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In my opinion, I would rather buy something and have trouble selling it, then rent something. Buying allows you to build equity. There really are not any benefits to renting.
of course there are....the number one benefit is flexibility. Should you be forced to move for work reasons or whatever, who wants to be stuck paying a mortgate on a property you're unable to sell?
of course there are....the number one benefit is flexibility. Should you be forced to move for work reasons or whatever, who wants to be stuck paying a mortgate on a property you're unable to sell?
I do!! I value my money and would not want to have it thrown down the toilet. (figuratively speaking).
I agree only to a certain extent. If your rent is cheap and you can save money to buy a house in a better area than you otherwise would, it's worth it. We rented for 2 years after we were married and saved up a ton of money. It enabled us to buy a house in a better area.
By contrast I used to work with a guy who bought into the whole NEVER RENT thing. He and his wife bought a "starter house" right before they got married. It's in a not-so-desirable town and a really poor school district but their plan was to move before they needed schools. 15 years and 3 kids later they are still there and the area has gotten worse. IMHO they would have been better off renting a couple of years and buying a house in a better area - they both had (and have) really good jobs and their salaries have increased a lot but not enough to save up for a better house.
but when you rent, you will lose money, 100% guaranteed. I don't understand how anyone could save money renting. I bought, my mortgage payment is less than most rents on LI and I am saving/making money by building equity and ultimately selling one day.
I do!! I value my money and would not want to have it thrown down the toilet. (figuratively speaking).
which is exactly what would happen if you had to move for work/family reasons and were unable to sell. Try to look at it from a slightly broader perspective than your own.
which is exactly what would happen if you had to move for work/family reasons and were unable to sell. Try to look at it from a slightly broader perspective than your own.
but you would lose money renting as well. Buying there is no guarantee you will sell for more than you bought...but a 50% chance is better than 0% (which is your % of making money when you're renting), IMO.
but when you rent, you will lose money, 100% guaranteed. I don't understand how anyone could save money renting. I bought, my mortgage payment is less than most rents on LI and I am saving/making money by building equity and ultimately selling one day.
Here's a good post on the question of buy vs. rent. It's not as cut and dried as you think:
but when you rent, you will lose money, 100% guaranteed. I don't understand how anyone could save money renting. I bought, my mortgage payment is less than most rents on LI and I am saving/making money by building equity and ultimately selling one day.
We banked my salary and lived on my husband's. I made $60K a year. DO the math. We never would have saved that much living in a house with a mortgage, utilities, etc. The money we saved was added to money we already had and gave us a down payment on a house in a great town....a better town than we would have been able to afford with a smaller amount down. We also had plenty of money left over for furniture, painting, etc etc.
You'll never convince me we would have been better off just buying any old house and then hoping we could upgrade later on. I know very few people who've been able to do that.
Rent was also less than $1,000 a month which gave us plenty of discretionary income to do some fun stuff the first couple of years we were married - great vacations, nice purchases of clothes, art, etc - all stuff that you have to think about a little more carefully when you own a house. If we bought a house when we got married, I can guarantee we wouldn't have gone to Hawaii for our first anniversary.
I know you own a coop - it's not really the same thing as owning a house. There is a lot more maintenance involved in owning a house not to mention a lot more space to heat, light, yard to maintain, rooms to furnish, things that go kaput and need to be replaced whether you want to do it or not (hot water heater, etc). I've been in my house 12 years and do not ever wish we'd lived here longer.
Thanks to all for the advise! We are a young couple (25/28) We have been renting for 2.5 years and feel like its getting close to time for us to make the big buy. we are looking for a 2 bedroom in a nice complex that is reasonable priced. We would love to stay in the babylon area but the condos are really out of our price range.
Thanks to all for the advise! We are a young couple (25/28) We have been renting for 2.5 years and feel like its getting close to time for us to make the big buy. we are looking for a 2 bedroom in a nice complex that is reasonable priced. We would love to stay in the babylon area but the condos are really out of our price range.
you should check the condos at Nob Hill in Ronkonkoma, I moved there in May. Nice location, near Smithhaven mall, LIRR, and LIE. I really have little to complain about so far. Maintenance is very reasonable and the prices are low 200s to mid 200s for 2 BR. Good luck
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