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re: Renting vs owning
Posted on 4/8/13 at 3:19 pm to BeaumontBengal
Posted on 4/8/13 at 3:19 pm to BeaumontBengal
quote:
I am trying to decide between renting and buying now. I figured that 3% interest on a $250k mortgage loan will be $7500 and the property taxes for the place I was looking at was $6000. Rent at the place I'm looking at is right around $1000 a month. I figured it would cost $12000 next year to rent (which could be considered throwing money away) and buying would cost $13500 next year before I pay a dime on the mortgage (I consider this money thrown away as it does not go toward the mortgage). Not a huge difference but it convinced me to rent when I realized I would be "throwing away" about 12-13k next year either way. Not so in love with the place I was looking at that I couldn't live without it, either. Seemed simple in my head, but I have wondered if I'm missing something.
Where are you looking to move that would have 6k in property taxes on a 250k place?
You're also neglecting the tax benefits of home ownership.
This post was edited on 4/8/13 at 3:21 pm
2
Posted on 4/8/13 at 3:56 pm to ItNeverRains
This is the place I was looking at. Zillow says propert taxes were 6k in 2010.
LINK
How much would the tax benefits from owning be? This would be the first house I ever bought.
LINK
How much would the tax benefits from owning be? This would be the first house I ever bought.
Posted on 4/8/13 at 10:38 pm to ItNeverRains
quote:
Where are you looking to move that would have 6k in property taxes on a 250k place?
Probably Texas.
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