I just mean in terms of what listing exist on zillow. I would definitely be using a realtor when I am serious.

 

In Charlotte and surrounding areas, you can get a LOT of house for little money. It's where my wife and I bought our first home. If you ever need advice on neighborhoods in and around Charlotte, let me know.

 

This is the best advice here. Buying a house has always been considered the "American Dream", perhaps until the collapse of the housing market. A house purchase is an investment, and as with all non-security investments make sure that the cost justifies the investment. The true cost of ownership can be significantly higher than what it appears on the surface.

Good luck in whatever you decide.

 

I can certainly agree with weighing the costs of renting a house and buying a house. Based on Dave's numbers it seems like it could be very close. I could rent and put that extra 1200 into my savings or other investments, or I can own a home and put that money into the equity of my home. Then it comes down to, do you want to be the owner, or the tenant. I've had my share of being the tenant and maybe I'm coming into the market with my rosy glasses but I feel like I'd prefer to be the owner. Ask me again in 10 years though, that might change .

But, on the other hand, prices have certainly come down quite a bit and interest rates are at historic lows, it seems like it is the time to buy. As with owning a car, there will always be fun surprises that you can't account for in your estimations (when owning) but I feel like I need to start putting equity into a house. I wouldn't assume that the value of my home would increase like it seems a lot did in the past 10 years, but you're right , as an investment, it's value will rise and fall based on the value perception of the market.

If you were in my situation and you know what you do now, would you consider renting? just curious.

Chris, what area did you guys live in and what other place do you like? We were checking out the Matthews area and all along the south of 485 as well as Huntersville in the north.

 

I wish I had bought sooner.

I'll never lease a car or rent a house / apartment (unless my financial situation absolutely necessitates it).

 

Matthews - Mint Hill area is nice, quiet, but aged a bit. Assuming you are staying in the Banking industry, you'll probably be working downtown. That means a bit of traffic from Matthews up Independance Blvd....I've had friends bike it quicker.

Consider the Ballentine or Pineville area further around and south 485. A lot like Matthews but newer, freasher, and growing. I have friends that bought townhouses over there that back road it to downtown.

We bought out in small town called Locust, east of Matthews off of Albemarle Road. Very country, but just erupted when 485 was completed. The Real estate value skyrocketed when we sold...I looked at more of an investment than life style. But at the time I was running and cycling more, so the country was awesome. It's developed now, still 25 minutes to downtown....cheaper taxes though.

Huntersville and anything north is great, but population is dense! Expect crowds at every restaurant and traffic headed to downtown.

If I had it to do all over, and we've discussed doing it all over soon, we'll look at living close to downtown like Myers Park, Freedom Park, South Park, or anywhere near Queens College.

 

I considered the lower end of thigns like Matthews and Ballantyne and such, but that looks like the busiest part of rush hour, taking that road north into the city. I tried to convince my fiance to live downtown in an apartment, but she would rather be further out. I think financially it might be equal, if I walk to work I'd save on gas and I would stop putting so many miles on the car

An article the other day listed Charlotte as the #1 city in terms of growth recently, it really has sprung up, everything seems brand new for the most part.

 

Depending on where the property is that you're looking to buy, you may be eligible for a USDA loan. The house has to be in a rural area, but the benefits of a USDA loan are $0 down 100% financing, NO PMI, up to 30 year terms.

My wife and I bought our house 2 years ago with a USDA loan and it worked out GREAT for us. We had never heard of that loan before a mortgage loan officer that also worked with friends of ours told us about it. There are definitely benefits over an FHA loan.

 

Wow i've never heard of those. Just looked it up - there is an income limit - you have to qualify as "very low" or "low" income based on the Areas Median Income. For a 2 person family in Charlotte you have to combined make less than 43800 and for Delaware you have to make under $52000 for a 2 person family.

I would highly consider buying a rural-qualifying home if our combined income met those requirements.

 

Ken/Dave- absolutely correct here. The American Dream isn't always the same. Renting is an absolute option out there and provides flexibility with no long term commitment if things change. It's actually a fantastic option for someone like Matt who's moving to a new area, newly married, and has plenty of life questions to answer still. Even things as simple as the commute and traffic might drive him away from where he thinks he wants to be to somewhere else - and might not know until he's in and living somewhere.

On the flip side, there is some personal satisfaction to the ownership side. Knowing that the roof over your house is yours, that changes are yours alone to agree to and implement, and that something you need done, while your's to pay for, is also your's to decide on what you want. It brings with it however the longest commitment and relies on others to buy that commitment from you.

It really comes down to choice and Matt's comments mentioned the tenant vs. owner debate. Seems like he's thinking hard about it.