Buying Vs Renting - House/Apartment etc

[SIXPAK GQ]

why is buying a house an all american dream? whats so special about it?

if you are renting, basically you are paying a lot less with no hassles, no need to worry about maintenence costs

I can see the benefits for buying - its ur own and u can modify it, houses can depreaciate and/or appreciate depending on the real estate market. Plus you are also building home equity

downsides of buying - high mortgage costs. What if you have to move or lose ur job?

discuss

[bigkid]

just live in a cardboard box :razz: :razz:

[FistaCuffs]

Buying is a much better option over renting if you have the funds. Instead of paying a rent you would be paying mortgage, which allows many possibiliets.

[SIXPAK GQ]

Buying is a much better option over renting if you have the funds. Instead of paying a rent you would be paying mortgage, which allows many possibiliets.


elaborate.

[FistaCuffs]

elaborate.

Overall it really depends on your personal finances and situation.

[laal mia]

why is buying a house an all american dream? whats so special about it?

if you are renting, basically you are paying a lot less with no hassles, no need to worry about maintenence costs

I can see the benefits for buying - its ur own and u can modify it, houses can depreaciate and/or appreciate depending on the real estate market. Plus you are also building home equity

downsides of buying - high mortgage costs. What if you have to move or lose ur job?

discuss
well insted of throwing ur money away, add a little bit more. and u can have something of ur own. im a loan officer/realtor, there are adjustable loans. with very low payments.

[musicchic33]

it's just the satisfaction of knowing its yours.

[metaGlass]

It depends on a bunch of factors, but the general rule of thumb that the older you get, the better idea it is to buy a house is true.

When you rent, you're tossing your money into a black hole. When you make a mortgage payment, you're building equity and investing your money into a sellable asset. The only time renting would probably be better then buying is if you don't know where you're going to be two years from now.

[laal mia]

if anybody wanna buy/sell propertys come to me ill hook u up

[SIXPAK GQ]

Overall it really depends on your personal finances and situation.

true...but no job is stable in this economy.....and people relocate a lot these days.

[SIXPAK GQ]

well insted of throwing ur money away, add a little bit more. and u can have something of ur own. im a loan officer/realtor, there are adjustable loans. with very low payments.


we are talking double or almost double the rent for mortgage payments..

house typically has high maintenence, yark work, high electricity/gas bill.

[xbadkarmax]

When you rent, you will never come to a point where you'll have to stop paying someone, ever. In the long run, it's more expensive. (Yes I've kept in mind the other costs of home ownership after paying it off.)

Same thing with leasing a car and buying one. I'd rather buy it. (talking about money wise, only).

[SIXPAK GQ]

it's just the satisfaction of knowing its yours.


weak statement

[laal mia]

true...but no job is stable in this economy.....and people relocate a lot these days.
well look at it this way, how long do stay in a house max. 4...5 years then ppl usually move

[SIXPAK GQ]

It depends on a bunch of factors, but the general rule of thumb that the older you get, the better idea it is to buy a house is true.

When you rent, you're tossing your money into a black hole. When you make a mortgage payment, you're building equity and investing your money into a sellable asset. The only time renting would probably be better then buying is if you don't know where you're going to be two years from now.

what if ur moving frequently? or have a unstable job? even though ur throwing money away for rent...its a lot cheaper...dont need to worry about maintenence.....

[laal mia]

we are talking double or almost double the rent for mortgage payments..

house typically has high maintenence, yark work, high electricity/gas bill.
well buying a house is totally up to the person. if u want one there are lot of ways

[SIXPAK GQ]

When you rent, you will never come to a point where you'll have to stop paying someone, ever. In the long run, it's more expensive. (Yes I've kept in mind the other costs of home ownership after paying it off.)

Same thing with leasing a car and buying one. I'd rather buy it. (talking about money wise, only).

most buyers take about 20-30 years to pay off mortages.....by that time, they sell their house then u start all over....in the long run how is renting expensive...?

[SIXPAK GQ]

well look at it this way, how long do stay in a house max. 4...5 years then ppl usually move

yea..then buying is definately not an option

[laal mia]

yea..then buying is definately not an option well ok let me give u my example, in last 7 years i moved 2 times. i had lot of equity of those propertys. why not make some money out of it. u just have to know wat u doing thats all

[xbadkarmax]

most buyers take about 20-30 years to pay off mortages.....by that time, they sell their house then u start all over....in the long run how is renting expensive...?
Because after you pay off your mortgage, it stays yours and you don't pay for people who decide to live in it. With renting, you will pay your entire life.

So obviously, if you want to move around and never want to stay in the same place, renting is their decision. But for people who want to live in the same house once they pay it off, buying is key. And that is why alot of people buy. Paying off the car, and house, is key :)

But for someone like you, renting would be better.

[Irreligious Left]

It depends on a bunch of factors, but the general rule of thumb that the older you get, the better idea it is to buy a house is true.

When you rent, you're tossing your money into a black hole. When you make a mortgage payment, you're building equity and investing your money into a sellable asset. The only time renting would probably be better then buying is if you don't know where you're going to be two years from now.

Credited, but the OP is a maroon who won't understand what you are saying.

[FistaCuffs]

true...but no job is stable in this economy.....and people relocate a lot these days.

Not true, self employment can be very stable...
If you move around frequently, have credit problems or cant afford the home you want you could be better off renting. But on the same hand when renting you are throwin away money each month. On the other hand real estate and mortgage taxes are tax deductible. Generally speaking owning a home can be a sound investment, As you pay down your mortgage you also are building equity, and have the ability to increase the home value over time.

[SIXPAK GQ]

well ok let me give u my example, in last 7 years i moved 2 times. i had lot of equity of those propertys. why not make some money out of it. u just have to know wat u doing thats all

people say buying a house is an investment. its really not.

not if u are living in it....

[xbadkarmax]

You know what, I would rather buy a condo. There are some around here... I can't say it's the same for every other place in the USA, but, once you buy a condo, you don't have to worry about maintenance either, and you also don't pay after a certain period once you own it, except for maybe small fees. I want to do that. Plus you can simply do what you want with the place, and the ammenities and what not are all there. I think it's a win win situation for a person with a small family :dunno:

[SIXPAK GQ]

Because after you pay off your mortgage, it stays yours and you don't pay for people who decide to live in it. With renting, you will pay your entire life.

So obviously, if you want to move around and never want to stay in the same place, renting is their decision. But for people who want to live in the same house once they pay it off, buying is key. And that is why alot of people buy. Paying off the car, and house, is key :)

But for someone like you, renting would be better.

car is something i would buy not lease though. my rent is very low...although houses are cheap anyways in Houston areas. but if you still have to make sure that your job is going to close to ur house and very long term.....

[laal mia]

people say buying a house is an investment. its really not.

not if u are living in it....
i dont get it wats ur point???

[xbadkarmax]

i dont get it wats ur point???
I guess he's saying a house is only an investment if you don't live in it, which is not correct.

[FistaCuffs]

people say buying a house is an investment. its really not.

not if u are living in it....


why not, I have a home and and if i decide to sell it tomorow, I will get back more money than I have put in. Where as if I was renting for however long a time and then decide to leave all of that rent is gone.

[laal mia]

did u guys know that there are loans with 1%interest on a 80% loan

[SIXPAK GQ]

Not true, self employment can be very stable...
If you move around frequently, have credit problems or cant afford the home you want you could be better off renting. But on the same hand when renting you are throwin away money each month. On the other hand real estate and mortgage taxes are tax deductible. Generally speaking owning a home can be a sound investment, As you pay down your mortgage you also are building equity, and have the ability to increase the home value over time.

in this economy nothing is stable. not even self employment. look in the stats of how many jobs does a average american have in their lifetime. buying is a very good option if u have a job that is close by and very stable and have good income coming in to pay that mortgage off comfortably.

[SIXPAK GQ]

You know what, I would rather buy a condo. There are some around here... I can't say it's the same for every other place in the USA, but, once you buy a condo, you don't have to worry about maintenance either, and you also don't pay after a certain period once you own it, except for maybe small fees. I want to do that. Plus you can simply do what you want with the place, and the ammenities and what not are all there. I think it's a win win situation for a person with a small family :dunno:


well do u get the same benefits as buying a home? are u paying mortgage on it? building home equity? will it appreciate like the houses?

[SIXPAK GQ]

i dont get it wats ur point???


well if u get a renter in that home then its a investment. like a roomate or soemthing . if u dont keep up with the maintenence, it wont appreaciate

[SIXPAK GQ]

why not, I have a home and and if i decide to sell it tomorow, I will get back more money than I have put in. Where as if I was renting for however long a time and then decide to leave all of that rent is gone.


a 21 year old in nyc have a house??

[FistaCuffs]

in this economy nothing is stable. not even self employment. look in the stats of how many jobs does a average american have in their lifetime. buying is a very good option if u have a job that is close by and very stable and have good income coming in to pay that mortgage off comfortably.

I have deffinately been simplifying things and putting my personal life into this, A person interested in owning a home or even business at that, need the proper funds and income to make it work.

[SIXPAK GQ]

I have deffinately been simplifying things and putting my personal life into this, A person interested in owning a home or even business at that, need the proper funds and income to make it work.

i guess one should rent to start out then when you have money saved up with stable income then you should consider buying a house

[FistaCuffs]

a 21 year old in nyc have a house??

I was speaking of my home in CT, but I am very interested in buying a condominium here in Manhattan within the next year. I am only planning on living here for 3-5 more years and then would rent the condo out untill I sell it or decide to move back.

[SIXPAK GQ]

renting is typically cheaper..u may be throwing money away..but u will have more disposble cash to spend then when ur paying that mortgage with same income

[SIXPAK GQ]

I was speaking of my home in CT, but I am very interested in buying a condominium here in Manhattan within the next year. I am only planning on living here for 3-5 more years and then would rent the condo out untill I sell it or decide to move back.


what do u do for a living? real estate in NY and CT is ridiculous. the price u will pay for that condo in NY will be like mansion in Texas.

[laal mia]

well if u get a renter in that home then its a investment. like a roomate or soemthing . if u dont keep up with the maintenence, it wont appreaciate
dude just think bout all the money u will be making when u sell it, if u have gud equity on it. maintenence like wat, everything is fixeble. u wont even feel the maintenence bill. in real estate u either win or loose. u really have to know wat u doing??? i learned lot of things in a short period of time doing realestate.

[laal mia]

renting is typically cheaper..u may be throwing money away..but u will have more disposble cash to spend then when ur paying that mortgage with same income
again if u wanna own a house, there are lot of ways. all u gotta have is gud credit.

[Rcade]

why is buying a house an all american dream? whats so special about it?

if you are renting, basically you are paying a lot less with no hassles, no need to worry about maintenence costs

I can see the benefits for buying - its ur own and u can modify it, houses can depreaciate and/or appreciate depending on the real estate market. Plus you are also building home equity

downsides of buying - high mortgage costs. What if you have to move or lose ur job?

discuss

you don't get any equity in renting....the house i live in was ~750 k a year ago, now its worth a little over a mill....so my folks made ~300k in one year by doing nothing

[FistaCuffs]

i guess one should rent to start out then when you have money saved up with stable income then you should consider buying a house

Exactly, personally I think a person should save up atleast double of what the downpayment is before they think of buying a home.

[SIXPAK GQ]

lot of people live paycheck to paycheck and they own a home..not good!..


i would rather rent , pay low..and have lots of disposable cash

[laal mia]

Exactly, personally I think a person should save up atleast double of what the downpayment is before they think of buying a home.
i could get u property with 0 down payment 100%loan, yes the interest gonna be little high, but there are ways

[snoop786]

.In America you can buy anything you want the fact is that most people don't get it is you have to work like a dog to pay off your house even though you own your house you still have to pay closing cost and tax and some other rip off shit that does not make sense. It will better for me to own a house in Mexico or some third world nation as America suck your blood. America is debt nation period

[SIXPAK GQ]

you don't get any equity in renting....the house i live in was ~750 k a year ago, now its worth a little over a mill....so my folks made ~300k in one year by doing nothing


that depends on location, timing and how the market is.....gotta get lucky

[metaGlass]

what if ur moving frequently? or have a unstable job? even though ur throwing money away for rent...its a lot cheaper...dont need to worry about maintenence.....
Maintainance costs are usually built into the monthly rent payment. If you move around a lot, then getting an apartment might be a good idea. It depends on your career demands obviously, but there aren't that many people around that would come out ahead in the long run without buying a house.

[laal mia]

lot of people live paycheck to paycheck and they own a home..not good!..


i would rather rent , pay low..and have lots of disposable cash
give me an example how much do u pay normal rent???

[SIXPAK GQ]

.In America you can buy anything you want the fact is that most people don't get it is you have to work like a dog to pay off your house even though you own your house you have to pay closing cost and tax does not make sense. It will better for me to own a house in Mexico or some third world nation as America suck your blood. America is debt nation period


the dollar has high value.. buying a home in USA is better off then any country in the world

[FistaCuffs]

what do u do for a living? real estate in NY and CT is ridiculous. the price u will pay for that condo in NY will be like mansion in Texas.

Im in private business. Its very true that property value in CT and especially Manhattan is ridiculously high, for example for the type of condos Im looking for run about $1000 per square foot. But the great thing about NYC is that I know the property value is not going to go down. And lets say in five years I want to sell and its still at a level price, I can just wait a few more years till it does go up. And it will.

[xbadkarmax]

well do u get the same benefits as buying a home? are u paying mortgage on it? building home equity? will it appreciate like the houses?
You get the benefits that I want from an apartment, and the same principles and benefits of a home. Your money won't get sucked into a hole, AND you also don't have to worry about maintenance + you can do what you want in it, more so than the apartment :D Plus they all come with better amenities.

[snoop786]

The wise choice is to buy empty lands in down south and far west trust me my uncle made about 20k profit on his empty lands

[metaGlass]

most buyers take about 20-30 years to pay off mortages.....by that time, they sell their house then u start all over....in the long run how is renting expensive...?

http://www.google.com/search?hl=en&lr=&q=define%3A+equity&btnG=Search

You're thinking of cash as your only asset. Buying a house is an investable asset, while rent is a liability.

[FistaCuffs]

You get the benefits that I want from an apartment, and the same principles and benefits of a home. Your money won't get sucked into a hole, AND you also don't have to worry about maintenance + you can do what you want in it, more so than the apartment :D Plus they all come with better amenities.


Its not true for all condos, for example condos in my area tend to have monthly maintenace fees.

[SIXPAK GQ]

You get the benefits that I want from an apartment, and the same principles and benefits of a home. Your money won't get sucked into a hole, AND you also don't have to worry about maintenance + you can do what you want in it, more so than the apartment :D Plus they all come with better amenities.


cool..i will look into this......how much are the condos in Sugarland? Houston?

[xbadkarmax]

cool..i will look into this......how much are the condos in Sugarland? Houston?
To be honest, I'm not too sure on the price, but I think it would be perfect for you. There are some in Town Square, Sugarland... right where you have that Chipotle, Ben and Jerry's, and it's right on 59. Great property, and the value will only go up. They have their own gym as well, which is included, plus the great view.

A real panty dropper :-P

[xbadkarmax]

Its not true for all condos, for example condos in my area tend to have monthly maintenace fees.
How much, in relation to the actual cost of the condo, would it be, ratio wise? Not that much in relation, right?

[SIXPAK GQ]

http://www.google.com/search?hl=en&lr=&q=define%3A+equity&btnG=Search

You're thinking of cash as your only asset. Buying a house is an investable asset, while rent is a liability.


rent is not a liability. b.c u pay ur rent every month, the rent is paid off.

when you get a loan for the mortgage, thats a liability, ur in debt!
i rather 50K of disposable cash then 50K house

[SIXPAK GQ]

To be honest, I'm not too sure on the price, but I think it would be perfect for you. There are some in Town Square, Sugarland... right where you have that Chipotle, Ben and Jerry's, and it's right on 59. Great property, and the value will only go up. They have their own gym as well, which is included, plus the great view.

A real panty dropper :-P


definately not want to buy anything in Sugar Land, its pricey...

Katy, Tomball area sounds good...its growing

[FistaCuffs]

cool..i will look into this......how much are the condos in Sugarland? Houston?

You should really talk to real estate brokers in your area or area you want to live and get more specific info. Im not gonna ask what your financial information is, but you should base your options on that. Just remember when buying make sure you have plenty saved up beforehand.

[Rcade]

that depends on location, timing and how the market is.....gotta get lucky

its not as complicated as u think....the value of a house will rise after some time...its a good way to make money over the long term, better than putting in the bank ....rent only if u HAVE to, o/w buy buy buy RE. <--live by that rule and you'll be a rich man

[SIXPAK GQ]

You should really talk to real estate brokers in your area or area you want to live and get more specific info. Im not gonna ask what your financial information is, but you should base your options on that. Just remember when buying make sure you have plenty saved up beforehand.

typiclly ur suppose to put down 20% of a house right? even then, it doesnt make any sense...why not put 0 down and just pay the monthly mortgage..it might be a little higher, but u will have that same cash asset in ur bank

[SIXPAK GQ]

its not as complicated as u think....the value of a house will rise after some time...its a good way to make money over the long term, better than putting in the bank ....rent only if u HAVE to, o/w buy buy buy RE. <--live by that rule and you'll be a rich man


i think for long term........401K, IRA, Roth IRA, mutual funds, CD's, Bonds etc...are very good investments...

[SIXPAK GQ]

its not as complicated as u think....the value of a house will rise after some time...its a good way to make money over the long term, better than putting in the bank ....rent only if u HAVE to, o/w buy buy buy RE. <--live by that rule and you'll be a rich man


o/w buy buy buy RE. ?????

[FistaCuffs]

How much, in relation to the actual cost of the condo, would it be, ratio wise? Not that much in relation, right?

on average around 1000 a month

[FistaCuffs]

typiclly ur suppose to put down 20% of a house right? even then, it doesnt make any sense...why not put 0 down and just pay the monthly mortgage..it might be a little higher, but u will have that same cash asset in ur bank

If you dont put down a downpayment, the seller probley wont sell to you.

[SIXPAK GQ]

currently i pay $549 a month for 2 bed/2 bath, 1000 sq/feet apartment which was built 5 years ago in a middle-upper class neihborhood....good deal right?

[Rcade]

i think for long term........401K, IRA, Roth IRA, mutual funds, CD's, Bonds etc...are very good investments...

nothing beats RE....trust me on this one....look into it a bit more....by long term i mean like 10 yrs, but u can make a lot of equity in that ten years

[SIXPAK GQ]

If you dont put down a downpayment, the seller probley wont sell to you.

why is that? trust issue? what if my credit is excellent?

[SIXPAK GQ]

nothing beats RE....trust me on this one....look into it a bit more....by long term i mean like 10 yrs, but u can make a lot of equity in that ten years


what is RE?

[SIXPAK GQ]

why do people live in luxury apartments and pay rent as high as mortgages?

[FistaCuffs]

currently i pay $549 a month for 2 bed/2 bath, 1000 sq/feet apartment which was built 5 years ago in a middle-upper class neihborhood....good deal right?

OMG, you have no idea how nice that sounds.

[metaGlass]

rent is not a liability. b.c u pay ur rent every month, the rent is paid off.

when you get a loan for the mortgage, thats a liability, ur in debt!
i rather 50K of disposable cash then 50K house

I said it's an investable asset, in that you're basically putting your cash away in another form until you want to liquidate it in the future. Yes, you are taking on a recurring cash liability in both cases, with a house being long-term.

If you can't meet rent obligations though, you're stuck, you don't really have a way out and you get an eviction on your record. If you have a house, you can put it on the market and hope it sells (or it gets foreclosed).

[SIXPAK GQ]

OMG, you have no idea how nice that sounds.



are u being sarcastic or serious?

[Rcade]

o/w buy buy buy RE. ?????

yes....RE is real estate

if you invest in ten houses, no money down...over ten yrs, you make 100k equity on each house; it'll me more than that most likely, but even if you make 100 k minimum on each house...thats 1 million

[SIXPAK GQ]

I said it's an investable asset, in that you're basically putting your cash away in another form until you want to liquidate it in the future. Yes, you are taking on a recurring cash liability in both cases, with a house being long-term.

If you can't meet rent obligations though, you're stuck, you don't really have a way out and you get an eviction on your record. If you have a house, you can put it on the market and hope it sells (or it gets foreclosed).

rent obigation for what?

[FistaCuffs]

are u being sarcastic or serious?
Serious as a heart attack....try 2600 for 2 bedroom.

[FistaCuffs]

rent obigation for what?
I think he means rent.

[SIXPAK GQ]

Serious as a heart attack....try 2600 for 2 bedroom.

i know how u feel..i grew up in California, same lifestle as NY...u see its a give and take issue. NYC is one of the most popular cities int he world...there is so much stuff to do there, its a tourist attraction..people want to pay for that kind of entertainment to live there...same for Cali.... Texas is nowhere near what NY and Cali has to offer..and Texas has lot of land open....to tell u the truth i am living in Texas b/c of my good paying job vs the low cost of living......working for minimum in Texas will pay ur bills but in NYC u will be homeless working at mc'd!

[SIXPAK GQ]

I think he means rent.


rent obligation for what? getting denied to rent?

[SIXPAK GQ]

yes....RE is real estate

if you invest in ten houses, no money down...over ten yrs, you make 100k equity on each house; it'll me more than that most likely, but even if you make 100 k minimum on each house...thats 1 million


gotta have capital to buy those investments...be realistic!

[FistaCuffs]

i know how u feel..i grew up in California, same lifestle as NY...u see its a give and take issue. NYC is one of the most popular cities int he world...there is so much stuff to do there, its a tourist attraction..people want to pay for that kind of entertainment to live there...same for Cali.... Texas is nowhere near what NY and Cali has to offer..and Texas has lot of land open....to tell u the truth i am living in Texas b/c of my good paying job vs the low cost of living......working for minimum in Texas will pay ur bills but in NYC u will be homeless working at mc'd!


Ya I love the city, no where I would rather live, but I know in about 3-5 years Im going to move out to Jersey or CT where I can build some serious funds. And hopefully one day move back to NYC.

[SIXPAK GQ]

Ya I love the city, no where I would rather live, but I know in about 3-5 years Im going to move out to Jersey or CT where I can build some serious funds. And hopefully one day move back to NYC.


unless ur making 75K plus in NY.i dont think its a good idea to live there financially..no matter how much u love the place..

[FistaCuffs]

unless ur making 75K plus in NY.i dont think its a good idea to live there financially..no matter how much u love the place..

If your makin 75k you can live in NYC, just not Manhattan.

[Rcade]

gotta have capital to buy those investments...be realistic!

start with one house, and slowly build your assets...if you have good credit, and can get 95% loan on a 150k house (not an expert on loans), u pay ~ 7k down.
if you buy a house as an investment property, hire an agency to find you ppl to rent your home out to..so they'll be paying your monthy payments, while you get the equity gains

[SIXPAK GQ]

If your makin 75k you can live in NYC, just not Manhattan.


manhattan has a higher cost of living then nyc?

[SIXPAK GQ]

start with one house, and slowly build your assets...if you have good credit, and can get 95% loan on a 150k house (not an expert on loans), u pay ~ 7k down.
if you buy a house as an investment property, hire an agency to find you ppl to rent your home out to..so they'll be paying your monthy payments, while you get the equity gains


daym ..i am looking for forward to buying a new BMW...and putting 10K ..i know bad investment right

[MrT]

Why not buy a house and rent out the basement or something?

[bigkid]

go for the property over a car, if u get a good price take some cash out and then get the car.if u like to move around a lot leave the equity for when u move again.

and TX is pretty inexpensive for some serious sq ft. if your worried about maintenance get a managed property with a HomeOwnersAssociation. then
all u gotta do is pay the HOA fee monthly and they cover it all.

[SIXPAK GQ]

go for the property over a car, if u get a good price take some cash out and then get the car.if u like to move around a lot leave the equity for when u move again.

and TX is pretty inexpensive for some serious sq ft. if your worried about maintenance get a managed property with a HomeOwnersAssociation. then
all u gotta do is pay the HOA fee monthly and they cover it all.

i am usually never home........so i wont get to enjoy the house..

[bigkid]

i am usually never home........so i wont get to enjoy the house..
that makes paying rent even worse imo

best thing to do is rent out rooms in the house
this way it pays for itself, but have someone else
handle it for you, u can live secretly as the owner.

[SIXPAK GQ]

that makes paying rent even worse imo

best thing to do is rent out rooms in the house
this way it pays for itself, but have someone else
handle it for you, u can live secretly as the owner.


but i paying 2x as less though then if i were to own a house. thats half more cash i would have left over annually.

[Felonius Monk]

Have to share this quote

"The economy is booming! More Americans than ever before think they own their homes."

[SIXPAK GQ]

Have to share this quote

"The economy is booming! More Americans than ever before think they own their homes."


economy has its ups and down....

[metaGlass]

rent obligation for what? getting denied to rent?
No, just rent. By "rent obligation" I mean you are legally required to pay rent on a specified schedule. If you can't pay then you get evicted, and it goes on your record. With a house, if you can't make a mortgage payment, you can negotiate a bit with your bank and work out an agreement where you can either reduce payment and increase interest or whatever, or just sell the house and get most of your money back.

[SIXPAK GQ]

No, just rent. By "rent obligation" I mean you are legally required to pay rent on a specified schedule. If you can't pay then you get evicted, and it goes on your record. With a house, if you can't make a mortgage payment, you can negotiate a bit with your bank and work out an agreement where you can either reduce payment and increase interest or whatever, or just sell the house and get most of your money back.

you get interest and other charges if you dont pay mortgage on time.

[pakigirl497]

currently i pay $549 a month for 2 bed/2 bath, 1000 sq/feet apartment which was built 5 years ago in a middle-upper class neihborhood....good deal right?
WOW Thats EXTREMELY CHEAP!...
I live in a shitty 2 bedroom , 1 bathroom apartment. Electricity not included
$1000 a month!

[SIXPAK GQ]

WOW Thats EXTREMELY CHEAP!...
I live in a shitty 2 bedroom , 1 bathroom apartment. Electricity not included
$1000 a month!

Most apartments do not pay for Electricity. I have to pay the Electric bill seperate but its not a lot anyways.

[SIXPAK GQ]

WOW Thats EXTREMELY CHEAP!...
I live in a shitty 2 bedroom , 1 bathroom apartment. Electricity not included
$1000 a month!


is ur apartment luxury? great location? various services?

[pakigirl497]

Most apartments do not pay for Electricity. I have to pay the Electric bill seperate but its not a lot anyways.
well electricity ends up being about $75 a month

[pakigirl497]

is ur apartment luxury? great location? various services?
its the shittiest ever! the cheapest around though

[SIXPAK GQ]

well electricity ends up being about $75 a month


thats pretty good for the summer......

[SIXPAK GQ]

its the shittiest ever! the cheapest around though

what part of utah?

[pakigirl497]

what part of utah?
lolz i aint in utah
im in VA

[SIXPAK GQ]

lolz i aint in utah
im in VA

what part?

[SIXPAK GQ]

lolz i aint in utah
im in VA
ur profile said utah

[pakigirl497]

ur profile said utah
i know

[Rcade]

just take this lesson from this thread...if you can, always buy...renting is for losers...95% of millionaires got their millions through real estate...remember that.

i'd cite the source for that....its some book, i cant remember the author, but its legit.

[bigr0ck]

well if u get a renter in that home then its a investment. like a roomate or soemthing . if u dont keep up with the maintenence, it wont appreaciate

yes..it can.

We bought a house in NY in 97 for 240k and sold it in 04 for 620k with no imporvements done to the house.

[bigr0ck]

and now the same house is worth close 800k

[bigkid]

but i paying 2x as less though then if i were to own a house. thats half more cash i would have left over annually.
explore your options, u certainly dont want to change your lifestyle
or habits for a mortgaged roof over your head.

pay zero down get a fixed rate and avoid pre-payment penalties
my cousin is a mortgage broker and he is national so if u want
his number i can give it to you. he can do it all anyone gets approved

[lookman]

best option is to have ur own....
so always try to buy things :dance3:

[reaz]

why is buying a house an all american dream? whats so special about it?

if you are renting, basically you are paying a lot less with no hassles, no need to worry about maintenence costs

I can see the benefits for buying - its ur own and u can modify it, houses can depreaciate and/or appreciate depending on the real estate market. Plus you are also building home equity

downsides of buying - high mortgage costs. What if you have to move or lose ur job?

discuss

It's an american dream because it's your own home. Anyway, it's all ads.

If you're renting you're not paying a lot less. My friend is paying $1000 overall monthly for a new 2 bedroom condo that he bought. This includes homeowner's insurances, fees and tax. And there is the down payment. The thing is .. at the end of the day the house is his. If he rents he would pay $900 to live in the same apt but the apt would not become his.

There are no real downsides of buying. If you have to move you can sell off your house. Houses appreciate most of the time unless you happen to leave it in a very bad state.

[dj XeNo]

why is buying a house an all american dream? whats so special about it?

if you are renting, basically you are paying a lot less with no hassles, no need to worry about maintenence costs

I can see the benefits for buying - its ur own and u can modify it, houses can depreaciate and/or appreciate depending on the real estate market. Plus you are also building home equity

downsides of buying - high mortgage costs. What if you have to move or lose ur job?

discuss

houses do not depreciate in value unless some type of natural disaster wipes out the entire block where your house sits in...

I bought a house six months ago and it's already up 10g's.

[jspot]

In the last 3 years my house has doubled in value.

owning property has always been a way to wealth.

renters make owners wealthy.

[metaGlass]

you get interest and other charges if you dont pay mortgage on time.

Yeah, same goes for an apartment, most places will level a late fee. The difference is that you get more flexibility in mortgage payments. You can always sell your house if you can't really afford it.

[dj XeNo]

Yeah, same goes for an apartment, most places will level a late fee. The difference is that you get more flexibility in mortgage payments. You can always sell your house if you can't really afford it.

also you risk being evicted

[SexyTemptress]

maintenance is still cheaper than throwing money down the drain as you do in renting.

[TaCoMaStUd]

depends on your situation and it depends on the economy.

[SIXPAK GQ]

depends on your situation and it depends on the economy.


true..especially if u r living with roomates..think about..ur splitting rents! so imagine renting a 1 bedroom $400/month rent.....2 people in it..thats only $200 ur paying....

[reaz]

true..especially if u r living with roomates..think about..ur splitting rents! so imagine renting a 1 bedroom $400/month rent.....2 people in it..thats only $200 ur paying....

You could buy a 1 bedroom condo and split with a room mate and you know what.. it would come out to the same cost but you'd own a property at the end..

my friend bought a 2 bedroom condo.. his monthly expenditure comes to a little less than $1000.. an average 2/2 costs $1000 in austin easily.

So all he has to do is rent out a room (which he is going to do) and he's pretty much paying the same as he was paying. Except he gets to own the condo.

Yes, it's true that he put in a down payment but since he owns the property as a result of that down payment it's worth it. If he leaves the property, he'll get that down payment back as well as the equity gain on that property. It's a win win situation really.

Renting is only good for ppl who have very short term ( < 2 years) plans because taxes cut into your equity gain.

[SIXPAK GQ]

You could buy a 1 bedroom condo and split with a room mate and you know what.. it would come out to the same cost but you'd own a property at the end..

my friend bought a 2 bedroom condo.. his monthly expenditure comes to a little less than $1000.. an average 2/2 costs $1000 in austin easily.

So all he has to do is rent out a room (which he is going to do) and he's pretty much paying the same as he was paying. Except he gets to own the condo.

Yes, it's true that he put in a down payment but since he owns the property as a result of that down payment it's worth it. If he leaves the property, he'll get that down payment back as well as the equity gain on that property. It's a win win situation really.

Renting is only good for ppl who have very short term ( < 2 years) plans because taxes cut into your equity gain.


yea....or he can rent 2 people in there...and let them pay full mortgage..and the owner would not pay a penny....he can live in the garage or something lol....

[reaz]

yea....or he can rent 2 people in there...and let them pay full mortgage..and the owner would not pay a penny....he can live in the garage or something lol....

he bought a condo. so no garage.

but yea.. he could rent out both the rooms and just own the property as an investment.. but he wanted a place to live in and that's why he's occupying one room..

i would do the same.. and eventually move out if i found a better place to live and someone else to occupy the room i lived in..

i live near ut austin.. so i'd look for condos in the area so that i could rent them out to students..

[SIXPAK GQ]

he bought a condo. so no garage.

but yea.. he could rent out both the rooms and just own the property as an investment.. but he wanted a place to live in and that's why he's occupying one room..

i would do the same.. and eventually move out if i found a better place to live and someone else to occupy the room i lived in..

i live near ut austin.. so i'd look for condos in the area so that i could rent them out to students..
awesome deal man......actually College STation, TX sounds good too...

u could party all day and let them pay ur mortgage......

[reaz]

awesome deal man......actually College STation, TX sounds good too...

u could party all day and let them pay ur mortgage......


you cant party in college station....there's nothing but a&m and cattle there..

[bigkid]

It's an american dream because it's your own home. Anyway, it's all ads.

If you're renting you're not paying a lot less. My friend is paying $1000 overall monthly for a new 2 bedroom condo that he bought. This includes homeowner's insurances, fees and tax. And there is the down payment. The thing is .. at the end of the day the house is his. If he rents he would pay $900 to live in the same apt but the apt would not become his.

There are no real downsides of buying. If you have to move you can sell off your house. Houses appreciate most of the time unless you happen to leave it in a very bad state.
also if a lot of other houses or condo's are for sale in close proximity
that drives the price down and your property will lose value, if anything
real estate should be looked at as a long term investment.

If you invest smart then in 10 years you can easily double your value.
Renting is a good way because more ppl can rent opposed to owning.

[TaCoMaStUd]

my cousin's rent is 700, our mortgage is 800+ difference of 100+ bux, in that case i rather own a home instead of renting

if mortgages were between 800-1000 and rent was between 400-600 then rent would be the way to go(but that only depends on the person)

[SIXPAK GQ]

my cousin's rent is 700, our mortgage is 800+ difference of 100+ bux, in that case i rather own a home instead of renting

if mortgages were between 800-1000 and rent was between 400-600 then rent would be the way to go(but that only depends on the person)

in my neiborhood...mortage can run anywhere from 800+.....rent is 549 for me. but i pay half of that too.......

[reaz]

in my neiborhood...mortage can run anywhere from 800+.....rent is 549 for me. but i pay half of that too.......

mortagages can run even lower..

i've seen mortgages in the 200-300 range too.. and rent in those homes are in the $400 range..

if you are paying 549 for a 1/1 chances are the mortgage on that is no more than 300. add insurance and tax onto that and it will probably be a bit more..

in the end the rent is always more than the mortgage.. the owner is not doing you a favour by renting it out.. he's making money off of you..

[bigkid]

in my neiborhood...mortage can run anywhere from 800+.....rent is 549 for me. but i pay half of that too.......
thats soo ghetto man u share a 1 bedroom :razz: :razz:

i seriously hope your rooming with a gf :roflbow:

[SIXPAK GQ]

thats soo ghetto man u share a 1 bedroom :razz: :razz:

i seriously hope your rooming with a gf :roflbow:


that was an example..

i have 2 bedroom/2 bath apartment which is1000 sq./feet and only 2 people live in it...so not thats not ghetto

[SIXPAK GQ]

mortagages can run even lower..

i've seen mortgages in the 200-300 range too.. and rent in those homes are in the $400 range..

if you are paying 549 for a 1/1 chances are the mortgage on that is no more than 300. add insurance and tax onto that and it will probably be a bit more..

in the end the rent is always more than the mortgage.. the owner is not doing you a favour by renting it out.. he's making money off of you..


200-300 for a shelter house lol....or unless u put a huge down.....u cant have a mortage on a apartment complex..they are only for rent...in the end...u save money with rent..but u dont get the benefits of owning home/investments......the apartments i live in are retirement homes....government operated

[bigkid]

that was an example..

i have 2 bedroom/2 bath apartment which is1000 sq./feet and only 2 people live in it...so not thats not ghetto
man how could a right wing conservative guy like yourself carry on
about such a topic like its acceptable living standards, no worries

im just lmao, that scenario reminded me of "Dude Wheres The Party"

:rofl: :rofl:

[reaz]

200-300 for a shelter house lol....or unless u put a huge down.....u cant have a mortage on a apartment complex..they are only for rent...in the end...u save money with rent..but u dont get the benefits of owning home/investments......the apartments i live in are retirement homes....government operated

No. you get a nice 1bedroom condo for 200-300 mortgage payments. when I said apartments i meant condos. you dont save money with rent. that's a fallacy.

in the end when your lease is done you leave.. you lost all your money in rent.

however with a condo or house, you sell the property and you get all your money back + profits.. now that's saving your money.

[TYPE_R_GINO]

u can rent for 10 yrs and when u leave u prolly ended up payin (if ur rent is $1000/month) more than $60,000.

If u had a house and sold it after livin there 10 yrs, u would definitely get ur initial investment (plus then some considerin how well the housin market has been doing for the past 3-5 yrs)

thats the diff i see...



I bought a condo 5 yrs ago and the price has gone up....

im lookin to sell it and buy a new home....

[SIXPAK GQ]

man how could a right wing conservative guy like yourself carry on
about such a topic like its acceptable living standards, no worries

im just lmao, that scenario reminded me of "Dude Wheres The Party"

:rofl: :rofl:

i did not get what u were talking about here..elaborate

[bigkid]

i did not get what u were talking about here..elaborate
lets not man its really not that important but thats a really good movie