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Mortage vs Apartment living cost

 
CleverMoniker
User ID: 33226516
Canada
02/17/2013 01:10 PM
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Re: Mortage vs Apartment living cost
I used to think this way, then I realized you never own your home because of property taxes, stupid ordinances etc. The government owns your home you are still a renter.

 Quoting: Anonymous Coward 31197155


The difference being, I now have $150k to throw around, or retire with, or use to pay my rent for the next 15 years, or buy an RV and live off the grid, etc.

I'm sorry but giving someone else money instead of giving it to yourself never makes sense.
Anonymous Coward
User ID: 4298234
Korea, Republic of
02/17/2013 01:12 PM
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Re: Mortage vs Apartment living cost
The US economy is currently ruined from people buying shit they cannot afford.

This is 2013, not 2005.

These days investors will typically yank up any good property deal before it even hits the market.

Sometimes its better to let common sense override logic.
Anonymous Coward
User ID: 12064276
United States
02/17/2013 01:23 PM
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Re: Mortage vs Apartment living cost
if one plans to settle down for good then buying a home is not a bad option. but for someone who needs work/job [ in a different state -- some states lose jobs while others add-- must go where work is ] owning a house is not a good idea... can't just pack up and leave ...
Anonymous Coward
User ID: 17152779
United States
02/17/2013 01:25 PM
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Re: Mortage vs Apartment living cost
Owning a house and having a regular job ties one down to a single geographical location. No thanks, not for me.
Anonymous Coward
User ID: 31036137
United States
02/17/2013 02:15 PM
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Re: Mortage vs Apartment living cost
Mortgage payments build equity, rent is lost for good.

You can never get wealth back from renting. In the long term, home ownership can pay off if done right and not neglected or rented out to some ghetto people.

I've had my homes painted with feces all over, toilets stolen, entire radiators gone, ........

The worst was a slip n slide it on the hallway covered in beer and urine, the back bedroom was missing 1 wall, YES 1 entire wall with cement poured and flushed down all the drains. Just because I had to evict them for non payment over 6 months.


It is really hard to rent near a ghetto. Get one bad rental and your fucked!
 Quoting: --Voltaic--

As a renter I cannot imagine why you would purchase a rental property or any property anywhere near a "Ghetto". That being said I would never live anywhere near a "Ghetto". Ah, the idea of fast money. The economy is in it's death bed, don't be fooled into thinking it will get better. It can't at this point. Get out of the property while you still can, sorry for your loss.
 Quoting: STARLING


It doesn't always end bad, I was just stating the worst.

Some people check out great then invite family and trash the place. Sometimes you can't avoid it.

Multi Home units can make good money if handled properly. They just carry the poverty risk.
Anonymous Coward
User ID: 34623659
United States
02/17/2013 03:02 PM
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Re: Mortage vs Apartment living cost
There is a time to buy and a time to sell. Right now is certainly not a time to buy.
 Quoting: DIRTFARMER 33159260


Yes it is u DUMBASS, TIME TO BUY "NOT SELL"
Anonymous Coward
User ID: 34616334
United Kingdom
02/17/2013 03:12 PM
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Re: Mortage vs Apartment living cost
it's the same here in the UK. the flat i live in is apparently worth around £200k, so a standard death contract (mortgage) would cost me around £1200 per month. i actually pay £650 in rent per month. include the fact that UK house prices are around 3 times what historical norms suggest, and you have a winning tactic by renting and keeping the change in silver :)
CleverMoniker
User ID: 33226516
Canada
02/17/2013 03:29 PM
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Re: Mortage vs Apartment living cost
it's the same here in the UK. the flat i live in is apparently worth around £200k, so a standard death contract (mortgage) would cost me around £1200 per month. i actually pay £650 in rent per month. include the fact that UK house prices are around 3 times what historical norms suggest, and you have a winning tactic by renting and keeping the change in silver :)
 Quoting: Anonymous Coward 34616334


By 'flat' do you mean an apartment/condo?

Of course you shouldn't buy one of those. We're talking about houses. With yards. You'd have to be crazy to take out a mortgage on a single cell of a stackable storage box.
Anonymous Coward
User ID: 20574169
United States
02/17/2013 03:38 PM
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Re: Mortage vs Apartment living cost
 Quoting: Anonymous Coward 31197155


or buy an RV and live off the grid, etc.


 Quoting: CleverMoniker 33226516


Thats my plan when my house is paid for.
Anonymous Coward
User ID: 12432310
United States
02/17/2013 04:11 PM
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Re: Mortage vs Apartment living cost
 Quoting: Anonymous Coward 31197155


or buy an RV and live off the grid, etc.


 Quoting: CleverMoniker 33226516


Thats my plan when my house is paid for.
 Quoting: Anonymous Coward 20574169


Maybe this isn't the thread for it, but I'd really like to hear more reasons as to why RV living is an attractive option to home ownership or renting. I'm thinking about this option very soon if I can sell my house more than it is currently valued.
Anonymous Coward
User ID: 33147676
United States
02/17/2013 04:11 PM
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Re: Mortage vs Apartment living cost
pay off a house in 30 years, celebrate! get sick you can't make your property taxes, they TAKE it from you!!! The American Dream has always been a LIE! You are renting your/their house!! Just another LIE in the Matrix! Peace to All!
Anonymous Coward
User ID: 5387071
Costa Rica
02/17/2013 04:18 PM
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Re: Mortage vs Apartment living cost
Buying makes sense when:

You get a fantastic deal (rare unless cash buyer)
You have a family (stability is important to children)
You buy a triplex (let others pay off mortgage while you live free)

I bought my first triplex in 2005 with 0% down, $7,000 in closing costs and no pmi. Payment = 1900$/mo Rents 2012= $4400/mo

I lived there during college and actually made about 800$ month in addition to free housing. Great way to start in real estate.
Anonymous Coward
User ID: 34623659
United States
02/17/2013 04:21 PM
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Re: Mortage vs Apartment living cost
 Quoting: Anonymous Coward 31197155


or buy an RV and live off the grid, etc.


 Quoting: CleverMoniker 33226516


Thats my plan when my house is paid for.
 Quoting: Anonymous Coward 20574169


Maybe this isn't the thread for it, but I'd really like to hear more reasons as to why RV living is an attractive option to home ownership or renting. I'm thinking about this option very soon if I can sell my house more than it is currently valued.
 Quoting: Anonymous Coward 12432310


Diesel is very expensive, thaty'll be your biggest cost besides obviously the RV itself.
Anonymous Coward
User ID: 12432310
United States
02/17/2013 04:29 PM
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Re: Mortage vs Apartment living cost
...


or buy an RV and live off the grid, etc.


 Quoting: CleverMoniker 33226516


Thats my plan when my house is paid for.
 Quoting: Anonymous Coward 20574169


Maybe this isn't the thread for it, but I'd really like to hear more reasons as to why RV living is an attractive option to home ownership or renting. I'm thinking about this option very soon if I can sell my house more than it is currently valued.
 Quoting: Anonymous Coward 12432310


Diesel is very expensive, thaty'll be your biggest cost besides obviously the RV itself.
 Quoting: Anonymous Coward 34623659


Good point. I own a piece of property in a northern state - over 8 acres. Maybe I'll just plant myself there and live out of an RV or 5th-wheeler. With very little property taxes as it is (bare land), and no house taxes because of no house, yes, this might be the new way to live. Any one else thinking of doing this?
Anonymous Coward
User ID: 34623659
United States
02/17/2013 05:06 PM
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Re: Mortage vs Apartment living cost
you might be interested in something like this to put on that 8 acres!

[link to www.smallhousecatalog.com]

Theres lots of people that have done that
Anonymous Coward
User ID: 12432310
United States
02/17/2013 09:31 PM
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Re: Mortage vs Apartment living cost
you might be interested in something like this to put on that 8 acres!

[link to www.smallhousecatalog.com]

Theres lots of people that have done that
 Quoting: Anonymous Coward 34623659


Thanks. Am checking it out now. hf
Anonymous Coward
User ID: 25723103
United States
02/17/2013 10:06 PM
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Re: Mortage vs Apartment living cost
used to own straight up
never felt like I owned anything
house owns you
them taxes insurance fees etc like chain around my balls
plus to sell it, takes forever , fooken relatwhore fees
now renting
feels much better
freedom
Anonymous Coward
User ID: 1326056
United States
02/17/2013 10:17 PM
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Re: Mortage vs Apartment living cost
mortgage: 600$ monthly payment +

4,300 tax yearly/12months=358$

600+358= 958$

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?
 Quoting: Anonymous Coward 34588948


You're way off on your numbers dud.

First 4300 in taxes on a home with a $600 is too high. Second, your insurance is only $1200 or so a year, not much more than you should be paying in renter's insurance. If you don't have renter's insurance, you're not very bright anyway.

Further, you didn't factor in rent increases. You'll have LOTS of rent increases over the next 30 years as well as utility increases.
Anonymous Coward
User ID: 33389306
United States
02/17/2013 10:24 PM
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Re: Mortage vs Apartment living cost
The US economy is currently ruined from people buying shit they cannot afford.

This is 2013, not 2005.

These days investors will typically yank up any good property deal before it even hits the market.

Sometimes its better to let common sense override logic.
 Quoting: Anonymous Coward 4298234


Investors were buying in 2005 too. Some overbought of course but they were a significant factor in the market.
Anonymous Coward
User ID: 33389306
United States
02/17/2013 10:27 PM
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Re: Mortage vs Apartment living cost
...


Thats my plan when my house is paid for.
 Quoting: Anonymous Coward 20574169


Maybe this isn't the thread for it, but I'd really like to hear more reasons as to why RV living is an attractive option to home ownership or renting. I'm thinking about this option very soon if I can sell my house more than it is currently valued.
 Quoting: Anonymous Coward 12432310


Diesel is very expensive, thaty'll be your biggest cost besides obviously the RV itself.
 Quoting: Anonymous Coward 34623659


Good point. I own a piece of property in a northern state - over 8 acres. Maybe I'll just plant myself there and live out of an RV or 5th-wheeler. With very little property taxes as it is (bare land), and no house taxes because of no house, yes, this might be the new way to live. Any one else thinking of doing this?
 Quoting: Anonymous Coward 12432310


It's a good plan. Dig a well, dig a foundation and put down a prefab house (they make them in factories in Pennsylvania mostly), hook up to electric utility and internet, and you're set.
texan
User ID: 8037030
United States
02/17/2013 10:46 PM
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Re: Mortage vs Apartment living cost
Building codes and size requirements limit living cheap. Federal guidelines will restrict loans on homes that are not considered green, which has the insurance and taxing authorities foremost. I think it's best to buy a newer construction foreclosure that's small and energy efficient is you best bet. Keep your taxes, utilities and insurance the bare minimum. I lucked out and bought a house that is less than renting. Not my dream home, however it allows me to have other dreams.
Carina24

User ID: 34086608
United States
02/18/2013 09:31 AM
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Re: Mortage vs Apartment living cost
The best advice I received for this renting versus owning is, "long after the price is forgotten, lifestyle is remembered". You are not guaranteed a certain price when you go to sell.

I have done both. I have rented for 10 years with a golf course view, garage, crown moldings & many amenities for $1500monthly plus utilities. I had an exquisite view with 14 feet high ceilings. I rented a second time for over 10 years. Cute apartment but small with connecting garage & my utilities were very high.

Now I own, very nice home twice the square footage. But compared to the 2nd time I rented, my utilities in the house are 50% less than the 2nd time I rented. Some apartments have only single pane windows and no insulation. In addition, I still have all the amenities (pool & tennis courts). I also have an HOA. My HOA is well worth it. Contrary to negative popular belief, some HOA's are great. Mine is very reasonable & reasonably priced as years ago the HOA decided to manage it themselves. So this kept the cost down that would have been passed to the homeowners.

It is a choice. Do not think you are wasting money if you rent. Again another erroneous popular belief. After all, you need to live somewhere, so odds are you will be paying money. So consider the lifestyle and is it what you want? You choice is about lifestyle & memories.
Anonymous Coward
User ID: 31720647
United Kingdom
02/18/2013 01:07 PM
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Re: Mortage vs Apartment living cost
it's the same here in the UK. the flat i live in is apparently worth around £200k, so a standard death contract (mortgage) would cost me around £1200 per month. i actually pay £650 in rent per month. include the fact that UK house prices are around 3 times what historical norms suggest, and you have a winning tactic by renting and keeping the change in silver :)
 Quoting: Anonymous Coward 34616334


By 'flat' do you mean an apartment/condo?

Of course you shouldn't buy one of those. We're talking about houses. With yards. You'd have to be crazy to take out a mortgage on a single cell of a stackable storage box.
 Quoting: CleverMoniker 33226516


a two bedroom house with a garden where i live would cost probably $400,000

hence flats are the only option unless you're earning $75k+ per year, or there are two of you on more normal professional salaries, putting most of your salary towards the death contract. place i live in, a 2 bed room flat, would sell for maybe $300,000. i don't know what the average salary is these days in the US, over here it's around $30k to $35k for an office slave. so even that's a stretch, without 2 people paying it off.

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