Coldwell Banker RWG
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.
Real Estate Broker/Realtor
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.
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:
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.