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If you had the choice, would you rent or buy? Why?

Community Manager
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Last seen: 40 weeks 18 hours ago
Joined: 08/09/2011

posted by Community Manager
posted on Wed, 08/04/2010 - 09:03

A friend of mine has said that he is thinking about letting his house go into foreclosure because the economy is so bad and he can save more money in the long run. His plan is to rent, save up some money and buy a better house in a year.  Sounds crazy to me, but I started to wonder if he might be a genius. If you had the choice, would you rent or buy? Why?

Dan Fellini - B...
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Last seen: 6 weeks 5 days ago
Joined: 08/10/2010

posted by Dan Fellini - B...
posted on Wed, 08/25/2010 - 09:40

That plan sounds brilliant, until you factor in bad credit. Once the house goes into foreclosure, it becomes a huge red flag on your friend's credit, and it sits there for seven years. Not only will he most likely be unable to buy a house in a year because of this, but he may have a very difficult time even renting. Or buying a car...
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