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| 03:06 PM | ||
| Users Online Now: 2,032 (Who's On?) | Visitors Today: 894,366 | |
| Pageviews Today: 1,489,360 | Threads Today: 610 | Posts Today: 10,600 |
| 03:06 PM | ||
Renting vs. buying a home....So difficult coming up with a down payment! | |
| DIRTFARMER User ID: 1252550  United States04/29/2012 05:02 PM Report Abusive Post Report Copyright Violation | 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. Hey jackass how does renting come out ahead? Even if you pay $114,000 in interest you are still paying it on a house that you own and that you can sell to make back money you have put into it. If you are paying rent every month all you are doing is paying someone else's debt. So you live in a place for 30 years paying rent and you get to walk away with nothing. You buy a home and pay for 30 years than you get to sell and walk away with money. Oh and your logic behind having to pay property taxes and interest is flawed. You get to write those off in your federal taxes. What do you get to write off when you rent? Try not to be so stupid and think before you post. I could tell you a few stories about that statement. |
| Anonymous Coward User ID: 6200427 United States04/29/2012 05:09 PM Report Abusive Post Report Copyright Violation | The sad fact which many homeowners in the USA dont realize is that they can spend 25 - 30 years paying off a mortgage and then have to sell the house to pay for their health care in their old age. Read the small print: Healthcare will NOT pay for you to be in a nursing home for 10 years if you have $X dollars in equity -i.e. your home. Way too many old people have ended up in a nursing home and have to pay extortionate prices for health care. |
| Anonymous Coward User ID: 1211208 United States04/29/2012 05:23 PM Report Abusive Post Report Copyright Violation | 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.......... With property tax and mortgage interest payments...and maintaining and repaing everything, youll buy 3-4 $140,000 houses |
| Anonymous Coward User ID: 1550123 United States04/29/2012 06:15 PM Report Abusive Post Report Copyright Violation | 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. PLUS the gas, insurance, registration and maintenance on a major vehicle. That's MORE than I pay in property taxes without the gas/maintenance. But I guess being mobile to go where the work is or just to see the country has its perks. |
| Anonymous Coward User ID: 1550123 United States04/29/2012 06:19 PM Report Abusive Post Report Copyright Violation | 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. Hey jackass how does renting come out ahead? Even if you pay $114,000 in interest you are still paying it on a house that you own and that you can sell to make back money you have put into it. If you are paying rent every month all you are doing is paying someone else's debt. So you live in a place for 30 years paying rent and you get to walk away with nothing. You buy a home and pay for 30 years than you get to sell and walk away with money. Oh and your logic behind having to pay property taxes and interest is flawed. You get to write those off in your federal taxes. What do you get to write off when you rent? Try not to be so stupid and think before you post. It only makes sense if the rentals are super cheap compared to buying or if the bubble is about to pop. I got caught in that and it was a nightmare. |
| Anonymous Coward User ID: 1550123 United States04/29/2012 06:25 PM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 1550123 United States04/29/2012 06:29 PM Report Abusive Post Report Copyright Violation | The sad fact which many homeowners in the USA dont realize is that they can spend 25 - 30 years paying off a mortgage and then have to sell the house to pay for their health care in their old age. Quoting: Anonymous Coward 6200427 Read the small print: Healthcare will NOT pay for you to be in a nursing home for 10 years if you have $X dollars in equity -i.e. your home. Way too many old people have ended up in a nursing home and have to pay extortionate prices for health care. I suppose that is what reverse mortgages are for but not sure. Probably best to sell the house by that time and get a small place to rent and live off the money from selling the house. Haven't researched that yet as I have a few years to go. |
tiger1  User ID: 6269153 United States04/29/2012 06:43 PM  Report Abusive Post Report Copyright Violation | Ok, so hubby and I want to buy. We are long-time renters and pay A LOT just to rent. Quoting: Inflation sucks... 1457789 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)? I am sure Canada has tax sale and real estate auctions like they do here in the states. Save a few thousand, and go to the tax sale or real estate auction. It is not too difficult to save the money up. Cut out anything that is not neccesary, and start to pile the money away. When you are ready to buy a starter home on the cheap, look at the properties available and research them well. Make sure there are no city citations on the property, cause if there is, skip that property. The trouble is not worth it, no matter how nice the house looks. Don't rush into buying, though, wait for the right house in fairly decent shape to come along. You can get real lucky, but be patient. My middle daughter and her husband bought the house across the alley from us for $2,600 at a tax sale. Except for the plumbing, all it needed was cosmetics. Praise God from Whom all Blessings flow !!! |
| Anonymous Coward User ID: 13376778  Canada04/30/2012 09:18 PM Report Abusive Post Report Copyright Violation | 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. Hey jackass how does renting come out ahead? Even if you pay $114,000 in interest you are still paying it on a house that you own and that you can sell to make back money you have put into it. If you are paying rent every month all you are doing is paying someone else's debt. So you live in a place for 30 years paying rent and you get to walk away with nothing. You buy a home and pay for 30 years than you get to sell and walk away with money. Oh and your logic behind having to pay property taxes and interest is flawed. You get to write those off in your federal taxes. What do you get to write off when you rent? Try not to be so stupid and think before you post. I could tell you a few stories about that statement. I want to hear the stories!!! Please share... |
| Anonymous Coward User ID: 13376778 Canada04/30/2012 11:51 PM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 13376778 Canada05/05/2012 11:13 PM Report Abusive Post Report Copyright Violation | |
| DrKnow User ID: 15334555  Mexico05/05/2012 11:41 PM Report Abusive Post Report Copyright Violation | A house is just a boat, that is permanently aground, in a BAD ANCHORAGE. I live on a huge sailboat. I own it. If I don't like the neighbors, I can move in an instant with no hassle. It needs no fuel to travel thousands of miles, as long as you are not in a big hurry. And getting there is way more than half the fun anyway. PT is the move: [link to ptclub.com] |
| Anonymous Coward User ID: 2926765 United States05/05/2012 11:47 PM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 15531531  Spain05/06/2012 12:04 AM Report Abusive Post Report Copyright Violation | 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. Ok, help me with the math on that. I don't follow... Rent = $1300 a month. Buy = $900 principle $600 interest $400 taxes $400 insurance ========== $2300 and you still don't 'own' the house -- property taxes have stolen the ability to 'own' any property. Then there is $300 maintenance $200 incidents $200 yard and sidewalk upkeep ========== $3000 a month What do you get? A place you cannot leave, in which you will go underwater, for which you must pay for the privilege of being made poor. Insanity. THIS IS MADDNESS!!!!! |
| Anonymous Coward User ID: 13376778 Canada05/06/2012 12:15 AM Report Abusive Post Report Copyright Violation | 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. Ok, help me with the math on that. I don't follow... Rent = $1300 a month. Buy = $900 principle $600 interest $400 taxes $400 insurance ========== $2300 and you still don't 'own' the house -- property taxes have stolen the ability to 'own' any property. Then there is $300 maintenance $200 incidents $200 yard and sidewalk upkeep ========== $3000 a month What do you get? A place you cannot leave, in which you will go underwater, for which you must pay for the privilege of being made poor. Insanity. THIS IS MADDNESS!!!!! So then is it better to just stay a renter my entire life? |
| Anonymous Coward User ID: 13376778 Canada05/06/2012 12:23 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 13376778 Canada05/06/2012 04:59 PM Report Abusive Post Report Copyright Violation | A house is just a boat, that is permanently aground, in a BAD ANCHORAGE. Quoting: DrKnow 15334555 I live on a huge sailboat. I own it. If I don't like the neighbors, I can move in an instant with no hassle. It needs no fuel to travel thousands of miles, as long as you are not in a big hurry. And getting there is way more than half the fun anyway. PT is the move: [link to ptclub.com] Sailboat is not a good idea. What about tsunamis? Also, the maintenance on a sailboat is just as bad, if not WORSE than owning a home! |
| Anonymous Coward User ID: 15628485 United States05/06/2012 05:22 PM Report Abusive Post Report Copyright Violation | Get a nice RV.Can get them a couple years old hardly used much cheaper than buying new.They are very comfortable and even renting in an RV park is cheaper than rent or you can just rent a lot to park them on.Go when you are tired of the place |
| Anonymous Coward User ID: 13376778 Canada05/06/2012 05:24 PM Report Abusive Post Report Copyright Violation | Get a nice RV.Can get them a couple years old hardly used much cheaper than buying new.They are very comfortable and even renting in an RV park is cheaper than rent or you can just rent a lot to park them on.Go when you are tired of the place Quoting: Anonymous Coward 15628485 I know, but what about the price of gas? Seems like that alone would make it a bad idea. |
| Anonymous Coward User ID: 2926765 United States05/06/2012 05:28 PM Report Abusive Post Report Copyright Violation | I used to own a home and now I rent an apartment. It's much cheaper to rent. Plus you have time to do what you want to do. Plus your free to move around the country. Quoting: Anonymous Coward 2926765 I agree with that, but what about never having any equity? That's the part that bothers me. I'd rather be happy and doing what I want to than have equity. I could die tomorrow. |
| Anonymous Coward User ID: 1550123 United States05/06/2012 05:30 PM Report Abusive Post Report Copyright Violation | ... Quoting: Anonymous Coward 7992805 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. Ok, help me with the math on that. I don't follow... Rent = $1300 a month. Buy = $900 principle $600 interest $400 taxes $400 insurance ========== $2300 and you still don't 'own' the house -- property taxes have stolen the ability to 'own' any property. Then there is $300 maintenance $200 incidents $200 yard and sidewalk upkeep ========== $3000 a month What do you get? A place you cannot leave, in which you will go underwater, for which you must pay for the privilege of being made poor. Insanity. THIS IS MADDNESS!!!!! So then is it better to just stay a renter my entire life? No, just don't buy an expensive house with high property taxes. Live below your means whatever you do. |
| Anonymous Coward User ID: 4674608  United Kingdom05/06/2012 05:43 PM Report Abusive Post Report Copyright Violation | no point buying if the value is not going to increase - and it isnt. rent umtil this fiancial shitstorm blows over and prices fall back to reality like 3-5x income. the only thing keeping the prices where they are is the banks. fake low interest rates and fake high prices. |
| Anonymous Coward User ID: 13376778 Canada05/06/2012 08:12 PM Report Abusive Post Report Copyright Violation | no point buying if the value is not going to increase - and it isnt. rent umtil this fiancial shitstorm blows over and prices fall back to reality like 3-5x income. the only thing keeping the prices where they are is the banks. fake low interest rates and fake high prices. Quoting: Anonymous Coward 4674608 That's the thing, though...it's a gamble! How do we know that the prices won't increase. Maybe they won't increase in the US, but what about Canada? |
