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Old 02-03-2007, 05:43 PM
 
Location: Burlington, VT
483 posts, read 1,782,296 times
Reputation: 259

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If you can only live there by renting, go for it. A lot of lovely places are extremely expensive. There's no point living in a great area if you have to work 2 jobs to keep a roof over your head. I'm going to own a house, my house isn't going to own me.

Last edited by Hatless Wonder; 02-03-2007 at 05:43 PM.. Reason: spelling
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Old 02-03-2007, 06:58 PM
 
122 posts, read 354,338 times
Reputation: 57
Quote:
Let's look at a $350,000 mortgage, for 30 years at 6% interest. P&I is about $2100/month,
At $2100/month, a $350,000 home would cost $756000 at the end of thirty years ($2100*12 months*30 years). So, with a thirty year mortgage, you'd end up paying more than twice the list price of the house if you ever got it paid off. No wonder the banks love home loans- the old owner gets the house price, and so do they! That's one reason why I'd never get a thirty year mortgage, maybe a five or ten year one- although there'd still be a lot of interest, it's nowhere near what you'd pay on a thirty year loan!

Equity, shmequity! It's only worth it financially if you have a roommate/renter paying the mortgage for you. Or you pay cash for the house.
Quote:
there are any number of financial guru's who will tell you to NEVER own a home
That's probably the case, but I'd still like to be able to put up a shelf, paint my walls, own a pet, or remodel without having to ask the landlord's permission for every little thing. Same reason I wouldn't buy a home in a home owner's association.

The other reason to buy a house is the guarantee (barring eminent domain or an unpaid mortgage) that you can live there indefinitely and not worry that the landlord sells it or otherwise decides you can't stay.
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Old 02-03-2007, 10:59 PM
 
Location: WPB, FL. Dreaming of Oil city, PA
2,909 posts, read 12,992,549 times
Reputation: 991
Renting isnt for everyone. It can work for some but its an individual choice. Why rent in a cheap area when a mortgage/insurance/taxes, etc can be half of rent? I am not interested in renting for many reasons and I can own a house for less than what rent costs!

As for location, some people overhype it. Just because someone's opinion says that location is a "must have" doesnt mean ill be any more interested. If I like two locations equally, of course im gonna choose the cheaper one!
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