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Old 05-01-2016, 08:52 PM
 
34 posts, read 27,694 times
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Hey guys,


I have read many articles claiming that buying is the better option right now for people in Cincinnati than renting. i currently live in Oakley and love the area but my budget would not really get me anything in Oakley so I have been looking around the silverton/ pleasant Ridge area. I am just wanting people's opinion on wether is more optional to pay for a mortgage them pay for someone else's mortgage. Also if you could tell me more about the silverton area and if it is safe.

Thanks,

cincygrad2015
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Old 05-02-2016, 06:24 AM
 
2,886 posts, read 3,969,707 times
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Quote:
Originally Posted by Cincygrad2015 View Post
Hey guys,


I have read many articles claiming that buying is the better option right now for people in Cincinnati than renting. i currently live in Oakley and love the area but my budget would not really get me anything in Oakley so I have been looking around the silverton/ pleasant Ridge area. I am just wanting people's opinion on wether is more optional to pay for a mortgage them pay for someone else's mortgage. Also if you could tell me more about the silverton area and if it is safe.

Thanks,

cincygrad2015
This decision depends so much on individual circumstances that there are few absolutes that apply to almost everyone. But I can think of one or two. First, you touch on a good point about never building up equity as long as you're paying rent. So looking at the long term, unless mortgage rates are very high (they're not) and rents are unusually low (they're not), eventually in 15 or 20 years if you want to not have to pay for the place you live, you'll have to buy something. Building up equity's like having a savings account with a modest rate of return.

The second consideration I think applies to most people is how long you would be likely to live in the place you buy. Residential real estate is NOT a liquid investment, and the vast majority of the Cincinnati housing market is basically never "hot" in terms of being able to get a great price for a house within a month or two of putting it on the market. If you think you might have to relocate within a few years, or your income situation is less than stable, etc. then think seriously about continuing to rent.
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Old 05-02-2016, 08:07 AM
 
629 posts, read 452,078 times
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On average I would say that Cincinnati rent is low relative to purchase price in the desireable areas and high relative to purchase price in less desireable areas. OTR would be an exception because itcan be both high and low in both respects. The only cheap place I would buy into for a less than 7 year stay is Northside.

One thing renters overlook when they buy is the cost in both money and time of home maintanence. Even In living in a previously well maintained home one can expect to spend $1000 or more a year on miscellaneous issues. We have lived in our small home for three years and need trim painted, gutters cleaned, driveway replaced, new central air unit, plumber visit, tree removed. On average 2-3000 a year. The previous owners owned this home 6 years and painted house and garage, new garage door, new front and side doors, remodeled half bath, new furnace, new roof, etc. they easily spent $25000 only to sell it for $40000 less than they paid.

Rent on a similarly sized apartment unit in my area costs about $1500/mo. Between my mortgage and monthly maintenance money I put aside I pay $2300. I may have no equity when I sell so I could be essentially renting. I guess I am paying a premium for a yard and not sharing walls with my neighbors who are ten feet away in either direction anyway.
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Old 05-03-2016, 05:40 AM
 
34 posts, read 27,694 times
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Thank you for your guys feedback. I currently tent in Oakley and the rent for the apartment really is not that bad, but I just want the satisfaction of knowing I "own" something and can do whatever I please with it. Paying my own mortgage not someone else's. I am not from Cincinnati but moved here for school and fell in love with the city so I decided to stay so the place will definitely be somewhere that I will stay for awhile. I am also blown away by the East side-West side divide. I am open to looking all over the city and when I tell coworkers who live on the East side I am open to looking at homes on the West side they are always baffled as to why I would look over there.
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Old 05-03-2016, 04:38 PM
 
2,886 posts, read 3,969,707 times
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Quote:
Originally Posted by Cincygrad2015 View Post
Thank you for your guys feedback. I currently tent in Oakley and the rent for the apartment really is not that bad, but I just want the satisfaction of knowing I "own" something and can do whatever I please with it. Paying my own mortgage not someone else's. I am not from Cincinnati but moved here for school and fell in love with the city so I decided to stay so the place will definitely be somewhere that I will stay for awhile. I am also blown away by the East side-West side divide. I am open to looking all over the city and when I tell coworkers who live on the East side I am open to looking at homes on the West side they are always baffled as to why I would look over there.

I'm confident that my husband's and my west side home would have cost $100,000 more if it were on the east side. We love our neighborhood for its safety, quiet and convenient location within the metro area. Nobody's particularly impressed--especially east-siders--when we tell them where we live, but we're retired and don't have any kind of public image we need to maintain or a desire to impress anyone with our address. And when we want to take advantage of east side type amenities (and there are some which don't exist on the west side), we just get in the car and drive there.
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Old 05-08-2016, 02:24 PM
 
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Whether you should rent or buy depends on your particular circumstances and on you in general. I haven't rented since the '90s. I wasn't building any equity then, but I was better able to save money because rent is a more predictable expense than owning a home is. Water heater went kaput last year, I suddenly had a $1,800 expense. Heat and a/c needed to be replaced a few years ago, that was around $9,000.


My impression is you're single. If there is a possibility you will be married in the next few years, I'd stay put if I were you, because the place you buy when you're single may or may not be the best place for you when you're married.


Another question is whether you like yard work, home improvement, that type of thing. If it's not your thing, then you may be better off renting at least for now.


If it's possible you'll have kids someday, then you will need to care about what school district you're buying a house in. You should care about it anyway, as it affects value and resale. Pleasant Ridge is Cincinnati Public, Silverton is either Cincinnati Public or Deer Park, not sure which. I wouldn't buy in Silverton no matter what school district it's in. With Pleasant Ridge, it depends on where in Pleasant Ridge.


Perhaps a less expensive rental is your best option. I rented on the west side back in the day, and the other yuppies I knew who were renting in the Hyde Park area were paying a lot more than me. I'm sure there still is a difference in renting costs. If you're single, you can up and go to the other side of town pretty much whenever you want to anyway.
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Old 05-08-2016, 02:56 PM
 
34 posts, read 27,694 times
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Thanks again guys. I am someone who loves older homes like Tudors and Victorians. I have looked at homes both on the west side as well as the east side. There have been many homes on the west side that you can get in my price range but these homes have multiple bedroom and would be a lot of upkeep for just me. I just recently put in an offer for a home in Madisonville on a street off of bramble. The offer was accepted and I have my home inspection this Friday. The house has brand new a/c and heating unit. I know a few people who live around the area and say that it is a fine area and crime really is not a big issue but I would like some feedback from some people on here that have lived in that area or know a lot about it. Thanks!
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Old 05-08-2016, 03:01 PM
 
Location: Ohio
5,627 posts, read 4,686,800 times
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I lived on bramble ( right next to the bars and the dog grooming shop) 2012-2014. I felt safe walking around. There were not things that stood out to me as dangers compared to other places we have lived. I cant speak for the schools because my children are homeschooled. Dogwood Park is GREAT. Mariemont Pool ( by Dogwood) is a great pool to visit. You have Kroger right there and Walmart is down the other end of Bramble, Kenwood is up the hill from Bramble and Oakley is in the far corner of Bramble. There is a GREAT food pantry also, if that is your need. (MEAC).

If i had to rent again, id move back over there. Its quiet and quaint.
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