Advice On Buying VS. Renting with financial factors?
I am a 19 y/o male. I am also a small-medium size business owner. I was renting an apartment with a friend for a year and was an easy 0/month rent. At the end of the lease, I moved back home with my parents until I am able to differentiate between the pro’s and con’s of renting and buying.
My personal budget has mostly fixed expenses and slightly variable expenses, this includes putting 5/month into savings.
I am differentiating between a 1,000 sq ft newer apt which also has a pool and gym at the clubhouse (/mo savings) and a 1,000 sq. ft home which may need a few updating repairs.
The financial advise I need…. if I rent, after savings and expenses each month I will have about 0 left over in checking… If I buy first, I will have about 0 left over each month in the checking. These are mostly worst case scenarios with expenses estimated higher.
I am considering renting for a year or two so I don’t have the financial stress of "what if" so much and to gain a cushion in my checking account, and to feel a bit more security and not living paycheck to paycheck.
Another factor, if I buy (0,000 house on an acre) I plan to stay there about 3 years and move up to about a 0k-5k house as my salary increases, so there are closing costs to factor in for only 2-3 years.
My con of renting is, can’t make changes, can’t add a garage and rent it out to my business (tax deduction, greater personal income, and all business equipment is easily accessible, and kept out of weather)
I am looking for investor and "playing it smart" advice….. THANKS
My minimum gross is ,000 a month, then possible bonuses at quarter/end of the year. I included 0/month in my expenses for child support. 50/50 chance, crappy situation. Again planning for worst case scenarios
Expense Budget - - Monthly, High estimates
0 grocery
Electricity
Water
5 Clothes, Hygiene, Entertainment
5 Savings
0 Possible child support
0 Vacationing
I have no personal debt, as a business owner, all business activity falls back on my SSN which is both bad and good. I have k on bus. debt showing on my credit with a k credit limit. I have been prequalified for 2,000 with a equal or greater co-signer
note: when I mentioned differentiating between renting and buying I meant I am ready to have my own place 100% whether apt or house. Thanks for all advice so far, seems very helpful
I monitor my credit regularly. It is currently at 791.
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I got swindle by some customers and do anybody know for a FACT of a real good criminal background check Website because I’m a business owner Of a small equipment leasing company (ONLY ANSWER IF YOU KNOW FOR A FACT)
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I got swindle by some customers and do anybody know for a FACT of a real good criminal background check Website because I’m a business owner Of a small equipment leasing company (ONLY ANSWER IF YOU KNOW FOR A FACT)
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