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Old 06-06-2016, 04:28 PM
 
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
41,937 posts, read 36,940,305 times
Reputation: 40635

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Quote:
Originally Posted by wolfgang239 View Post
Interesting, I've done both and I'm way better off owning.

There are some situations where it is cheaper to own, others where it is cheaper to rent. It's just not a singular answer. There is absolutely not a single way I could own the place I live in for what I rent it for. None. Heck, the mortgage alone on a 30 yr mortgage would be higher than the rent, never mind taxes and maintenance.
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Old 06-06-2016, 05:26 PM
 
Location: The Moon
1,717 posts, read 1,805,961 times
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Quote:
Originally Posted by timberline742 View Post
It isn't.
Quote:
Originally Posted by timberline742 View Post
It's just not a singular answer.
Just checking!

But yes, as Dm84 pointed out I DIY'd, but once you add up mortgage interest deductions, residential tax exemptions, etc. it closes the gap. I look at what I was paying when I left my last rental 2 years ago compared to what it goes for now and that is enough to make me shudder. All goes out the window with a short term situation.
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Old 06-06-2016, 05:28 PM
 
3,176 posts, read 3,694,419 times
Reputation: 2676
Quote:
Originally Posted by wolfgang239 View Post
Just checking!

But yes, as Dm84 pointed out I DIY'd, but once you add up mortgage interest deductions, residential tax exemptions, etc. it closes the gap. I look at what I was paying when I left my last rental 2 years ago compared to what it goes for now and that is enough to make me shudder. All goes out the window with a short term situation.
The thing I hate the most is when something breaks that I can't fix myself (most things). I'm at the mercy of whichever contractor shows up and the rates for labor here are crazy.
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Old 06-06-2016, 05:45 PM
 
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
41,937 posts, read 36,940,305 times
Reputation: 40635
Quote:
Originally Posted by wolfgang239 View Post
Just checking!

But yes, as Dm84 pointed out I DIY'd, but once you add up mortgage interest deductions, residential tax exemptions, etc. it closes the gap. I look at what I was paying when I left my last rental 2 years ago compared to what it goes for now and that is enough to make me shudder. All goes out the window with a short term situation.

I said "it isn't" because he made a blanket statement. For single people like me, I don't know any that bought condos that have said they're saving money, they all have said they're paying a lot more than renting a one bedroom.

If you're a family, or have specific needs in a place, that's different. But to me it seems like a lifestyle choice more than anything. A one bedroom condo in my current neighborhood is over 300k for a 500 sq foot place at the lowest (most are over 400k). I don't know any mortgage with 20% down that's going to be under $1100 which I pay or $1200 or even $1300... for 240k... Then add maintenance and taxes, etc and yeah, no bueno.

I'm sure there are many times where it is cheaper to buy.
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Old 06-06-2016, 09:53 PM
 
9,080 posts, read 6,302,894 times
Reputation: 12312
Quote:
Originally Posted by Atmmac View Post
I have made over 70k on my place since purchase in the watertown area 2 years ago. Just had the house appraised so I can drop my pmi. I wouldn't be so sure on the 2-3 years. Also if you do some reno stuff you can easily make some cash. You can find a place in watertown near the express bus which will get you to copley in around 30 minutes.
Quote:
Originally Posted by timberline742 View Post
You haven't "made" that much unless you've sold it and pocketed it.
Right! It doesn't count unless it's in the bank account.
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Old 06-07-2016, 02:11 AM
 
4,043 posts, read 3,771,686 times
Reputation: 4103
I don't know yalls... I did a search on AirBNB and a lot of the 1 month pricing are about the same as living with a roommate.... (in the $1000 range)
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Old 06-07-2016, 04:46 AM
 
3,176 posts, read 3,694,419 times
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Quote:
Originally Posted by GKelly View Post
I don't know yalls... I did a search on AirBNB and a lot of the 1 month pricing are about the same as living with a roommate.... (in the $1000 range)
In which neighborhood?
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Old 06-07-2016, 06:23 AM
 
Location: RI, MA, VT, WI, IL, CA, IN (that one sucked), KY
41,937 posts, read 36,940,305 times
Reputation: 40635
Quote:
Originally Posted by GKelly View Post
I don't know yalls... I did a search on AirBNB and a lot of the 1 month pricing are about the same as living with a roommate.... (in the $1000 range)
Everyone I know with roommates pays less than that, even in desirable neighborhoods like Davis Sq. Last woman I dated lived two blocks from downtown Davis at paid $750 for a huge room, and with utilities it was still less than $1000, and that's a A+ desirable neighborhood.
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Old 06-07-2016, 11:37 AM
 
4,043 posts, read 3,771,686 times
Reputation: 4103
How's Somerville? I found a 1 bed 1 bath with private entrance for $800 everything included. Commute time will be about 35 min with 1 transfer.
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Old 06-07-2016, 11:39 AM
 
3,176 posts, read 3,694,419 times
Reputation: 2676
Quote:
Originally Posted by GKelly View Post
How's Somerville? I found a 1 bed 1 bath with private entrance for $800 everything included. Commute time will be about 35 min with 1 transfer.
Sounds too good to be true at that price IMO.

Somerville will be good.
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