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re: home buying question
Posted on 7/16/14 at 12:07 pm to sneakytiger
Posted on 7/16/14 at 12:07 pm to sneakytiger
Why would I throw away ~$1000 a month on rent when I could put less money towards something of my own?
3
Posted on 7/16/14 at 12:25 pm to Patches O'houlihan
When you add interest on a home loan, property taxes, and general upkeep on the house (yard work, maintenance) you may be approaching $1000 a month.
Posted on 7/16/14 at 12:27 pm to Patches O'houlihan
Assuming that you are going to live there for 3-5 years and then sell to build on your acreage, you will have only built $5-10k equity over your down payment (on a 30 yr mortgage), minus your closing costs on the purchase and a later sale, maintenance, property taxes, etc... you're probably going to lose money, even if home values are stable. Why tie that much money up in a home that you know is temporary?
Have you played around with a good rent vs. buy calculator?
LINK
Have you played around with a good rent vs. buy calculator?
LINK
Posted on 7/16/14 at 12:37 pm to Patches O'houlihan
quote:
Why would I throw away ~$1000 a month on rent when I could put less money towards something of my own?
i thought the same way
i am now 6 years into a mortgage, and if I sold it today, I would still lose money
see if your location and income could qualify for a rural development loan....if so, I would do that.....otherwise you are probably better not doing FHA unless your land loan has a really high rate
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