moolanomy.com— If you can't decide whether to rent or buy your next home, there are some financial pointers you'll really need to consider.
Jun 22, 2010View in Crawl 4
Well said. To be honest I don't think I'm going to get into my house until I at least have enough money to pay it off in 5 to 10 years to avoid all that interest to a banker. After you pay it off then you are at least only paying property taxes and upkeep which any McDonalds job can do to support those things if worst comes to worst.
The article actually completely missed the fact that you can deduct the interest paid on your mortgage from your taxes. That comes to a very significant amount.
@CyclonusRIPIt used a calculator looking at you living in a given home for so long and selling it/moving out after X years. The added equity is in the sale price, in the article's case after 6 year.
I've been pretty lucky with the two different places I've rented. Neither place was owned by a big company, and my landlords have been really great. My first landlord even kept our rent down while we were living there even though the value of the place went up, because he didn't think it was fair to suddenly raise our rent by $200. He did raise it when we moved out the next year. I'd put a lot of effort into finding out about the experiences other people have had with a landlord before renting from them. It can save you so much grief.
Well typically renters pay less in utilities as the owner will pay for garbage, sewage, water and if you're lucky some other things. I've rented about 6 different places, some took off power or internet, but i've never had to pay city and water utilities.
Tiak it paid of 29 years ago, but not now. All these old hippies holding onto homes they plan to sell for nearly a million dollars, this market is bananas. (BTW f**k hippies)The house next door to me is a mere 900 sq/ft and it went for $860,000.That is on par with Manhattan. Unless you are married and both pulling down 120k, buying isn't even an OPTION.
addiktionJun 22, 2010
Well said. To be honest I don't think I'm going to get into my house until I at least have enough money to pay it off in 5 to 10 years to avoid all that interest to a banker. After you pay it off then you are at least only paying property taxes and upkeep which any McDonalds job can do to support those things if worst comes to worst.
nicuJun 22, 2010
The article actually completely missed the fact that you can deduct the interest paid on your mortgage from your taxes. That comes to a very significant amount.
tiakJun 23, 2010
@CyclonusRIPIt used a calculator looking at you living in a given home for so long and selling it/moving out after X years. The added equity is in the sale price, in the article's case after 6 year.
Closed AccountJun 23, 2010
I've been pretty lucky with the two different places I've rented. Neither place was owned by a big company, and my landlords have been really great. My first landlord even kept our rent down while we were living there even though the value of the place went up, because he didn't think it was fair to suddenly raise our rent by $200. He did raise it when we moved out the next year. I'd put a lot of effort into finding out about the experiences other people have had with a landlord before renting from them. It can save you so much grief.
beakerbiteJun 23, 2010
Well typically renters pay less in utilities as the owner will pay for garbage, sewage, water and if you're lucky some other things. I've rented about 6 different places, some took off power or internet, but i've never had to pay city and water utilities.
manu08Jun 23, 2010
When maintenance means you need a new roof and HVAC unit you might feel a bit differently.
chris8535Jun 23, 2010
Tiak it paid of 29 years ago, but not now. All these old hippies holding onto homes they plan to sell for nearly a million dollars, this market is bananas. (BTW f**k hippies)The house next door to me is a mere 900 sq/ft and it went for $860,000.That is on par with Manhattan. Unless you are married and both pulling down 120k, buying isn't even an OPTION.
marciotJun 23, 2010
With all to the sub-prime mess, I think the phrase should be "don't put both your legs in the same casket"
fshaiqJun 23, 2010
try this calculator for buying vs renting<a class="user" href="http://michaelbluejay.com/house/rentvsbuy.html" rel="nofollow">http://michaelbluejay.com/house/rentvsbuy.html</a>