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What are the monthly charges when owning a house?

Me and a few friends who are in college are thinking of either renting an apartment or buying a house. The location we are placed has houses for a very cheap price. For example, one house with 3 bedrooms cost $19,000. We selected a 5 year ARM rate providing a $70 monthly rate. We plan on dividing that cost amongst us. Is buying a house that easy how we think it is or is there any additional costs? Are we better off just renting an apartment. Note: we do not know what a 5 year ARM mortgage rate is

Asked By: Racquel - 2/5/2011
Best Answer - Chosen by Asker
You are better renting... More
Answered By: MSAD - 2/5/2011
Additional Answers (5)
Do NOT get an adjustable rate mortgage. It is low now but it will not stay that way. This is a bad move. I don't know what the f*ck kind of house you can get for $19,000, but anyway. You also need to pay taxes and insurance, and of course your normal utility bills.
Answered By: Rawr! - 2/5/2011
 
Mortage payment, maintenance and taxes for sure.
Answered By: Bob - 2/5/2011
 
ARM= Adjustable RAte Mortgage...so a home loan where the rate goes up when market rates go up. Market rates are low now, so its sure to go up... More
Answered By: hottotrot1_usa - 2/5/2011
 
i agree do not get arms. it is not worth it. you will have to pay morgage, taxes, insurance, and any hoa fees if applicable. also if anything breaks down you have to fix and lawn care. i would say look at the records of the prevois utilities so you will know what to expect on lights and water. if the total cost for... More
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Answered By: tlclay3 - 2/5/2011
 
I would rent so you are not tied down to a house with your friends. Normally things do not work out as planned when groups of people live together. If you buy and are on the loan you are stuck with it for five years which is a long time and alot can happen... More
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Answered By: karebear - 2/5/2011
 
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