Home Buying in Fort Wayne>Question Details

Samantha Paul, Home Buyer in Fort Wayne, IN

Is it smart to buy a house if i dont know how long i will be in town? It may be only 2-3 years or it could end up being 5-8 years... ?

Asked by Samantha Paul, Fort Wayne, IN Sun Oct 14, 2012

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7
Just following up Samantha. What direction did you decide to go? Please let my wife Amanda and I know if you have any further questions. Enjoy your weekend!
0 votes Thank Flag Link Sat Oct 20, 2012
Hello Samantha - One important thing to know about Ft. Wayne, it's not like larger cities (Chicago, Dallas, NYC) where there is a large inventory of quality rental properties. The cost of living in Ft Wayne is very inexpensive compared to larger metro areas, so more persons relocating do buy. Make sure you work with a realtor who knows the area you are moving from and what you are looking for in your stay in Ft. Wayne. Congratulations on the job & move, let me know if I can be of any assistance.

Encouragement!

John Wright
Coldwell Banker RWG
260-403-6101
0 votes Thank Flag Link Sun Oct 14, 2012
Hello Samantha,

In answer to your question, it greatly depends on a lot of factors. Normally, you need to plan to stay in a house for at least 4-5 years, for it to be worth while to buy. Now, there are exceptions, but almost all of those exceptions require that you buy a home lower than current market value, and home values either remain steady or go up. As you can find out about our current home values, in many cases, they are not higher than they were a few years ago. I wish I could tell you that we know for sure that home values will increase over the next few years, and while I suspect that they will, I can't guarantee it happening.

Interest rates are at all time lows, which could prove beneficial to you, if you purchase and stay here 5-8 years.

If you'd be interested in discussing your situation more, you are welcome to call me or send me an email, with any questions you may have.

Darren Schortgen
Real Estate Broker/Realtor
Schortgen Realty
(260)385-7603
Darren@DarrenSchortgen.com
0 votes Thank Flag Link Sun Oct 14, 2012
In he interest of disclosure, I am a Realtor, so the answer may be biased.
I believe if you are in the Allen County are for 2+ years, and home ownership is something you are comfortable with (enjoy it, able to do household tasks, etc.), ownership makes sense. When you rent, the money you spend each month/year is definitely gone. You will have costs when you buy and sell a home, but these costs will likely not surpas what you will have spent on rent. In addition, (unless you pay cash for the home) the money you spend on mortgage interest may be tax deductable for you. So, all things being equal, homeowner ship can still cost you less. Buy smart and make only necessary improvements and/or upgrades appropriate for the neighborhood.
By the way, welcome to the Fort Wayne area. We hope you enjoy your stay. It is a great place to call home.
0 votes Thank Flag Link Sun Oct 14, 2012
Hi Samantha.

When you post a question "Should I buy a house" on a site full of Realtors, of course you are going to have everybody answer with a resounding YES. Here is our answer:

Maybe.

If you can find an investment property, then yes, it could make sense and work for you. If you are looking for a turn key property that you just want to move in to and not do any work, this may be a problem if you are going to re-sell in two years. Your equity probably won't be built up enough to pay all of the costs and fees involved with selling a home.

If you do have any further questions or would like to get together to discuss your options and come up with a game plan, feel free to call us at 260.704.0843. Thanks!

Amanda and Jared.
0 votes Thank Flag Link Sun Oct 14, 2012
Prices in some areas of town are still at all-time lows. Combined with low interest rates, you can still make money on a home purchase that you may need to sell in 2-3 years; I have had many clients successfully do this, even when they didn't know they would be moving so soon. But you need to put on your investor hat when looking at houses for the possible short term. Your agent should educate on the differences between buying for 2-3 years vs buying for 5-8 years. Send me a text or email me and I can email you my "home buyer seminar" packet... it specifically addresses what to look for whether you are buying short term or long term. I have been a REALTOR since 1998, and do not believe in selling a buyer a house, I believe it is my goal is to educate you so that when you find "the one", you are comfortable moving forward on that one, that YOU chose! 260-418-7117 or jennifercamperman@realtor.com
0 votes Thank Flag Link Sun Oct 14, 2012
With todays interest rates and lower home prices, I think you would be safe buying a home and expecting to not lose money on it. The longer you keep it the better off you will be though. Call me for more details. Kevin Fry, Century 21 Bradley Realty, 260-414-9300.
0 votes Thank Flag Link Sun Oct 14, 2012
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