HELP! Renting is great, but is owning better?
I need some opinions from you guys especially those of you that are avid property owners, as I feel like I am in a dilemma right now.
My current situation:
I am currently renting a place that is $1100 a month (I only have to pay for electricity, and internet)
I have 100K saved up at the moment, and I make 50K after taxes and all expenses including rent, cable, electricity, food, going out, social events, presents for birthdays etc. that 50k, literally goes in to my pocket.
I am walking distance from my work and literally everything I will ever need/want as I am steps away from square one. where I am right now buying a car would make no sense.
Goal: I want to get a property with some kind of backyard, it can be detached, semi, townhouse I would be happy with any of them I just want a backyard for grilling, and gardening. It seems that what I want starts at around 600K.
the options I am considering:
1)move further from the city and get a detached house and deal with longer commutes for everything. Additionally I would have to buy a car and pay for maintenance + insurance + gas (which I ball park will be around $500/month).
2)get something cheaper for the time being, and once I have enough move to something bigger and rent out the cheaper place. I may not be able to afford the backyard the first time around.
3)Keep renting and save up more money, save up enough to get something for 600K.
4)???
At this point I am really unsure on what to do. Rent feels like burning money, but at the same time I feel like If I get my own place, I will end up paying for other fees that will burn it up anyway.
I would probably pay $300/month for tax, $200/month for general maintenance, $500/month for a car and utilities would be $200/month average That is already $1200/month.
Where I am right now I do not have to worry about any of this, I just pay the $1100 rent +$50 in utilities and I'm set.
What would you do in my situation?
My current situation:
I am currently renting a place that is $1100 a month (I only have to pay for electricity, and internet)
I have 100K saved up at the moment, and I make 50K after taxes and all expenses including rent, cable, electricity, food, going out, social events, presents for birthdays etc. that 50k, literally goes in to my pocket.
I am walking distance from my work and literally everything I will ever need/want as I am steps away from square one. where I am right now buying a car would make no sense.
Goal: I want to get a property with some kind of backyard, it can be detached, semi, townhouse I would be happy with any of them I just want a backyard for grilling, and gardening. It seems that what I want starts at around 600K.
the options I am considering:
1)move further from the city and get a detached house and deal with longer commutes for everything. Additionally I would have to buy a car and pay for maintenance + insurance + gas (which I ball park will be around $500/month).
2)get something cheaper for the time being, and once I have enough move to something bigger and rent out the cheaper place. I may not be able to afford the backyard the first time around.
3)Keep renting and save up more money, save up enough to get something for 600K.
4)???
At this point I am really unsure on what to do. Rent feels like burning money, but at the same time I feel like If I get my own place, I will end up paying for other fees that will burn it up anyway.
I would probably pay $300/month for tax, $200/month for general maintenance, $500/month for a car and utilities would be $200/month average That is already $1200/month.
Where I am right now I do not have to worry about any of this, I just pay the $1100 rent +$50 in utilities and I'm set.
What would you do in my situation?