What increases the property tax? Please help me figure it out. (2013, renting)

[nyccs]

Originally Posted by TEPLimey

He said that his rent was not being raised in the first post.

For 3 years, that doesn't mean forever. But if it's a close friend or family member, then of course it can be for longer.

[nyccs]

Originally Posted by louie0406

From what I see, when you're living in large apt buildings with management offices, you're rent is more than likely going to increase every year or 2. On the other hand, I know many people who rent apt's in private homes and build good relations with their respected landlords. In return they go many years with no increase and when they do have to pay more it isn't a significant bump. My fiancé's cousin lives one town over in Glendale and pays $800/month for a 1br. She's single with no kids, stable job and is a quiet tenant. Her landlord said he values that. Prior to my current residence, I lived in an apt in the same area and went 5yrs without a rent increase. When my landlord did increase my rent it only went up $75.

Agreed, I did my current tenant a favor and even lowered it by $25 a month for rent because I don't want the hassle of looking for another tenant and risk losing a few months of rent trying to replace the tenant who always pays on time.

[TEPLimey]

Originally Posted by nyccs

For 3 years, that doesn't mean forever. But if it's a close friend or family member, then of course it can be for longer.

Read it again, because that's not what it says.

[nyccs]

Originally Posted by TEPLimey

Read it again, because that's not what it says.

I did, it was not stated he or she is renting from a friend of a family member.

[TEPLimey]

Originally Posted by nyccs

I did, it was not stated he or she is renting from a friend of a family member.

"My rent has stayed the same for the past 3yrs with a written agreement to not raise it for as long as I'm residing there"

Whether its a friend, family member, or Elvis resurrected, if he has a written agreement that his rent will not be raised, then that's what it is. Just admit that you were wrong about paying $1,300 in rent in the medium term is not "throwing your money away" compared to buying a house on LI. It will be ok.

[nyccs]

Originally Posted by TEPLimey

"My rent has stayed the same for the past 3yrs with a written agreement to not raise it for as long as I'm residing there"

Whether its a friend, family member, or Elvis resurrected, if he has a written agreement that his rent will not be raised, then that's what it is. Just admit that you were wrong about paying $1,300 in rent in the medium term is not "throwing your money away" compared to buying a house on LI. It will be ok.

My point is not over the 3 year period. I rather own than rent over the long term generally speaking, I'm talking over 10 years. Thought that was already assumed, who owns a home for 3 years?

The fact that he is renting from a friend makes a big difference. You can get away with a lot renting that way. Been there done that.

[TEPLimey]

Originally Posted by nyccs

My point is not over the 3 year period. I rather own than rent over the long term generally speaking, I'm talking over 10 years. Thought that was already assumed, who owns a home for 3 years?

The fact that he is renting from a friend makes a big difference. You can get away with a lot renting that way. Been there done that.

Reading is fundamental.

He HAS ALREADY LIVED THERE for 3 years and WILL CONTINUE TO LIVE THERE, WITHOUT RENT INCREASES FOR AS LONG AS HE WANTS.

In other words, he can stay there for 10 more years at $1,300 per month. Its in writing.

[ovi8]

https://smartasset.com/mortgage/rent-vs-buy

So what does it cost to rent a house in a decent district these days? $2500+/mo. in a Bethpage?

Considering no rent increase over time vs. a $450k purchase price with no PMI mortgage, avg homeowner's insurance, and an avg appreciating home value, it will take 5 years to break even if you bought the house. 4 years if you do a 15 year loan. The calculator assumed $10k/yr in property taxes which is consistent.

So if you're renting, you're going to be tossing money in the garbage much sooner than later,even with no rent increases. And obviously, we're talking about LI only, apples to apples, not renting for $1300 in Queens.

[nyccs]

Originally Posted by TEPLimey

"My rent has stayed the same for the past 3yrs with a written agreement to not raise it for as long as I'm residing there"

Whether its a friend, family member, or Elvis resurrected, if he has a written agreement that his rent will not be raised, then that's what it is. Just admit that you were wrong about paying $1,300 in rent in the medium term is not "throwing your money away" compared to buying a house on LI. It will be ok.

Ok Mr Professor. Thats great, but I'm pretty sure most renters are not in the same situation as Louie. I'm discussing renting vs home ownership in general. Obviously there are extreme cases on either side that favors renting versus owning.

[hotkarl]

There were a few studies that long term, renting vs owning, renting is cheaper or financially more beneficial.