Home Buying in Lakewood>Question Details

crzyjulz, Home Buyer in Lakewood, OH

Rent or buy starter home?

Asked by crzyjulz, Lakewood, OH Thu Aug 14, 2014

My boyfriend and I are currently renting in Lakewood. We are debating if it is time to buy our first home (starter home) in lakewood. We are looking at homes priced 100,000 less than what we were prequalified for in Lakewood. We love Lakewood as a young couple because of its proximity to Cleveland and things to do. However, we know that this is not going to be our "forever home" and estimate that we will live in this home for less than 5 years and will opt to move to the east suburbs. Is this a smart move in this market? How do we determine if we will at least break even on a home? We have talked about potentially renting our Lakewood home when we are ready to move to the eastern suburbs. ---- On another note we are wondering if we should just spend close to our max and buy a large home in Mentor, OH that we know we will live there for many years. We will just sacrifice proximity to city. Any thoughts would be greatly appreciated! Thanks!

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