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re: Renting vs owning
Posted on 4/8/13 at 11:05 am to Bear Is Dead
Posted on 4/8/13 at 11:05 am to Bear Is Dead
I have a couple basic questions about this. I'm in college and not sure which to do after college.
How much is a normal down payment (what percentage)?
What other costs are associated with owning? (Besides obvious maintenance)
What would be the minimum length of time you stay somewhere to own?
For example, I'm going to be a minister and might be at 3-5 churches throughout my life. And you can't move if your house doesn't sell.
How much is a normal down payment (what percentage)?
What other costs are associated with owning? (Besides obvious maintenance)
What would be the minimum length of time you stay somewhere to own?
For example, I'm going to be a minister and might be at 3-5 churches throughout my life. And you can't move if your house doesn't sell.
1
Posted on 4/8/13 at 11:18 am to LSUTigers00884
quote:
How much is a normal down payment (what percentage)?
Some loans dont require anything, but im not a proponent of that route. You avoid paying PMI (mortgage insurance) by putting 20% down. I would recommend that if you can afford it.
quote:
What other costs are associated with owning?
Property taxes in LA are cheap, mine are only like $100/month (if you put it in escrow)
Homeowner's insurance is about $1,200/year for me.
Flood insurance may be an expense, not sure how much those premiums can be.
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