- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Renting vs owning
Posted on 4/7/13 at 11:49 am to wegotdatwood
Posted on 4/7/13 at 11:49 am to wegotdatwood
You've left out the down payment that many do have to put down. As in, you got 0 down because of you unique situation that I would guess a majority don't have.
Also you left out taxes and upkeep which the renter doesn't separately pay. your 870 mortgage is not equal to 870 rent since the renter is paying taxes, etc in his rent already while you are not.
Of course, there is the square footage issue as well, gotta get that comparable obviously.
Also you left out taxes and upkeep which the renter doesn't separately pay. your 870 mortgage is not equal to 870 rent since the renter is paying taxes, etc in his rent already while you are not.
Of course, there is the square footage issue as well, gotta get that comparable obviously.
This post was edited on 4/7/13 at 11:52 am
4
Posted on 4/7/13 at 12:28 pm to Teddy Ruxpin
To rent something comparable, it would be north of 1k a month.
Posted on 4/7/13 at 1:32 pm to Teddy Ruxpin
That 870 includes and tax and insurance. The note is like 670 a month
It would cost more to rent.
It would cost more to rent.
Posted on 4/7/13 at 11:20 pm to Teddy Ruxpin
quote:
You've left out the down payment that many do have to put down. As in, you got 0 down because of you unique situation that I would guess a majority don't have.
A good portion of first time home buyers would be eligible for a USDA RD loan (depending on location) or downpayment assistance for an FHA loan. Even without that assistance, the down payment on $155,000 is less than $5,500 for 3.5% down. That would require PMI but that would be less than $200 per month. I would still rather pay $1,000 per month for a house note than rent in the same amount for a comparable house. Everybody is different, though and there's nothing wrong with renting. At least you don't have to worry about maintenance and repairs as a renter. That's worth some money in itself.
Posted on 4/8/13 at 9:16 am to Teddy Ruxpin
quote:
Also you left out taxes and upkeep which the renter doesn't separately pay. your 870 mortgage is not equal to 870 rent since the renter is paying taxes, etc in his rent already while you are not.
Renters don't pay taxes and upkeep directly, but unless the landlord is an idiot he's going to charge enough in rent to cover the P&I, taxes and some profit to make it worthwhile.
Of course, if the market won't allow the landlord to make money there will be less supply and rents will go up eventually.
I think someone already said it, but IMO the best rule of thumb is time. If you're going to live there for 15-20 years then its probably a good idea to buy, especially with the cheap money people are getting today.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News