- 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: First time home buyer - need advice
Posted on 2/3/17 at 9:39 pm to notsince98
Posted on 2/3/17 at 9:39 pm to notsince98
quote:
False equivalence. I don't know of a rental house that would have as nice as stuff as the average joe puts in their home. Rentals always go cheap.
There are 300k+ homes in my neighborhood built by the same builders that built my house that are rentals. Same quality. Same market price as other houses in the neighborhood if they sold. All have a slightly higher monthly ote than if id get a mortgage on them.
I'd say you brought up a false equivalence by explicitly stating that the rental option would never be as nice. I said an equal property in my post. Many people in my industry know they will be somewhere less than 3 years, but have a family and will not sacrifice quality. They will rent a "nice" house.
1
Posted on 2/4/17 at 11:16 am to baldona
If you add grass cutting, termites, pest control, homeowner association fees, insurance, and property taxes, that comes out to at least 1/4 of the amount you would pay on rent. And then stuff breaks.
Then consider that you have equity tied up in a house...equity that could be used to earn interest (modest right now) or stock market gains.
There are tax advantages, but only if you itemize.
Now the big advantage is possible real estate appreciation and just the idea that you own something that is yours of real intrinsic value.
But younger, single, mobile = rent.
Then consider that you have equity tied up in a house...equity that could be used to earn interest (modest right now) or stock market gains.
There are tax advantages, but only if you itemize.
Now the big advantage is possible real estate appreciation and just the idea that you own something that is yours of real intrinsic value.
But younger, single, mobile = rent.
Posted on 2/4/17 at 11:21 am to notsince98
quote:
1) property taxes
2) Maintenance
3) repairs
4) interest
5) home owners insurance
Maybe just don't buy a house that needs a lot of work and this would make sense.
I bought my house brand new in 2013 for $210,000 with 0% down.
After taxes, interest, and insurance, my monthly payment is $1,150. The house would easily rent for $1,500/month.
I already have $15,000 in equity built up in it.
The only repair I've had on it is $300 for a window that got busted.
I pay $70/quarter for pest control.
$400/year for lawn guy
$275/year for HOA
Maybe our renting market here is just different, but I don't see the benefit of renting vs owning other than less responsibility.
Posted on 2/5/17 at 4:32 pm to The Tom Arnold
Short term/flexibility rent is a no brainer. Mortgage will generally cost somewhere in the 3% range give or take. It will cost around 1.25% to close on the average sale. So if house doesn't appreciate 4.25% quickly with amortization you may be losing money if forced to sale early in the mortgage period.
That said...
Anyone who doesn't think the investor/landlord didn't price taxes, interest, repairs/maintenance contingencies, insurance & PROFIT into a rental is somewhat clueless. Long term it takes a lot of bad luck to lose money owning a home over the course of a 15/30 year mortgage.
That said...
Anyone who doesn't think the investor/landlord didn't price taxes, interest, repairs/maintenance contingencies, insurance & PROFIT into a rental is somewhat clueless. Long term it takes a lot of bad luck to lose money owning a home over the course of a 15/30 year mortgage.
This post was edited on 2/5/17 at 4:34 pm
Posted on 2/6/17 at 7:30 am to 632627
quote:
the monthly note on a 15 year mortgage is going to be alot higher than renting a like property, so you can't just make some arbitrary statement like this.
SO, you clearly don't own a home and clearly aren't a landlord lol. Why are you even in this thread giving this bad advice.
If owning a home is more expensive than renting a property, how do landlords ever make any money?
Posted on 2/6/17 at 8:47 am to KG6
quote:
I'd say you brought up a false equivalence by explicitly stating that the rental option would never be as nice. I said an equal property in my post. Many people in my industry know they will be somewhere less than 3 years, but have a family and will not sacrifice quality. They will rent a "nice" house
It appears you don't know how to read. I'd suggest you read things over again before making stupid accusations.
Posted on 2/6/17 at 8:49 am to baldona
quote:
SO, you clearly don't own a home and clearly aren't a landlord lol. Why are you even in this thread giving this bad advice.
If owning a home is more expensive than renting a property, how do landlords ever make any money?
There are no absolutes. It will greatly depend on the markets in your location. Areas where rental prices are sky high it won't make much sense. The misconception is assuming that owning a home is always the best financial move.
Posted on 2/6/17 at 6:04 pm to BeerMoney
based on your own assessment of the Laffy real estate pricing (bubble), you can't possibly make it work financially if you are not planning on owning long.
rent. watch the market. if it really falls apart in a few months, you get to come in later and snag something at way less than you would pay now.
PS seems likely to me.
rent. watch the market. if it really falls apart in a few months, you get to come in later and snag something at way less than you would pay now.
PS seems likely to me.
Page 2 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News