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Old 06-09-2009, 03:31 PM
 
102 posts, read 393,402 times
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Rentals seem so affordable in Smyrna/Vinings area yet a lot of the homes are in the upwards of $300,000. Why do people buy over renting? Is it just a quality of life thing?
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Old 06-09-2009, 03:41 PM
 
Location: Marietta, GA
7,887 posts, read 17,187,009 times
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Quote:
Originally Posted by emma31 View Post
Rentals seem so affordable in Smyrna/Vinings area yet a lot of the homes are in the upwards of $300,000. Why do people buy over renting? Is it just a quality of life thing?
Wow...that's an interesting question. For many people it's a fundamental thing related to ownership and finances. If you're income is stable and you plan to live in an area more than a couple of years, in normal economic times you would usually want to buy. Of course things like credit score, downpayment, and other lifestyle needs can feed into the decision.

In general, when you buy you get the benefit of building equity over time, and the coincidental tax benefits can save you money for the same monthly expense. A home you buy is also yours to decorate as you please and to update and change as you want, within deed restrictions.
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Old 06-09-2009, 04:02 PM
 
269 posts, read 1,069,966 times
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You really want to buy right now while prices are low and especially while the new homeowners' stimulus law is in effect.

Federal Housing Tax Credit for First-Time Home Buyers: Home (http://www.federalhousingtaxcredit.com/2009/index.html - broken link)
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Old 06-10-2009, 03:36 AM
 
Location: Acworth
1,352 posts, read 4,373,817 times
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Freedom of not having some stupid 20 year old bleached blonde act as if she owns you? There are no bad rentals. Just bad people.

There are no bad houses, just crappy neighbors. Once you realize that, life is good.
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Old 06-10-2009, 11:25 AM
 
2,685 posts, read 6,045,444 times
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Nothing wrong with renting. If your smart and you get a good deal on a rental, which are all around right now you can really do well for your future with the money you save. Most people have at the top of their list to buy and own their own place. I think owning is great and recommend it but if its not at the top of your list why not rent and give yourself flexibility both financially and with regard to not being stuck in one place. Owning also means being ready for a lot of additional bills/repairs which will come up over time. If you can afford to own then its just a personal and financial choice on your part but it may not get you ahead as much as taking the extra money every month and investing it in mutual funds.


Quote:
Originally Posted by emma31 View Post
Rentals seem so affordable in Smyrna/Vinings area yet a lot of the homes are in the upwards of $300,000. Why do people buy over renting? Is it just a quality of life thing?
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Old 06-10-2009, 03:32 PM
 
Location: Mableton, GA USA (NW Atlanta suburb, 4 miles OTP)
11,334 posts, read 26,076,879 times
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Quote:
Originally Posted by emma31 View Post
Rentals seem so affordable in Smyrna/Vinings area yet a lot of the homes are in the upwards of $300,000. Why do people buy over renting? Is it just a quality of life thing?
I bought a 4 BR house because I wanted to own the property and the mortgage payment was roughly the same at that point as a rental would have been.

Besides, I would rather accumulate equity (even given the current climate) than simply toss money at a landlord. At some point, we'll derive real benefit from doing that. I hope.
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Old 06-10-2009, 04:08 PM
 
Location: Cobb County, Georgia
750 posts, read 2,276,079 times
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Rent something affordable and save for the big down payment on a home. My girlfriend and I rented for a few years in Smrnya till we finally found a community and a good price on our townhome.
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Old 06-10-2009, 06:13 PM
 
102 posts, read 393,402 times
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Quote:
Originally Posted by JasonPaul View Post
Rent something affordable and save for the big down payment on a home. My girlfriend and I rented for a few years in Smrnya till we finally found a community and a good price on our townhome.
Makes sense except that home prices are at an all time low and by the save you save for the "big" down payment, the deals that are available may no longer be there.
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Old 06-10-2009, 06:33 PM
 
Location: Cobb County, Georgia
750 posts, read 2,276,079 times
Reputation: 291
Quote:
Originally Posted by emma31 View Post
Makes sense except that home prices are at an all time low and by the save you save for the "big" down payment, the deals that are available may no longer be there.

This is true, the $8,000 for new homebuyers is a petty big incentive also. I keep forgetting about that.
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Old 06-10-2009, 06:41 PM
 
Location: Inman Park (Atlanta, GA)
21,870 posts, read 15,082,278 times
Reputation: 14327
Don't forget about the State of Georgia's tax credit too!

georgia.gov - Governor Perdue Signs Housing Tax Credit Bill (http://gov.georgia.gov/00/press/detail/0,2668,78006749_139486062_140354876,00.html - broken link)
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