Financial Tools
Request Consultation
Ask an Advisor
Financial Tools
Blog

General Finance – Renting Versus Buying

Q: We currently have an appointment with Wes on July 8th. Our house in 2008 appraised for $349,000. We owed $315,000. After the market collapsed the house sold for $120,000. The bank would not work with us so we were forced to file bankruptcy in 2011.We have been renting for the last 3 years. I am 62 years old. Should we continue to rent or try and buy a fixer upper house for our future? Thoughts?

 

A: This is a tough question to answer without knowing more about your current situation such as:

 

  • Has the bankruptcy estate been settled (Ch. 7 or Ch. 13)?

  • Are you and your spouse currently retired or working?

  • What is your current income (if still working) vs. retirement income?

  • Will you be able to afford your monthly house payments on your retirement income?

  • If you haven’t retired yet, where do you plan to retire? Georgia? Elsewhere?

  • Have you talked to a mortgage broker to determine what kind of loan you can afford?

Given that you are 62 taking on a 30 year mortgage can be daunting. If you ultimately make the decision to buy, it would make sense to buy less house with a manageable payment that you could potentially double up on every month.

 

Meaning, it would be more comfortable for you to pay off a 30 year mortgage in 15 years on less house (fixer upper) by making excess payments each month as opposed to having a higher monthly payments on a more expensive house with a 15 year mortgage.


 

Get Started Today

Request Consultation
Ask an Advisor
Retirement Calculator
Retirement Calculator
Social Security Optimizer
eBook
jordan 12 cherry jordan 12 cherry jordan 12 cherry jordan 12 flu game jordan 12 flu game jordan 12 flu game jordan 12 french jordan 12 french jordan 12 french jordan 12 gym jordan 12 gym jordan 12 gym jordan 12 ovo jordan 12 ovo jordan 12 ovo jordan 12 unc jordan 12 unc jordan 12 unc jordan 12 wings jordan 12 wings jordan 12 wings
adidas human race black adidas human race blue adidas human race green adidas human race grey adidas human race pink adidas human race red adidas human race white adidas human race yellow