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Old 10-02-2009, 08:26 AM   #24
Laserjen
 
Drives: 2013 Camaro 2SS/RS
Join Date: May 2009
Location: MD
Posts: 203
I don't think there is an easy "one size fits all" answer to this one. Like many, my first inclination was to say get the house first. But those were my priorities. As recent economic events have shown us, a house is not necessarily the grand investment many people have treated it as.

There are a lot of advantages though. Mortgage interest and property tax are tax deductible, your mortgage payment will not go up even when apartment rent does (as long as you're sane and get a fixed rate mortgage), there is a $8000 tax rebate for first time buyers now (until November and Congress is talking about increasing it to $15,000), interest rates on mortgages are sure to go up in the future, and you MAY be able to build equity when/if housing prices increase. For me, one of the biggest things was after 9 years of dorm rooms and apartments with noisy neighbors I wanted peace!

However, as you pointed out, there are negatives as well. What if you need to move because of your job or you meet someone? I would hate to have to try to sell now or in the near future. As a single woman I can say, yes, mowing the yard and raking leaves sucks, but you get used to it. I bought a house in good condition (one of my highest priorities) and haven't had anything major go wrong, so maintenance hasn't really been a problem yet. I learned to do a lot of stuff on my own and I call in someone for stuff I can't or don't want to do.

For me, I got the house first and the new car second, and I have no regrets. But if owning a house doesn't appeal to you, get the car -- however I don't recommend getting a car loan if you can pay in cash. If you could get a better interest rate on your savings than the interest you would pay on your car loan it would be worth it, but I doubt that's possible these days. The other reason to get a car loan would be if you need to build your credit for a future house (credit cards won't build your credit score like on-time loan payments will). Good luck!
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Then: 2LT/RS Black/Black auto w/sunroof
Now: 2SS/RS CRT/Black auto w/sunroof
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