[quote=UCGal][quote=POZ]Thanks for all the comments, we currently reside in Visalia. I agree interest rates will probably go up incrementally.
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I was wondering if it was Fresno or Visalia… Just passed through there on our Yosemite/Sequoia spring break tour with the kids.
The savings issue is a tough nut… I tend to think that people should have a reserve before purchasing… but then again, I tend to think people should have a reserve if they’re renting… It sounds like you *might* be able to build your savings faster with the lower monthly out of pocket housing expenses…
If you can find a place to buy, that is cheaper than your rent and at least as nice… Go for it. Bank the difference to build up the savings reserve.[/quote]
I agree with UCGal. You need to build up a reserve. To do this, you should own for a while, since it’s cheaper. Use the excess cash flow while you own to build up a nice reserve. Once you have your reserve built up you can go back and rent a more expensive place if you wish. There is no shame in owning. If it makes financial sense and allows you to build up your cash reserves then do it 😉
