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I don't care what you are doing. Not all markets at all times will allow you to rent with the same amenities as buying. What you are saying isn't not fact and couldn't be possible for you to assert as such
Are we talking about some sort of magical omnipotent rule that applies in every situation at all times now? If you think so, you're completely missing the point.
But even in your example, you discuss the mortgage and HOA fee coming to $2,400 a month while the prior rent was $2,600 a month. What about the costs of maintaining the property, uptake, repairs, the costs of buying appliances upfront to put into the property? What about the fitness center and business center, along with the big swimming pools that SHOULD HAVE CAME with the rental if you were paying that much? What about the portion of the utilities included with the rent price such as Water, Trash and Gas? (I only pay $740 a month for rent in Michigan and get ALL of these features, bells and whistles)
When you were renting you had all of these things included, but as I stated earlier you don't want to have a BAD rental quote, I think your rental quote was too high and you should have shopped around.
You must not know much about condos, because pretty much everything you've written (with the exclusion of any minor repairs to be made to the inside of your apt/condo) is included with condo ownership. The fitness center, business center and swimming pools are all covered by the HOA fee. (We also have a rec room with pool table, card table, ping pong, etc.) Our trash, water as well as our internet and cable are also covered by our HOA fee. (Does your rental fee include cable and internet?) Our HOA fee also covers other things you didn't include such as our valet service and our 24-hour concierge/front desk operation. BTW, when you purchase a newly constructed condo, the appliances are usually included as well, so whatever point you were trying to make there is moot as well.
I'm happy that you are able to rent a nice place for $740, but you missed the point of my post. Would there be any way possible for you to increase your net worth by $250,000 in two years by renting instead of buying a property?
Are we talking about some sort of magical omnipotent rule that applies in every situation at all times now? If you think so, you're completely missing the point.
My point is there is no rule, one way or the other
Give me the link to a house you WOULD purchase, and I'll post some quality rentals within the area (defined as within 1-20 miles from the house) that are of high quality and good alternatives to purchasing the house.
Go ahead....
I would give you a link to my house but you seem kind of creepy. I bought my house 3 years ago refied last year to a 2.5% 5/1 io arm. My mortgage payment, tax and insurance is under 1k a month. Even throwing principle I promise you can't rent cheaper in the area. 20 miles away? Well that's not even the same city Lol and would defeat the purpose of living in a particular area, what an idiotic prop. Like you always do you pretend to live in a place where only your ideals apply
I have rented all of my adult life and I'm retired now and on a pension. I am single, though. I almost bought a house but I didn't think I could physically handle the upkeep and when I was younger, I just didn't want to be bothered with taking care of one. Anything breaks, the maintenance guys take care of it. They hooked up my washer/dryer and they change the light bulbs that are in the overhead lights (no kidding). They installed my handheld shower for me. Clogged drain, they're here. Refrigerator breaks, they replace it. Maintaining the heating and cooling system, they do it in a schedule. Landscaping, the apartment complex has a landscaping service that comes frequently. Gutter cleaning/raking leaves, apartment complex takes care of it. They accept packages when I'm not home. If a bug comes in from outside (in the summer that happens after the landscapers do their thing), I can call the office and pest control will come - no charge. They vacuum the breezeways, weekly and powerwash them on a schedule. In my previous apartment complex, they also cleaned the chimneys/fireplaces (don't have one now). None of the above is an extra charge. I park right in front of my apartment.
If I had kids or a decent sized dog, I'd have bought a house. The point is with a regular income work or pension with COL adjustment, and no one to leave it to when I croak, it's just not worth it to me (time, energy, monetarily) to have a house.
This could have been my post, word for word! Everything LauraC wrote is exactly correct.
I would only either rent in a buildiong like we are in or buy a co-op or hi-rise condo at this stage. Life is to short now to spend anytime at all on house chores.
i haven't shoveled snow ,cut grass or fixed a leaky faucet in 12 years now. where we live is transparent to our daily life and i enjoy keeping it that way.
I have and I think it's a sick joke that so many
people are ok with throwing away their hard earned
cash renting instead of owning their roof outright.
As was said, you mustn't have read the previous 27 pages or maybe you just have really bad reading comprehension.
likely just a bad understanding of opportunity costs and investing. which is why folks like that should buy as they have no clue about how to make money elsewhere passively if they don't have the forced savings or cost cutting ability of the house..
as soon as someone says renting is throwing away money you know right off the bat they are clueless about evaluating or implementing other choices.
likely just a bad understanding of opportunity costs and investing. which is why folks like that should buy as they have no clue about how to make money elsewhere passively if they don't have the forced savings or cost cutting ability of the house..
as soon as someone says renting is throwing away money you know right off the bat they are clueless about evaluating or implementing other choices.
Agreed.
And FYI, there's no "y" in the word "p-a-i-d". It's one less letter to type, so it should be easy to remember.
And you meant "'tale to tell'", not "tail". I.E. I have quite a tale to tell about how my cat injured her tail.
As was said, you mustn't have read the previous 27 pages or maybe you just have really bad reading comprehension.
If you'd read further past that post you'd see I
made a new post where I clearly said that I
changed my mind and renting is better than
owning a home.
So those people aren't wasting their money. If
their using it smartly anyway.
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