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.
I prepare GFE's all day long. I'm also one of the few lenders in the country that allows rental income to offset PITI of current residences turned rentals without regard to equity in that property. I do the numbers daily.
I understand.
We bought our Florida home in 2007, so suffice to say the "value" if I sold right now would be less then when I bought it. BUT- I have no plans on selling it now. It may even be the last home I ever buy, so it's "value" to me is almost meaningless.
At the risk of sounding morbid, if we do keep the house as we intend to, when my wife and I are gone it will then be sold and it's value then will be split up among the kids, or one of the kids may want it and buy the other kids out. In any event, it is just an estate then, and I do not care what it is worth then.
I do think that my home, in relation to the neighborhood, has some amenities that make it stand above most of the other homes in the neighborhood, and there is some value to that. Large yard, waterfront, golf course view, etc,etc.
No regrets here. It is a bummer that I bought high and am selling my NY home now, in a buyers market, but life is bigger then that, I am blessed, comfortable, etc. I cannot align my life events to the market.
Thanks for all of the comments. Yes, it's a much better value to buy this home than it is to rent. Our mortgage will be $100 more a month than we are paying now for rent but gaining 1BD, 2Baths, 2CG, 700SF, a pool/spa that is screened, a better kitchen, etc.
I'm sure its just a bit of the jitters. Still excited about having our own place again. Heck, I guess living in Florida I should be more concerned about insurance hikes than property values dropping.
Thanks for all of the comments. Yes, it's a much better value to buy this home than it is to rent. Our mortgage will be $100 more a month than we are paying now for rent but gaining 1BD, 2Baths, 2CG, 700SF, a pool/spa that is screened, a better kitchen, etc.
I'm sure its just a bit of the jitters. Still excited about having our own place again. Heck, I guess living in Florida I should be more concerned about insurance hikes than property values dropping.
By the time you take your interest deductions and real estate taxes on your returns, you'll come out way ahead.
We're set to close on the 12th of this month. Very excited as we are looking at this purchase as our "Forever Home" (until the kids move out, 15 years from now).
Americans are such a trip. Fifteen years constitute "forever" in this country.
Good luck to you and your 'forever' investment.
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.
