Rent Forever, Don’t Buy A Home

[what up]

Owning property definitely ties you down to a location. You just have to absolutely love where you live, otherwise home ownership is like an albatross around your neck.

A lot of folks live in areas where rent is very affordable. However, you're you're dishing out $1200+ for an apartment, put that towards something you'll (hopefully) have forever. Just my two cents considering I just went through this process.

 

[dagreatj]

Just bought a townhouse for 90k. My mortage, HOA, insurance, and taxes are less than what I would pay if I would rent a similar spot. It all depends.

 

[dagreatj]

Just bought a townhouse for 90k. My mortage, HOA, insurance, and taxes are less than what I would pay if I would rent a similar spot. It all depends.

 

[furrell]

Originally Posted by BostonThreeParty

Originally Posted by Furrell

Additionally, with the banks still recovering from the sub-prime mortgage debacle, they are making it harder to take out loans to get a home. You have to put at least 20% of the home's value up in addition to having near spotless credit. They aren't playing around anymore. In the short term, depending on where you live, renting is the better option. Its great to own your own home though when everything is paid off.

that's the way it should of always been..... 

Agreed. Unfortunately it took the near collapse of the economy to get that point made.

 

[furrell]

Originally Posted by BostonThreeParty

Originally Posted by Furrell

Additionally, with the banks still recovering from the sub-prime mortgage debacle, they are making it harder to take out loans to get a home. You have to put at least 20% of the home's value up in addition to having near spotless credit. They aren't playing around anymore. In the short term, depending on where you live, renting is the better option. Its great to own your own home though when everything is paid off.

that's the way it should of always been..... 

Agreed. Unfortunately it took the near collapse of the economy to get that point made.

 

[DCAllAfrican]

This is true, however, security deposits are there for a reason.  Also, replacing a washer/dryer or refrigerator

.  I haven't lived in a place where that is provided for you by the landlord, it's always been bring your own furniture and appliances.  I know they provide those amenities in luxury condos, but you pay dearly for them.


I have lived in a few different cities and I have always been supplied appliances. Washer, Dryer, DishWasher (even though I have never used one), and Fridge. Might be different in your locations.

 

[DCAllAfrican]

This is true, however, security deposits are there for a reason.  Also, replacing a washer/dryer or refrigerator

.  I haven't lived in a place where that is provided for you by the landlord, it's always been bring your own furniture and appliances.  I know they provide those amenities in luxury condos, but you pay dearly for them.


I have lived in a few different cities and I have always been supplied appliances. Washer, Dryer, DishWasher (even though I have never used one), and Fridge. Might be different in your locations.

 

[ooiron manoo]

been told cats this...if ur coppin a house do it OUTSIDE this country where u aint gotta worry about property tax.

You live here though!

It's cool to buy property (vacation homes) in other countries (DR, PR, Mexico) but then you have to pay someone to maintain the home while you live in the States or rent it out to someone out there.  Unless you plan on leaving the states, which I don't plan to.

Having a house in the DR is cheaper than the closet you are renting in NY, your statement makes sense, with the exception of you choosing to live in the rented closet.

I have lived in a few different cities and I have always been supplied appliances. Washer, Dryer, DishWasher (even though I have never used one), and Fridge. Might be different in your locations.
The only time that arrangement is made is if the landlord leaves it behind, and they clearly tell you that you are responsible for repairs.  Furnished (incl appliances) apartments and houses are a luxury in SoCal, not a requirement.

 

[ooiron manoo]

been told cats this...if ur coppin a house do it OUTSIDE this country where u aint gotta worry about property tax.

You live here though!

It's cool to buy property (vacation homes) in other countries (DR, PR, Mexico) but then you have to pay someone to maintain the home while you live in the States or rent it out to someone out there.  Unless you plan on leaving the states, which I don't plan to.

Having a house in the DR is cheaper than the closet you are renting in NY, your statement makes sense, with the exception of you choosing to live in the rented closet.

I have lived in a few different cities and I have always been supplied appliances. Washer, Dryer, DishWasher (even though I have never used one), and Fridge. Might be different in your locations.
The only time that arrangement is made is if the landlord leaves it behind, and they clearly tell you that you are responsible for repairs.  Furnished (incl appliances) apartments and houses are a luxury in SoCal, not a requirement.

 

[tim teufel]

This is actually the best time to buy a home.rates are low and u can get pretty good houses these days if u look in the right place.my uncle bought a three family house in queens for 390.000 with a 5/1 ARM at 3.875 interest rate.renting second and third floor house basically pays itself off. Renting is for Suckers

 

[tim teufel]

This is actually the best time to buy a home.rates are low and u can get pretty good houses these days if u look in the right place.my uncle bought a three family house in queens for 390.000 with a 5/1 ARM at 3.875 interest rate.renting second and third floor house basically pays itself off. Renting is for Suckers

 

[ooiron manoo]

Not a fan of ARM loans, they are the reason this country got in trouble, don't know why they are still allowed to distribute them.

 

[ooiron manoo]

Not a fan of ARM loans, they are the reason this country got in trouble, don't know why they are still allowed to distribute them.

 

[josebronx]

doing whatever you want in/to your house> rent

 

[its that dude]

Nice try, bourgeoisie.

 

[its that dude]

Nice try, bourgeoisie.

 

[josebronx]

doing whatever you want in/to your house> rent

 

[tim teufel]

Originally Posted by ooIRON MANoo

Not a fan of ARM loans, they are the reason this country got in trouble, don't know why they are still allowed to distribute them.

Not really arms can be good depending on your situation.short term a 5/1 ARM stays put for five years after the fifth year it starts to adjust.the worst ARM loan was the negative amortization loan. Also called the option ARM.

 

[tim teufel]

Originally Posted by ooIRON MANoo

Not a fan of ARM loans, they are the reason this country got in trouble, don't know why they are still allowed to distribute them.

Not really arms can be good depending on your situation.short term a 5/1 ARM stays put for five years after the fifth year it starts to adjust.the worst ARM loan was the negative amortization loan. Also called the option ARM.

 

[juju]

Originally Posted by ooIRON MANoo

Irony of the article...you will be renting from someone that own's a home.

Renting Keeps You Flexible

When you own a home, you don't have a lease.  Planting your roots is a thing of the past, I know plenty of people that either A)Own multiple properties or B) have moved due to financial/job reasons and are currently renting out their homes.  They call it: "Letting someone else pay my mortgage, and I get the tax break."

Someone Else Does The Repairs
This is true, however, security deposits are there for a reason.  Also, replacing a washer/dryer or refrigerator

.  I haven't lived in a place where that is provided for you by the landlord, it's always been bring your own furniture and appliances.  I know they provide those amenities in luxury condos, but you pay dearly for them.

Owning A Home Is More Expensive Than It Looks
Reason's why I wouldn't buy a condo, the fee's are ridiculous.  When you buy a home you have the option of including your insurance and taxes with mortgage payments instead of getting punched in the gut twice a year (property taxes).  You can then have a renter pay those fee's for you.

Home Prices Can Go Down Short-Term
They are only going lower, so it will be hard to build equity.  I don't think home prices/values will ever reach the peak they reached before the bubble burst.  It sucks for a lot of people that got caught up on it.  People were getting swindled though, buying $500k homes while bringing home a $50k a year salary.  C'mon now.

My honest opinion is that the general rule of “buy a house, stop rentingâ€

 

[juju]

Originally Posted by ooIRON MANoo

Irony of the article...you will be renting from someone that own's a home.

Renting Keeps You Flexible

When you own a home, you don't have a lease.  Planting your roots is a thing of the past, I know plenty of people that either A)Own multiple properties or B) have moved due to financial/job reasons and are currently renting out their homes.  They call it: "Letting someone else pay my mortgage, and I get the tax break."

Someone Else Does The Repairs
This is true, however, security deposits are there for a reason.  Also, replacing a washer/dryer or refrigerator

.  I haven't lived in a place where that is provided for you by the landlord, it's always been bring your own furniture and appliances.  I know they provide those amenities in luxury condos, but you pay dearly for them.

Owning A Home Is More Expensive Than It Looks
Reason's why I wouldn't buy a condo, the fee's are ridiculous.  When you buy a home you have the option of including your insurance and taxes with mortgage payments instead of getting punched in the gut twice a year (property taxes).  You can then have a renter pay those fee's for you.

Home Prices Can Go Down Short-Term
They are only going lower, so it will be hard to build equity.  I don't think home prices/values will ever reach the peak they reached before the bubble burst.  It sucks for a lot of people that got caught up on it.  People were getting swindled though, buying $500k homes while bringing home a $50k a year salary.  C'mon now.

My honest opinion is that the general rule of “buy a house, stop rentingâ€

 

[wawaweewa]

Originally Posted by ooIRON MANoo

Irony of the article...you will be renting from someone that own's a home.

Renting Keeps You Flexible

When you own a home, you don't have a lease.  Planting your roots is a thing of the past, I know plenty of people that either A)Own multiple properties or B) have moved due to financial/job reasons and are currently renting out their homes.  They call it: "Letting someone else pay my mortgage, and I get the tax break."

Someone Else Does The Repairs
This is true, however, security deposits are there for a reason.  Also, replacing a washer/dryer or refrigerator

.  I haven't lived in a place where that is provided for you by the landlord, it's always been bring your own furniture and appliances.  I know they provide those amenities in luxury condos, but you pay dearly for them.

Owning A Home Is More Expensive Than It Looks
Reason's why I wouldn't buy a condo, the fee's are ridiculous.  When you buy a home you have the option of including your insurance and taxes with mortgage payments instead of getting punched in the gut twice a year (property taxes).  You can then have a renter pay those fee's for you.

Home Prices Can Go Down Short-Term
They are only going lower, so it will be hard to build equity.  I don't think home prices/values will ever reach the peak they reached before the bubble burst.  It sucks for a lot of people that got caught up on it.  People were getting swindled though, buying $500k homes while bringing home a $50k a year salary.  C'mon now.

My honest opinion is that the general rule of “buy a house, stop rentingâ€

 

[wawaweewa]

Originally Posted by ooIRON MANoo

Irony of the article...you will be renting from someone that own's a home.

Renting Keeps You Flexible

When you own a home, you don't have a lease.  Planting your roots is a thing of the past, I know plenty of people that either A)Own multiple properties or B) have moved due to financial/job reasons and are currently renting out their homes.  They call it: "Letting someone else pay my mortgage, and I get the tax break."

Someone Else Does The Repairs
This is true, however, security deposits are there for a reason.  Also, replacing a washer/dryer or refrigerator

.  I haven't lived in a place where that is provided for you by the landlord, it's always been bring your own furniture and appliances.  I know they provide those amenities in luxury condos, but you pay dearly for them.

Owning A Home Is More Expensive Than It Looks
Reason's why I wouldn't buy a condo, the fee's are ridiculous.  When you buy a home you have the option of including your insurance and taxes with mortgage payments instead of getting punched in the gut twice a year (property taxes).  You can then have a renter pay those fee's for you.

Home Prices Can Go Down Short-Term
They are only going lower, so it will be hard to build equity.  I don't think home prices/values will ever reach the peak they reached before the bubble burst.  It sucks for a lot of people that got caught up on it.  People were getting swindled though, buying $500k homes while bringing home a $50k a year salary.  C'mon now.

My honest opinion is that the general rule of “buy a house, stop rentingâ€

 

[scarsorscabs]

So much misinformation in that article and in this thread.

 

[scarsorscabs]

So much misinformation in that article and in this thread.