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To clarify...long-term appreciation/desirability is ABSOLUTELY a factor that one should consider when buying a home.
The folks I'm referring to are the ones who think they should buy a house now so they can sell it in two years and make a ton of money off the profit. As NCRunner77 said......that's a big part of what destroyed the world economy a decade ago.
I personally wouldn't rent for anything over a year in an appreciating market like this, but that's me. If I knew I was going to be here for two years, I'd buy. You then have the option to sell if the appreciation is satisfactory, or rent it out. When renting you have no option but to throw your money away.
As with any investment, some investments are better than others. I see no reason why that wouldn't be a factor no matter how long you intend to stay in a house.
To clarify...long-term appreciation/desirability is ABSOLUTELY a factor that one should consider when buying a home.
The folks I'm referring to are the ones who think they should buy a house now so they can sell it in a year or two and make a ton of money off the profit. As NCRunner77 said......that's a big part of what destroyed the world economy a decade ago.
haha now its your turn. Those people are really ill-informed im pretty sure RE fees and transaction costs would eat most two year appreciation
my understanding the tip over between owning vs renting is five years not to mention ongoing maintenance
Agree with this. Once you factor in interest, insurance, taxes, maintenance, HOA fees, realtor fees, etc, buying is not nearly as advantageous as many seem to think.
One could easily come out ahead by renting for less and investing the difference.
Agree with this. Once you factor in interest, insurance, taxes, maintenance, HOA fees, realtor fees, etc, buying is not nearly as advantageous as many seem to think.
One could easily come out ahead by renting for less and investing the difference.
This area is affordable, I would rather own a mid priced home and be comfortable.
If interest rates keep going up though next year the rental market is probably going to get hotter here most likely since it's going to start penciling out.
This area is affordable, I would rather own a mid priced home and be comfortable.
If interest rates keep going up though next year the rental market is probably going to get hotter here most likely since it's going to start penciling out.
Oh me too.
I'm just saying that sometimes the math favors renting.
Agree with this. Once you factor in interest, insurance, taxes, maintenance, HOA fees, realtor fees, etc, buying is not nearly as advantageous as many seem to think.
One could easily come out ahead by renting for less and investing the difference.
This makes zero sense for periods over 1 (maybe 2) years, in this location anyway. If you're in a location where the real estate market is plummeting, then yeah you may come out ahead (compared to buying). But one would also argue jobs, public safety, etc. are plummeting as well.
With the exception of Real Estate fees, you're still paying all of the above. Sure, they're not line items on your monthly bill, but you're paying them.
At the end of the day, with renting exactly zero dollars from your monthly payment are going back into your asset. Generally speaking, on a square footage basis, your mortgage is going to be a heckuva lot cheaper than renting will be, so your argument of "investing the difference" doesn't really hold water. I'd be interested to see where the "monthly difference" favors renting.
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