Home Buying in Forest Grove>Question Details

Scionlifepal, Home Buyer in Forest Grove, OR

My wife and I will be moving to Forest Grove next August for her to pursue her 4 year education at Pacific University. Rent or Buy?

Asked by Scionlifepal, Forest Grove, OR Tue Jul 13, 2010

We were wondering if it would be wise for us to buy, rather than rent. Our price range would be around $120,000, with the ability to put 15-20% down. Any advice?

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8
Well that is a great question.
The market is fickle and investing over a four year period should now be within your reach. Your price range dictates your options and makes you even consider a fixer.
It may be wise to rent first. Access work load and needs. Locate streets you want to find something within and go from there .
Katya 503-939-9086
0 votes Thank Flag Link Tue Aug 27, 2013
Check out http://www.williamsmeadow.com , it is near the university and we have actually sold a couple to students at the University. The homes are gorgeous, and the builder making incredible deals....we are only half built so perhaps in Aug will still have a couple of homes available...all the homes have appraised at full price. I don't see how you can go wrong buying, vs rent, as you also have to consider your comfort level and ability to do what you want.
0 votes Thank Flag Link Wed Nov 17, 2010
Hello,

You have good answers posted already. I take next August as you stating 2011. What the market is like at that time will be different vs. the here and now. Although it's good to plan, it also is too far out to base decisions on solid information. The best you can do is base your thought process on what you think it will be.

Something else to think about is financing. Meaning if you are moving from out of the area (Fannie Mae/Freddie Mac will want t see new employment lined up) or if your wife will be no longer be working in order to pursue education, there would need to be sufficient enough income to qualify for the new purchase. A good loan officer would be able to talk over your situation (informally) so you know what to expect and can plan accordingly.
0 votes Thank Flag Link Tue Jul 13, 2010
Fortune-telling time. I truly believe prices will be up in four years and you will be glad you bought. However, at this time, even the international money experts do not agree on the short term future outlook.
0 votes Thank Flag Link Tue Jul 13, 2010
I always prefer to buy if at all possible BUT you need to check with an agent in that area to see if your price range is feasible for the type of home you want to live in. If that doesnt work, you will need to rent and save up any money you can to use for a down later when she is done with the schooling. Best wishes to you and yours to find what you want!
0 votes Thank Flag Link Tue Jul 13, 2010
I always permote buying if your current financials allow you to. Reguardless if the market goes up or down over the 4 years you will be there! You will at least be paying to something you own and in most cases these days your payment for rent or buy will be close to the same monthly exspense. If you were in an area where home prices were a few hundred thousand ++ short term stays would then call for rent. When you leave... IF you decide to leave after school you will have a great home that will in most cases be worth more then compared to what prices are now if you wanted to sell or youll have a great rental home or vacation property! I wish you the best in your decision and hope all works out. If you have any questions feel free to contact me any time. Enjoy Or.... very nice area.
Web Reference: http://www.ericropp.com
0 votes Thank Flag Link Tue Jul 13, 2010
To be honest, there is not much that is around the $120,000 range that would not need any work. If you send me your direct email, I can forward to you all that is in Forest Grove from $125,000 and below so that you can see and then you will be able to make the decision of purchase or rent. there are some homes for rent and I can also forward to you the link of the rental management co. so that you can see what is available. My direct email is tanyap@johnlscott.com. I have helped several students purchase homes in this area each spring/summer to get ready for the fall season of school. I do have one home that I have a buyer looking at to purchase for a rental for college students because of its close proximate to the University.
0 votes Thank Flag Link Tue Jul 13, 2010
To rent or buy is a decision only you can make based on your financials, wants, needs and lifestyle--It’s all about costs and lifestyle. Costs—financing v. moving-in, mortgage v. rent, repairs v. upkeep. Lifestyle—stability v. mobility, predictability v. flexibility, equity v. freedom from debt. It used to be all about equity. Now, there are other variables to consider in the balancing of the buy/rent equation. You decide.
0 votes Thank Flag Link Tue Jul 13, 2010
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