Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
See right now, I'm wishing that I HAD rented because I have bad neighbors.
When you buy a house you are STUCK if your neighbors are horrible. You can't just move at the end of your lease! You're stuck if the neighborhood is, indeed, as bad as everyone says it is.
4 years from now, your house might not be worth what you paid for it, and you will be unable to sell. I am in that boat right now and might end up taking a loss, as I need to move to N NJ for work.
If you really are considering buying in Roosevelt, why don't you rent there for a year first before committing to a house in an area you are totally unsure of?
Owning is NOT all it's cracked up to be. When all is said and done, I'll have probably taken a $50-75k hit selling my house 4 years after I've bought it.
yeah but how long have you been in your house? B/c let's say someone rents @ $1,000/month...in 4 years they will have lost $48,000. So if you have been in your house for a long time, you will not lose nearly as much as you had if you rented. And not all houses lose value. Renting you will never make money. At least buying there's a 50/50 chance.
yeah but how long have you been in your house? B/c let's say someone rents @ $1,000/month...in 4 years they will have lost $48,000. So if you have been in your house for a long time, you will not lose nearly as much as you had if you rented. And not all houses lose value. Renting you will never make money. At least buying there's a 50/50 chance.
There are so many incorrect statements in this post that I don't even know where to begin.
First of all, with renting you can very easily make money because it's cheaper than buying typically. The cost of the mortage (interest) plus the cost of living in the home (taxes), while tax deductible, is as much "losing money" as renting is.
Yes, with owning you can have principle, but do not forget about transaction costs (closing costs) associated with buying property.
Secondly, it's not "50-50" that your house will lose value. The probabilities are a lot more sophisticated than that.
Third, even if you make money on your house, the time value of money comes into play and the person may have been better paying rent and investing the difference between rent and mortgage.
Finally, there's value to renting and not being "tied down" to a particular house/condo/town etc.
All of this means that your logic that buying is always better than renting is seriously... and I mean seriously flawed.
There are so many incorrect statements in this post that I don't even know where to begin.
First of all, with renting you can very easily make money because it's cheaper than buying typically. The cost of the mortage (interest) plus the cost of living in the home (taxes), while tax deductible, is as much "losing money" as renting is.
Yes, with owning you can have principle, but do not forget about transaction costs (closing costs) associated with buying property.
Secondly, it's not "50-50" that your house will lose value. The probabilities are a lot more sophisticated than that.
Third, even if you make money on your house, the time value of money comes into play and the person may have been better paying rent and investing the difference between rent and mortgage.
Finally, there's value to renting and not being "tied down" to a particular house/condo/town etc.
All of this means that your logic that buying is always better than renting is seriously... and I mean seriously flawed.
If that's the case then, why do so many people aspire to own houses? if renting was better, more people would be aspiring to rent, than buy. Just saying. I don't know anyone who says "omg I can't wait to rent a home"... Paying someone else's mortgage is awesome.
I can't blame for the OP for wanting to own something. I just think Roosevelt isn't the best place to do it.
If that's the case then, why do so many people aspire to own houses? if renting was better, more people would be aspiring to rent, than buy. Just saying. I don't know anyone who says "omg I can't wait to rent a home"... Paying someone else's mortgage is awesome.
I can't blame for the OP for wanting to own something. I just think Roosevelt isn't the best place to do it.
Renting isn't always better than buying and in the long run it's not better than buying.
Just the same, buying isn't always better than renting. I agree with the jist of what you are saying but the blanket statements are what's negating the quality of your post.
I think the government should take control of all property and homes in the United States and offer "assigned housing"
Business would be the sole situation where you choose, and purchase the property, and even that would still be leased in a way.
No more owning your home, you would lease it from the government, and you would not be able to choose your own home, it would be assigned to you based upon needs and income. You would fill out roughly 50 pages of application and filing papers and be entered into a lottery type program that would assign you a home to meet your specific needs, not wants. Number of family members and income.
yeah but how long have you been in your house? B/c let's say someone rents @ $1,000/month...in 4 years they will have lost $48,000. So if you have been in your house for a long time, you will not lose nearly as much as you had if you rented. And not all houses lose value. Renting you will never make money. At least buying there's a 50/50 chance.
4 years. I pay $1k/mo in taxes and insurance alone. Add that into the crap my house value took and I would have definitely come out better renting!
If you want to stay in an area for a long time, buying is always better. But OP doesn't even know the area, and is already talking about selling in 4 years... at this time, renting would be a MUCH better option.
As the longstanding, time-tested real estate advice goes, it is far better to buy the WORST house in a GOOD neighborhood than the BEST house in a BAD neighborhood.
My advice to the OP is this: If you really really want this house, then make an offer $100,000 lower than the asking price due to the bad school district. You may very well get the "bargain" of your life.
yeah but how long have you been in your house? B/c let's say someone rents @ $1,000/month...in 4 years they will have lost $48,000. So if you have been in your house for a long time, you will not lose nearly as much as you had if you rented. And not all houses lose value. Renting you will never make money. At least buying there's a 50/50 chance.
this is inaccurate.
That is just the value of the house.
lets take into account the closing costs at $12K
the real estate taxes at $800 a month
the interest part of the mortgage payment at 12K a year.
and we haven't touched on maintance
yes there is tax savings invloved, but in this market is is still more costly to own the house than renting.
That is just the value of the house.
lets take into account the closing costs at $12K
the real estate taxes at $800 a month
the interest part of the mortgage payment at 12K a year.
and we haven't touched on maintance
yes there is tax savings invloved, but in this market is is still more costly to own the house than renting.
My closing costs were $1500...if you are paying $12k in closing costs you are getting ripped off.
closing costs are much higher on a house than on a co-op.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
