Repairs, insurance, taxes, interest, lawn mower, snow blower, etc are all throwing your money away too. Over the long haul it is definitely better to own than rent, but owning your home has a lot of costs too and there is nothing wrong with renting for a while.
Housing market
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Repairs, insurance, taxes, interest, lawn mower, snow blower, etc are all throwing your money away too. Over the long haul it is definitely better to own than rent, but owning your home has a lot of costs too and there is nothing wrong with renting for a while.
the sad part that is that I do that while sober lmao
very true..I know houses are a big investment and can be costly...I also am only 22 so I should probably tame my expecations lol
I would say continue to rent. Once you buy a house you lock yourself down in that area. Right now you can move around and try different areas and see what you like or if you decide you want to move to a different state or a cool opportunity comes up it is much easier to get up and move. I am 28 and still renting and I am glad I am because I have lived in 3 different but awesome areas and now know more for when I am ready to buy.
I bought a house at 23, moved at 28 and came out ahead on the deal but honestly would have been better off to rent and invest my down payment money in the stock market. Realtor commissions and moving/closing costs are another thing that eat up a lot of the equity gain.
I'd keep renting and be patient and picky when/if there is a buying opportunity.
This line never makes sense to me when people say it. You pay money and get an essential service from it. It's no different than utilities, food, clothing, or the hundreds of other things people spend money on every year. It's arguably one of the most important things people spend money on.
My gym membership that I never use is me throwing money away. Someone buying a new boat and then using it twice a year is throwing money away (at least IMO). Buying groceries and then eating out the entire week is throwing money away.
I haven't thought this through but there are a couple for reasons.
1. It allows him to become more entrenched in his career.
2. I'm thinking about selling on contract and avoid having him take out a loan. Admittedly, I've done no research on tax implications, what kind of documation would need to be drawn up, or other related items.
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Costs to build are stupid crazy right now. I chose to build during the pandemic, broke ground last April finished in Nov.
Told by people who built the house, my cost to build would be close to 15% higher if I started to build April 2021
Told by people who built the house, my cost to build would be close to 15% higher if I started to build April 2021
So funny, our mortgage lender very emphatically and repeatedly warned against this. Wife and I joked about it but weren’t sure if it ever really sank a home loan.
We’re relocating out of Manhattan and didn’t own any vehicle, but waited 5 days after home closing to buy our sweet new minivan.
Not sure of his situation, but if the home value is truly doubled, he could purchase a new home, keep the old home.
Certainly location has a lot to do with things, along when the home was purchased, also if there are things like 2nd mortgages.
But I would think he could rent it out for the equivalent of whatever the monthly mortgage payment he currently is paying. (At minimum)
Again though depends where you live. In Southern California, if you put a house up for rent, it is not uncommon to get into a bidding war on rentals, if located in desirable area's.
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My parents neighbor is selling their house in story county and got to talking to my parents about the process. If the home is in a good neighborhood and is in the bottom 1/2 to 1/3 for recent listings in the area.. You'll get nearly instant cash offers from institutional funds looking to turn the property into single-family rental. Their home is average but do not wish to have their family home turned into a rental (parents are PUMPED)
This is a strong reason why a home isn't always a good investment vehicle. It's too personal.
Me? Burn my house to the ground for the right price. I light the mother ****** for you if the price is right.
If you built the house, raised your children and lived in a home for 35 years.. I think you'd change your mind. Is the extra $5000 from the rental group worth it? O Would you rather know another family could move in and raise their family as well there? Unless someone offered you an insane price.. Then you may not care
when are we going to discuss property taxes for income properties compared to owner occupied?
I would not care. I would take the extra $5000.
What a buyer does with the property doesn't matter. I've given up my right to the home. Why would I expect the buyer to use it the way I would?
I don't need the person I bought this place from rolling up and asking me to change the landscaping
Again, I'm sure what you say rings true for many.
I would hope that the house went to another family and then I would take the 5k. Buying and selling a home is a business transaction and we keep sentimentality out of business decisions. I understand that not everyone thinks this way though.
I may have already posted this, but I listed on a Saturday in February and had 15 showings and 3 offers that night. We accepted for 12k over. This was before it was really crazy and looking back I wish I would have delayed a little bit, but wish in one hand as they say.
We are renting right now and looking. The market is hot here and fortunately it cools down a little as you move up into our price range. The problem we are seeing is just a lack of inventory in our range.