[Tall Traveler]

Taking the emotion out of it, you can just do the math to see if your situation whether it's better to rent or buy. I think if you're reasonably certain you're going to live in a certain city for at least 5 years, you're better off financially by buying instead of renting. It's going to take 4-5 years to cover the cost of buy/sell owning rather than renting imo.

Personally, I was very mobile for a decade after college and didn't buy for that reason.

I think in Vegas, you're much better off buying than renting right now because the prices are still very low. But as the OP mentioned, you're going to have costs with home ownership to maintain it...including updates if you want to have current style.

[Peester]

My homes are being paid for by renters
and I thank them every month.

[ft_chief]

Originally Posted by Kevin_nlv

You didn't buy your house in last few months so your entire math calculation is phony.

Why don't you use current inflated price of your house and current mortage interest rate and you would see that your mortgage payment is much higher today, probably around $1200 and +.

Just to clarify my point:

1. I just closed on my home loan last month in June 2013.

2. My home would have to appreciate 2X for my mortgage to be near $1200 per month.

3. Not everybody wants to buy inflated houses in snobby neighborhoods where most of the appreciation is happening. There are many safe, middle class neighborhoods all over the valley where buying is better than renting and houses are still affordable.

4. If your not here for the long term, you should not be buying.

[von949]

Originally Posted by ft_chief

["I think homeownership is greatly overrated in Las Vegas. The cost of owning a home has increased dramatically. I don't understand this obsession of owning a home and some people are willing to overpay for a house just so that they can be homeowners. You buy a house and then what, there is many expense coming your way from that point on."]




My mortgage payment including PITI $653.00 per month, my payment if I was renting the same house, $1200. You do the math!?

Unbelievable isn't it?

My mortgage- $700
Neighbor's rent- $1450

I think these examples alone kill this thread, unless there is a down side to paying half what your neighbor pays for a similar home. Anyone?


(╯°□°）╯ ︵ ┻━┻

[MadManofBethesda]

Originally Posted by Kevin_nlv

You are just too funny.
Free equity right Logline, who is going to buy my overpriced house?

Speaking of funny, I just ran across this post on another real estate thread:

Originally Posted by Kevin_nlv

Ok, my turn to play the guess game.
I guess I'm more financially stable then any of you posters here. I'm actually 99% sure about that.
I guess most of you are DEBT SLAVES.
I wonder how many of you used FHA financing cause you didn't even had enoug money for a 20% down payment.
I bet many of you couldn't even afford to buy a house today.
I guess majority of you can't even afford to run air conditioning and you need to use all kind of gimmicks to survive during the summer.

I can go forever like this.

So you're more financially secure than any of us, huh?

LOL. Now THAT'S funny!

[airics]

My first Vegas home bought in 2006...
paid too much = probably
does it matter = no

Been rented since the beginning, total amount of time without a tenant = 4 months
Rent exceeds mortgage.

Thanks to the tenants.
Can I raise rent? Yes... but i won't I have a great tenant.

[BBMW]

When did you buy? Can someone buy now and get the same deal? If not its apples to oranges.

Oh and don't compare rent to mortgage. Compare rent to mortgage interest + taxes + HOA fees + repairs + lost interest and/or cap gains on down payment money.

Okay, I sense myself coming off as more negative on buying than I really am. I just think people need to be more realistic about it than they usually are.

Originally Posted by von949

Unbelievable isn't it?

My mortgage- $700
Neighbor's rent- $1450

I think these examples alone kill this thread, unless there is a down side to paying half what your neighbor pays for a similar home. Anyone?


(╯°□°）╯ ︵ ┻━┻

[Clarkcty]

Many people like myself and family buy homes not to use it as an ATM but rather to create lasting memories in the privacy of our OWN home. My family and I will be at these homes for as long as the home is standing. Nothing wrong with pride of home ownership and the ability to do as you please inside your home and in the privacy of your backyard. There is also nothing wrong with being able to sell our homes someday if we choose to do it, renters do not have that flexibility.

Others live in homes with homeowners association like myself, also have the flexibility of being able to do as I please inside my own home and even outside. Homeowners association keep OTHERS in check and I'm glad it exists in my neighborhood. There are WAY TOO MANY RENTERS WHO DO NOT CARE FOR THEIR NEIGHBORHOOD and the roof over their head simply because they do not own the property. I see it in my neighborhood and around town including some of my family's neighbors in Spring Valley and the NW.

[skugelstadt]

Originally Posted by Red applex

I think homeownership is greatly overrated in Las Vegas. The cost of owning a home has increased dramatically. I don't understand this obsession of owning a home and some people are willing to overpay for a house just so that they can be homeowners. You buy a house and then what, there is many expense coming your way from that point on.

How is it the opportunity of a lifetime to overpay for something?
When interest rates go up in an environment with no wage growth, home prices go down.
It is amazing how people are affected by group behavior and totally forget fundamentals in a real estate boom. They always seem to forget that real estate boom is ALWAYS followed by a real estate bust.

Home buying is now officially a casino and everyone thinks they can win as long as they get a chance to play. Unfortunately the stakes get higher and higher as the bets get bigger and bigger.
There is no real housing market anymore, just manipulation at the federal level to keep the game going.

What a shame real estate market has become, one big ponzi scheme involving homebuilders, real estate brokers/realtors, various investors and etc.

So did you ever buy a home? How would you know when the time is right?

[Willy702]

Originally Posted by Red applex

I think homeownership is greatly overrated in Las Vegas. The cost of owning a home has increased dramatically. I don't understand this obsession of owning a home and some people are willing to overpay for a house just so that they can be homeowners. You buy a house and then what, there is many expense coming your way from that point on.

How is it the opportunity of a lifetime to overpay for something?
When interest rates go up in an environment with no wage growth, home prices go down.
It is amazing how people are affected by group behavior and totally forget fundamentals in a real estate boom. They always seem to forget that real estate boom is ALWAYS followed by a real estate bust.

Home buying is now officially a casino and everyone thinks they can win as long as they get a chance to play. Unfortunately the stakes get higher and higher as the bets get bigger and bigger.
There is no real housing market anymore, just manipulation at the federal level to keep the game going.

What a shame real estate market has become, one big ponzi scheme involving homebuilders, real estate brokers/realtors, various investors and etc.

9 times out of 10 when someone rants on like this it quite simply means they think the house they deserve to live in costs more than they think they should pay for it, ie. more than they can afford. Therefore its a sham and a scheme run by someone else to screw them over. They might argue its not true and they come up with reasons they claim its not true, but really it is true.