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Old 09-22-2019, 02:51 PM
 
Location: Moku Nui, Hawaii
9,924 posts, read 19,220,695 times
Reputation: 8942

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Obviously, being sticked with your neighbors happens when your amortization levels out. (insert evil cackle disappearing off into the distance here)
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Old 09-22-2019, 04:14 PM
 
62 posts, read 23,580 times
Reputation: 119
It depends too much on lifestyle and preference, and market trends.

Sure, in a market like 2015-2018, buying was a clear winner as prices skyrocketed. Now? Things are cooling, noticably. Ownership in a price stagnant/increasing interest rate environment may be a whole lot less favorable. If home value is below inflation or even decreases, with maintenence costs tacked on, renting can be a much better proposition financially.

I say young people who do not have kids and are still developing their careers should rent. The mobility of being able to pick up and move for a job opportunity to grow your career could have a major impact to the growth trajectory of your lifetime earnings. To buy with the expectations that you could even break even in three years is risky. Selling a home is expensive.

Buying a house makes sense when you're ready to put down roots in an area. At minimum, if you don't see yourself living there for 7+ years, rent.
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Old 09-22-2019, 04:59 PM
 
Location: NC
6,788 posts, read 8,368,151 times
Reputation: 14223
The first few years of a mortgage has most of the payment going to interest anyway, so it’s almost like renting. A mortgage really only starts to be a benefit the longer you own the house. So if you don’t plan to live in one spot more than a couple years renting gives you a lot of financial flexibility and you can easily move even in a recession.

Of course in a hot economy the house might appreciate even in two years which would help a little. But generally you should rent if you know you won’t stay more than 4 or 5 yrs.
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Old 09-22-2019, 06:53 PM
 
Location: Phoenix, AZ
1,943 posts, read 884,756 times
Reputation: 4953
When you rent:
1. You change address frequently. Not necessarily. My sisters in Manhattan have each been in their apartments for 20 to 30 years.
2. Your rent goes up. True. But so do mortgage payments when taxes and insurance increase.
3. Moving costs. You can avoid frequent moving costs by staying in one place.

When you own a home:
1. You are permanently sticked to your neighbors, Also not necessarily. You can sell out and move elsewhere. Been there, done that when I couldn't stand my neighbors any more.
2. You don't change address, You do when you sell one house and buy another.
3. Your amortization is level. Of the P & I, but the taxes and insurance tend to rise.


It comes down to being a personal choice. What's good for one is not necessarily good for another and vice versa. And many do both at various times of their lives.


My parents rented for many years then bought into a co-op. It's kind of like owning but it's still an apartment.


My two sisters are quite content to keep renting in Manhattan.


My brother rented for many years and then bought a house that he was very happy with.


I bought my first home when I was 30 and I've been a homeowner since then, except for 3 months during my divorce when I had to rent an apartment and loathed the experience. Even then I was still a homeowner but had to kick my tenants out to move back into my first house since my ex got the residence. My intent is to be a homeowner for the rest of my life, especially since mine is free and clear, no mortgage.
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Old 09-22-2019, 09:54 PM
 
1,340 posts, read 496,458 times
Reputation: 4309
No No No ... NOT AGAIN!
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Old 09-23-2019, 05:35 AM
 
Location: Prepperland
14,023 posts, read 10,070,489 times
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And now, for something completely different - private property ownership.
PRIVATE PROPERTY -
http://www.city-data.com/forum/7785132-post22.html

Since 1933, most Americans have only experienced qualified ownership of estate (aka "real estate") and it is accompanied with taxes, codes, rules, regulations, and zoning.

If you would take the time to investigate your own state constitution and statutes, you will find that though private property ownership is constitutionally protected, estate is a privilege subject to ad valorem taxes. Curious that no one explains that to us. Let's move on.

Feel free to check the laws and court decisions regarding the "sacred" right to absolutely own private property and how endowed rights are all TAX EXEMPT.

And if you do buy land and a home, as PRIVATE PROPERTY, off the tax rolls, I think you'll find that it can't be beat. Of course, since private property cannot be condemned nor confiscated, no usurer will extend credit (or a mortgage) so you'll have to find alternative financing.
" Personal liberty, or the Right to enjoyment of life and liberty, is one of the fundamental or natural Rights, which has been protected by its inclusion as a guarantee in the various constitutions, which is not derived from, or dependent on, the U.S. Constitution, which may not be submitted to a vote and may not depend on the outcome of an election. It is one of the most sacred and valuable Rights, as sacred as the Right to private property ... and is regarded as inalienable."
- - - 16 Corpus Juris Secundum , Constitutional Law, Sect.202, p.987.
Rights are not taxable
http://www.city-data.com/forum/47144599-post162.html

Write polite questionnaires to your public servants and ask for an explanation. What's the worst that can happen?
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Old 09-23-2019, 11:51 AM
 
Location: Texas
2,065 posts, read 1,436,370 times
Reputation: 7028
Two of our retired friends have recently sold the houses and moved to apartments. The cost of a nice 2 bedroom apartment in the area is between $1900 and $2100+. They are free to come and go, everything is taken care of. I, on the other hand, have to pay tax, insurance, pool, and yard maintenance, appliances, painting, repairs, new roof, and HVAC systems.
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Old 10-12-2019, 07:03 PM
 
752 posts, read 202,611 times
Reputation: 104
Would you like to rent all your life? Imagine, you are already in your 70s and you are still renting. You have to work, otherwise you will become homeless.
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Old 10-13-2019, 01:01 AM
 
Location: on the wind
8,045 posts, read 3,469,505 times
Reputation: 27440
Quote:
Originally Posted by peacecrusader888 View Post
You have to work, otherwise you will become homeless.
Not necessarily. At that age many folks are living off pensions, proceeds from investments or the sale of a previous family home, SS, or a combination of one or more. THAT income is paying the rent. They don't have to work.
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Old 10-13-2019, 04:03 AM
 
73,950 posts, read 73,760,135 times
Reputation: 51487
Quote:
Originally Posted by peacecrusader888 View Post
Would you like to rent all your life? Imagine, you are already in your 70s and you are still renting. You have to work, otherwise you will become homeless.
Nonsense is all I can say to this ridiculous comment.

It is scary that people may actually believe their own bull sh#t which leads to such ridiculous thinking
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