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Mortage vs Apartment living cost
Ms Sans Serif
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[quote:Anonymous Coward 31546051:MV8yMTQyODUzXzM2MTg5MTUyXzk4NUY4Mzkx] [quote:CleverMoniker 33226516:MV8yMTQyODUzXzM2MTg4OTM2XzdGQzdENkQz] [quote:Anonymous Coward 31546051:MV8yMTQyODUzXzM2MTg4NzM3XzI1RUNCNEY=] [quote:CleverMoniker 33226516:MV8yMTQyODUzXzM2MTg4NTE2XzQ0RUI0RDM1] [quote:Anonymous Coward 31546051:MV8yMTQyODUzXzM2MTg4MzI3XzFDNEM1MkQy] [quote:CleverMoniker 33226516:MV8yMTQyODUzXzM2MTg4MjI0Xzg0ODc2OTVG] Buying is better imo. As stated, if you lock in a good low mortgage rate, your monthly payment stays the same for a decade. I just bought at a 3.6% rate for 10 years, monthly payments including tax are $700 for a 3 bedroom rancher with a basement ready to be finished. Once the basement is finished, I can rent it out if money ever gets tight. But the bottom line is this - when you rent, you're giving your money to someone else. When you buy, you're giving your money to yourself, in the form of equity. Once my mortgage is payed off, I'll be sitting on $150,000 worth of equity, and my living expenses will be significantly lower at a time when they need to be. Renting = pissing away your money Mortage = investing your money [/quote] You HOPE you will have equity. ...and I have always wondered how someone is able to purchase a house without being able to spell the word PAID, not payed or any other choice spelling. Go figure? ...and there is very much an argument to be made against your case, I will leave it to you to find it and figure it out. I am also very weary of YOUR STORY as to being able to purchase a 3 bedroom BUNGALOW, we don't EVER use the word RANCHER in Canada and to have so-called equity of only $150k after 10 years? ..do the math. so you put down roughly 50 to 70K? 700/month with 12months to a year = approx $8400 in payments per year.... WE ALL KNOW INTEREST IS WHAT YOU ARE PAYING FOR THE FIRST 5 YEARS EASY ... You will have no equity of $150 LMAO Take your story elsewhere BRO [/quote] I'm in Atlantic Canada. In my province 'bungalow' has become a naughty word in real estate in the past few years. All the MLS listings now phrase them as 'ranchers' and not 'bungalows'. Obviously I'm being vague on the finances, sorry I didn't think the GLP community was really that interested in my life... But yes, I'm paying down 20% upfront, and the cost isn't *exactly* 150k. Amortization over 25 years to keep the monthly payments as low as possible. I currently co-own another property that has 40k left on it's mortgage, once it sells I can use my half of the money to also make balloon payments up to 16k a year. If my current financial situation keeps, I can have it completely payed off in less than 15 years. If it doesn't keep, no worries because in 10 years I can refinance and get my monthly payments even lower if I need to. All this is moot, my main point still stands. Every month that you pay rent, you're pissing money away and making someone else richer. Every month that you pay mortgage, you're investing in your own equity. [/quote] Its PAID bye, not payed Lord Tunderin Jesus! LMAO ... good luck to you man, I wish the best. No one will change your view until you change it yourself. I know things down East are not easy and if it is working for you as of now, great. But be warned of the consequences and what you hold as truth in the future. I honestly wish the best for you my son! ...but funny thing, you don't seem to understand is YOU ARE PAYING RENT RIGHT NOW, to the bank, you don't own anything yet... Have you looked at the first page of your Mortgage agreement? Tell me what it refers to you as ... TENANT ... Go ahead and go look if you can find it, I have one sitting right here in front of me. [/quote] 1. You realize only Newfies talk like that, right? 2. 'change my view'? wtf are you talking about? change my view to what? 3. Yes, obviously I know I don't own something until I finish paying for it. Are you honestly saying that you think renting is better than owning? Because that kind of makes you a moron of the highest order. Let's break this down: You're paying roughly the same amount per month, regardless. In one scenario, after paying out $150k worth of renting, you have nothing to show for it other than the privilege of continuing to pay month by month. In the other scenario, after paying out $150k worth of mortgage, you OWN something worth 150k, and you no longer have to pay anything but taxes. You sir, are a moron. If correcting my spelling on a word makes you feel smarter for a few minutes, then enjoy. Or, wait, let me guess. You're a full on GLP nutbag, and are proposing that paying a mortgage is foolish, because <insert batshit crazy paranoid theory here> will destroy society long before my mortgage is [i]paid[/i]> [/quote] Before you freak out again, I needed to highlight this to show you just how wrong you are. You said this ... "In the other scenario, after paying out $150k worth of mortgage, you OWN something worth 150k, and you no longer have to pay anything but taxes." This is incorrect, out of the $150,000 you paid, would you mind thinking about how much of that went to PRINCIPAL VS INTEREST, you paid $150K out of pocket, my dear friend, not all of that went against PRINCIPAL. Especially in your first 5 years of a MORTGAGE ... you hardly paid any PRINCIPAL. You are overly biased and have tunnel vision... very selfish and uninformed viewpoint right there. [/quote]
mortgage: 600$ monthly payment +
4,300 tax yearly/12months=358$
not too bad.....i guess
apartment living, i can get a very nice 2 bedroom w/ all utilities included for 750$
200$monthly difference lets say for the next 360 months=72000$ You'll be saving living in an apartment over the house.
Thats also not including all the extra fee's included with home ownership........insurance, upkeep, landscaping etc...etc..........FOR THE NEXT 30 years
What do you night owls think?
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