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Renting vs. buying a home....So difficult coming up with a down payment!

 
Inflation sucks...
User ID: 1457789
Canada
12/31/2011 02:50 AM
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Renting vs. buying a home....So difficult coming up with a down payment!
Ok, so hubby and I want to buy. We are long-time renters and pay A LOT just to rent.

We are basically throwing our money away.

We would love to buy, but with rent so high, it's EXTREMELY DIFFICULT to save up enough for a down payment.

Any advice on how to do that (i.e. financial services I'm not aware of)?
Anonymous Coward
User ID: 7496616
United States
12/31/2011 02:55 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Here

Let the numbers speak for themselves

[link to www.nytimes.com]
Anonymous Coward
User ID: 1614590
United States
12/31/2011 02:57 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Ok, so hubby and I want to buy. We are long-time renters and pay A LOT just to rent.

We are basically throwing our money away.

We would love to buy, but with rent so high, it's EXTREMELY DIFFICULT to save up enough for a down payment.

Any advice on how to do that (i.e. financial services I'm not aware of)?
 Quoting: Inflation sucks... 1457789


It's stupid to buy a home while the economy is still crashing.

Just rent and be happy that you aren't going underwater.
Anonymous Coward
User ID: 7992805
United States
12/31/2011 02:57 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
You aren't 'throwing money away'. That's realtor propaganda. Most times renting cheaper than owning, do the research, see for yourself.
Anonymous Coward
User ID: 7620927
Australia
12/31/2011 03:01 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Ok, so hubby and I want to buy. We are long-time renters and pay A LOT just to rent.

We are basically throwing our money away.

We would love to buy, but with rent so high, it's EXTREMELY DIFFICULT to save up enough for a down payment.

Any advice on how to do that (i.e. financial services I'm not aware of)?
 Quoting: Inflation sucks... 1457789


move somewhere cheap until you can save up enough?
Anonymous Coward (OP)
User ID: 1457789
Canada
12/31/2011 03:06 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
You aren't 'throwing money away'. That's realtor propaganda. Most times renting cheaper than owning, do the research, see for yourself.
 Quoting: Anonymous Coward 7992805


But it's cheaper to buy a home for $140,000 plus interest over the next 30 years and OWN A PLACE TO LIVE FOR THE REST OF YOUR LIFE than to pay $1300 a month in rent over the next 30 years and then have to shell out MORE rent in years 31, 32, 33, 34, 35 etc etc etc etc..........
Biochemky

User ID: 919411
United States
12/31/2011 03:06 AM

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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Ok, so hubby and I want to buy. We are long-time renters and pay A LOT just to rent.

We are basically throwing our money away.

We would love to buy, but with rent so high, it's EXTREMELY DIFFICULT to save up enough for a down payment.

Any advice on how to do that (i.e. financial services I'm not aware of)?
 Quoting: Inflation sucks... 1457789


Look for an opportunity where you can rent with an option to buy.

That is when the owner of a house allows you to put a certain percentage of rent that you have paid to live in the home toward the down payment that is part of the purchase of the home.

That way you can become home owners with a smaller mortgage and faster.

Last Edited by Biochemky on 12/31/2011 03:07 AM
Anonymous Coward
User ID: 7620927
Australia
12/31/2011 03:06 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
You aren't 'throwing money away'. That's realtor propaganda. Most times renting cheaper than owning, do the research, see for yourself.
 Quoting: Anonymous Coward 7992805


But it's cheaper to buy a home for $140,000 plus interest over the next 30 years and OWN A PLACE TO LIVE FOR THE REST OF YOUR LIFE than to pay $1300 a month in rent over the next 30 years and then have to shell out MORE rent in years 31, 32, 33, 34, 35 etc etc etc etc..........
 Quoting: Anonymous Coward 1457789


what if you only live another 3 years?
Anonymous Coward
User ID: 7992805
United States
12/31/2011 03:11 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
But it's cheaper to buy a home for $140,000 plus interest over the next 30 years and OWN A PLACE TO LIVE FOR THE REST OF YOUR LIFE than to pay $1300 a month in rent over the next 30 years and then have to shell out MORE rent in years 31, 32, 33, 34, 35 etc etc etc etc..........
 Quoting: Anonymous Coward 1457789


But you would pay $114,000 in interest over 30 years!! (at 4.5%) Add in the ever-rising property tax (you NEVER 'own' the house, it ALWAYS belongs to the government) and house maintenance and from a financial standpoint renting comes out ahead.
Biochemky

User ID: 919411
United States
12/31/2011 03:13 AM

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Re: Renting vs. buying a home....So difficult coming up with a down payment!
You aren't 'throwing money away'. That's realtor propaganda. Most times renting cheaper than owning, do the research, see for yourself.
 Quoting: Anonymous Coward 7992805


But it's cheaper to buy a home for $140,000 plus interest over the next 30 years and OWN A PLACE TO LIVE FOR THE REST OF YOUR LIFE than to pay $1300 a month in rent over the next 30 years and then have to shell out MORE rent in years 31, 32, 33, 34, 35 etc etc etc etc..........
 Quoting: Anonymous Coward 1457789


what if you only live another 3 years?
 Quoting: Anonymous Coward 7620927


Put down 10%, take out a 30-year mortgage on the remaining purchase amount. Make 13 payments a year instead of 12 with the 13th (nonrequired) payment being paid directly against the principal (rather than the interest) only and own the house free and clear after 20 years instead of after 30 years.
Anonymous Coward (OP)
User ID: 1457789
Canada
12/31/2011 03:14 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
But it's cheaper to buy a home for $140,000 plus interest over the next 30 years and OWN A PLACE TO LIVE FOR THE REST OF YOUR LIFE than to pay $1300 a month in rent over the next 30 years and then have to shell out MORE rent in years 31, 32, 33, 34, 35 etc etc etc etc..........
 Quoting: Anonymous Coward 1457789


But you would pay $114,000 in interest over 30 years!! (at 4.5%) Add in the ever-rising property tax (you NEVER 'own' the house, it ALWAYS belongs to the government) and house maintenance and from a financial standpoint renting comes out ahead.
 Quoting: Anonymous Coward 7992805


Ok, help me with the math on that. I don't follow...
Anonymous Coward
User ID: 7878873
Canada
12/31/2011 03:15 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Ok, so hubby and I want to buy. We are long-time renters and pay A LOT just to rent.

We are basically throwing our money away.

We would love to buy, but with rent so high, it's EXTREMELY DIFFICULT to save up enough for a down payment.

Any advice on how to do that (i.e. financial services I'm not aware of)?
 Quoting: Inflation sucks... 1457789


move somewhere cheap until you can save up enough?
 Quoting: Anonymous Coward 7620927


That's right, rent the cheapest, sleaziest dive you and find. Then you sell the late model SUV and buy a shitty old $1000 beater, no more movies at 12 bucks a pop, stay home and watch tv. No more McDonalds, take your lunch to work in a lunch bucket and for sure no more fucking $8 Starbucks coffees. If you really want a house you'll do it.
Anonymous Coward (OP)
User ID: 1457789
Canada
12/31/2011 03:15 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
You aren't 'throwing money away'. That's realtor propaganda. Most times renting cheaper than owning, do the research, see for yourself.
 Quoting: Anonymous Coward 7992805


But it's cheaper to buy a home for $140,000 plus interest over the next 30 years and OWN A PLACE TO LIVE FOR THE REST OF YOUR LIFE than to pay $1300 a month in rent over the next 30 years and then have to shell out MORE rent in years 31, 32, 33, 34, 35 etc etc etc etc..........
 Quoting: Anonymous Coward 1457789


what if you only live another 3 years?
 Quoting: Anonymous Coward 7620927


Put down 10%, take out a 30-year mortgage on the remaining purchase amount. Make 13 payments a year instead of 12 with the 13th (nonrequired) payment being paid directly against the principal (rather than the interest) only and own the house free and clear after 20 years instead of after 30 years.
 Quoting: Biochemky


This is excellent advice....thank you!!!
lightchild_uk

User ID: 7907802
United Kingdom
12/31/2011 03:20 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
How do property taxes work in Canada?

In the UK the person renting pays property taxes and not the landlord. But in the USA the landlord pays the property taxes and not the tenant (well not directly).

Do you have any family you can borrow a deposit from interest free?

When you buy, what about getting a lodger to help pay with the bills?
Anonymous Coward (OP)
User ID: 1457789
Canada
12/31/2011 03:22 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
How do property taxes work in Canada?

In the UK the person renting pays property taxes and not the landlord. But in the USA the landlord pays the property taxes and not the tenant (well not directly).

Do you have any family you can borrow a deposit from interest free?

When you buy, what about getting a lodger to help pay with the bills?
 Quoting: lightchild_uk


I'm an American living here in Canada, so not sure. We are currently renting and not paying any taxes, so I assume that's the way it is here in all cases.
Anonymous Coward
User ID: 7620927
Australia
12/31/2011 03:25 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
No more McDonalds, take your lunch to work in a lunch bucket
 Quoting: Anonymous Coward 7878873


How is she gonna save money by eating a bucket of KFC every day? If she eats that much chikkin, she'll get FAT!!!
Anonymous Coward
User ID: 7992805
United States
12/31/2011 03:26 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Ok, help me with the math on that. I don't follow...
 Quoting: Anonymous Coward 1457789


[link to www.bankrate.com]

Play around with the calculator and check out the tables.. The interest is obscene.
Anonymous Coward
User ID: 7999821
Australia
12/31/2011 03:26 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Just wait until the feds planned depression kicks in, houses should drop another 80% from here over the next couple of years. Then you can buy the same house for around 30,000 and pay it off in 7 years.


Ask someone who bought a house in America 4 years ago whether they would have been better off renting or having their house foreclosed, losing all their deposit and still owing the bank a hundred grand.


wait for the engineered federal reserve bank depression to kick in.

The other positive, you know that the powers that be want to reduce the population to 500 million people. Assuming your still alive, there will be a lot of empty houses which you can have for nothing.
Anonymous Coward
User ID: 1533313
United States
12/31/2011 03:30 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Instead of buying another house I have been thinking of buying one of those huge recreational vehicles; and living in that. I am single, have no kids but three cats. I have been looking at houses on the net and the property taxes are running between $4,000 and $5,000 a year on them. In an RV most parks only charge $10.00 a day. You can live for free if you are over 62 in any national park during the summer and fall season. During the winter you head for Southern California or Arizona. You do have to pay a lot for gas. but I figure you only have to do this a few times a year. I do not know what the registration fees are on these huge vehicles.
Anonymous Coward
User ID: 1473298
United States
12/31/2011 03:31 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
OMG... don't bother...are you kidding me?
Anonymous Coward (OP)
User ID: 1457789
Canada
12/31/2011 03:33 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Instead of buying another house I have been thinking of buying one of those huge recreational vehicles; and living in that. I am single, have no kids but three cats. I have been looking at houses on the net and the property taxes are running between $4,000 and $5,000 a year on them. In an RV most parks only charge $10.00 a day. You can live for free if you are over 62 in any national park during the summer and fall season. During the winter you head for Southern California or Arizona. You do have to pay a lot for gas. but I figure you only have to do this a few times a year. I do not know what the registration fees are on these huge vehicles.
 Quoting: Anonymous Coward 1533313


Thanks for the advice.

Not only would the registration probably cost a pretty penny, but OMG the gas!!! I don't know how we'd afford that for a vehicle that huge.
Anonymous Coward (OP)
User ID: 1457789
Canada
12/31/2011 03:34 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Ok, help me with the math on that. I don't follow...
 Quoting: Anonymous Coward 1457789


[link to www.bankrate.com]

Play around with the calculator and check out the tables.. The interest is obscene.
 Quoting: Anonymous Coward 7992805


Ok, maybe the interest is insane, but it still seems like buying is a better idea than renting.

Either I'm right (and there are benefits to buying that are being overlooked here, or I've been brainwashed by the banking industry my entire life).
Anonymous Coward
User ID: 7992805
United States
12/31/2011 03:46 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Ok, maybe the interest is insane, but it still seems like buying is a better idea than renting.
 Quoting: Anonymous Coward 1457789


and that would be because why?


Either I'm right (and there are benefits to buying that are being overlooked here, or I've been brainwashed by the banking industry my entire life).
 Quoting: Anonymous Coward 1457789


Yes, you have. It's called chasing 'The American Dream'. There was a brief window where is was possible for most. That window closed long ago. Now, it's far better to be debt free than owe money to anyone, and that includes mortgages.

Housing will continue to decline. Don't try and catch a falling knife.
Anonymous Coward
User ID: 7620927
Australia
12/31/2011 03:49 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Instead of buying another house I have been thinking of buying one of those huge recreational vehicles; and living in that. I am single, have no kids but three cats. I have been looking at houses on the net and the property taxes are running between $4,000 and $5,000 a year on them. In an RV most parks only charge $10.00 a day.
 Quoting: Anonymous Coward 1533313


$10 x 365 = $3650 per year.
Anonymous Coward (OP)
User ID: 1457789
Canada
12/31/2011 03:49 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Ok, maybe the interest is insane, but it still seems like buying is a better idea than renting.
 Quoting: Anonymous Coward 1457789


and that would be because why?


Either I'm right (and there are benefits to buying that are being overlooked here, or I've been brainwashed by the banking industry my entire life).
 Quoting: Anonymous Coward 1457789


Yes, you have. It's called chasing 'The American Dream'. There was a brief window where is was possible for most. That window closed long ago. Now, it's far better to be debt free than owe money to anyone, and that includes mortgages.

Housing will continue to decline. Don't try and catch a falling knife.
 Quoting: Anonymous Coward 7992805


Thank you.

But what if the newly-built complex we are looking at are offering an incentive of only 5% down and a low price of only $140,000.

Isn't that a deal?
Anonymous Coward (OP)
User ID: 1457789
Canada
12/31/2011 03:50 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Instead of buying another house I have been thinking of buying one of those huge recreational vehicles; and living in that. I am single, have no kids but three cats. I have been looking at houses on the net and the property taxes are running between $4,000 and $5,000 a year on them. In an RV most parks only charge $10.00 a day.
 Quoting: Anonymous Coward 1533313


$10 x 365 = $3650 per year.
 Quoting: Anonymous Coward 7620927


PLUS the gas, insurance, registration and maintenance on a major vehicle.
Burt Gummer

User ID: 7702124
United States
12/31/2011 03:59 AM

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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Ok, so hubby and I want to buy. We are long-time renters and pay A LOT just to rent.

We are basically throwing our money away.

We would love to buy, but with rent so high, it's EXTREMELY DIFFICULT to save up enough for a down payment.

Any advice on how to do that (i.e. financial services I'm not aware of)?
 Quoting: Inflation sucks... 1457789


Live with family for a year and save the $$$ on rent towards your house.
Anonymous Coward
User ID: 7878873
Canada
12/31/2011 04:11 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Ok, help me with the math on that. I don't follow...
 Quoting: Anonymous Coward 1457789


[link to www.bankrate.com]

Play around with the calculator and check out the tables.. The interest is obscene.
 Quoting: Anonymous Coward 7992805


Ok, maybe the interest is insane, but it still seems like buying is a better idea than renting.

Either I'm right (and there are benefits to buying that are being overlooked here, or I've been brainwashed by the banking industry my entire life).
 Quoting: Anonymous Coward 1457789


Property taxes, repairs, insurance, lawnmower, gas for the lawnmower, water, sewage and a thousand other expenses drive the price up. It's not just the monthly mortgage payment you have to consider. When your furnace goes that's 5 grand to replace it. Refrigerator, another grand. There aint no landlord anymore to cover all that.

You will live in a house, but you'll live poorer than you are now. It all depends on what you want. Equity for the future is nice but you'll be giving up part of today to get it. That's what people who can't afford houses find. When you have lots of money houses are great. When you don't, they keep you up at night. You can do it, but your life is going to change, not necessarily for the better.
Anonymous Coward
User ID: 7620927
Australia
12/31/2011 04:12 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
OP if you WANT to buy a house, then buy one. If you want to rent a house, rent one. Don't worry too much about the money, do what you WANT to do.
Anonymous Coward (OP)
User ID: 1457789
Canada
12/31/2011 04:27 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
OP if you WANT to buy a house, then buy one. If you want to rent a house, rent one. Don't worry too much about the money, do what you WANT to do.
 Quoting: Anonymous Coward 7620927


I know. I'm just trying to make an informed decision. I don't want to screw up and do the wrong thing.
Anonymous Coward
User ID: 7092995
United States
12/31/2011 04:32 AM
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Re: Renting vs. buying a home....So difficult coming up with a down payment!
Most mortgage lenders today require 20 - 30% as down payment and very few will lend anything below 100 grand because they can't make any money on it.

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