First time buyer with doubts

[snozberries]

So I have been looking at houses with my agent and so far we get a lot of short sales which he tells me isn't a great thing. That's not even the point. I am reading the threads on all the stuff to expect when you first get your home and now I am wondering if I should just rent instead.

I thought buying a home would come to about or a little more than renting around my neck of the woods. But I am getting the feeling it's going to be a lot more. I see the advantages of renting and buying as well as the disadvantages. I am just torn. I will buying with an FHA loan and seriously I don't even know what that means. My agent and broker have explained it to me several times I guess all the words, commitments, big girl stuff is kind of freaking me out.

I don't even know where this post is going, I guess I just needed to vent my frustration with my lack of understanding about home buying. I am just afraid I will regret buying instead of renting.

[mrs.jacinthe]

You have expressed some valid concerns. I mean, it's important to take into account the total cost of owning versus renting. For us, that means that if we're comfortable dropping $1500 a month on rent, for example, then we need to ensure that our house payment + insurance + maintenance costs (average) comes out to that amount. Or less. So that means that we have to go well below our approval range to wind up with a final monthly number we're comfortable spending. That may be something you'll have to do.

Honestly, before you buy, especially in this market, I'd be certain that you're in the area where you want to be for a while and that even if your job is stable, that there are other jobs in the area that you COULD work. Be prepared to be in your home for a while, unless you're planning on doing a live-in flip.