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Started By
Message
When should you buy a house?
Posted on 8/20/16 at 7:40 pm
Posted on 8/20/16 at 7:40 pm
I know there are plenty of resources online regarding this topic, but wanted to get the board's opinion.
When should you buy a house, as opposed to just renting? I've been renting for the last 10 years, and I'm at a point where I'm starting to feel somewhat settled, but I still don't know if I should buy. Right now I have a good landlord who takes care of any house-related issues that arise, and I feel like he's charging me a fair price. I don't necessarily feel the need to "own" anything, and it seems like taking care of all maintenance, repairs, etc. yourself could be a headache alone.
At the same time, there are some deals to be had in my area. I'm just always afraid that at some point, for some reason, I'll need to up and move and that finding a buyer will be a huge stressor. Plus, you have to count on the market increasing (or at least staying the same) so that you don't lose money.
Thoughts?
When should you buy a house, as opposed to just renting? I've been renting for the last 10 years, and I'm at a point where I'm starting to feel somewhat settled, but I still don't know if I should buy. Right now I have a good landlord who takes care of any house-related issues that arise, and I feel like he's charging me a fair price. I don't necessarily feel the need to "own" anything, and it seems like taking care of all maintenance, repairs, etc. yourself could be a headache alone.
At the same time, there are some deals to be had in my area. I'm just always afraid that at some point, for some reason, I'll need to up and move and that finding a buyer will be a huge stressor. Plus, you have to count on the market increasing (or at least staying the same) so that you don't lose money.
Thoughts?
9
Posted on 8/20/16 at 7:42 pm to zacata88
You may find yourself in a beautiful house
with a beautiful wife
And you may ask yourself
How did I get here?
with a beautiful wife
And you may ask yourself
How did I get here?
Posted on 8/20/16 at 7:43 pm to PatDyesPants
Science?
Posted on 8/20/16 at 7:45 pm to zacata88
quote:
Plus, you have to count on the market increasing (or at least staying the same) so that you don't lose money.
Don't fall for that bull. Even if your house decreases in value as long as it decreases less than what you would have paid in rent then you are losing less money.
Posted on 8/20/16 at 7:45 pm to zacata88
quote:Think of it this way. You have given your landlord roughly $100,000 (@ $850 per month rent) and built zero equity.
I've been renting for the last 10 years
This post was edited on 8/20/16 at 7:47 pm
Posted on 8/20/16 at 7:47 pm to Rouge
quote:
Think of it this way. You have given your landlord roughly $100,00 (@ $850 per month rent) and built zero equity.
could have been building equity in other areas? mere fact of owning your dwelling isn't necessarily the thing t used to be
Posted on 8/20/16 at 7:53 pm to chryso
quote:
Don't fall for that bull. Even if your house decreases in value as long as it decreases less than what you would have paid in rent then you are losing less money.
I bought a house for $295K in 2006. By 2012 it was appraised at $135K. I lost about $90K in cash on the deal.
Given what happened across the nation a few years ago, I think a smart buyer would at least consider where he's planning to buy. If it's LV or Orlando or Phoenix or some boom/bust type market, I'd approach with caution.
However, if it's an area where the fluctuations are not likely to be so great, I'd approach with more confidence.
And of course there are all the other factors that go into a buying decision. Be smart as you consider whether or not home ownership is beneficial.
Posted on 8/20/16 at 7:53 pm to PatDyesPants
Letting the days go by
Posted on 8/20/16 at 7:55 pm to zacata88
You'll get better answers on the Money Talk board. Post there and give it time, they'll help out
Posted on 8/20/16 at 7:58 pm to zacata88
Had you bought the house, you would have been 1/3 into owning it and 20 years from now, all you pay monthly is insurance and utilities.
You buy a house taking retirement into consideration. You don't want to be dropping $1,500 - $2,000 a month down on rent when living on retirement savings.
You buy a house taking retirement into consideration. You don't want to be dropping $1,500 - $2,000 a month down on rent when living on retirement savings.
Posted on 8/20/16 at 8:00 pm to Rouge
quote:
You have given your landlord roughly $100,000
I've given mine about $50K since I've been living in my rented house. But I'm saving about $9,600 per year compared to the cost of homeownership. That's about $30K over the time period, most of which I've put into my kid's 529 college account.
Now more than ever, a smart person weighs all the factors before saying yes or no to home ownership. Given our increasingly unstable, rollercoaster economy, the American Dream can quickly become an American Nightmare.
Posted on 8/20/16 at 8:06 pm to zacata88
Big commitments like buying a house scare me, but if you are settled down and don't see yourself leaving the area then go for it.
I'm pulling in $4000-5000 a month from Airbnb on a house we pay $2,900 for. Starting to feel like I should buy and keep on running the successful Airbnb to pay the mortgage
I'm pulling in $4000-5000 a month from Airbnb on a house we pay $2,900 for. Starting to feel like I should buy and keep on running the successful Airbnb to pay the mortgage
Posted on 8/20/16 at 8:10 pm to zacata88
When you get tired of telling bar skanks, "Hey, do you wanna hang out at my landlord's house after this?"
Posted on 8/20/16 at 8:38 pm to zacata88
If you are not married and plan on being married then don't buy a house.
If you spend a lot of time and want things kept your own way then buy a house.
If you're never home, travel often and have no other reasons to own then just keep renting. Why the frick do you need to be tied down?
If you spend a lot of time and want things kept your own way then buy a house.
If you're never home, travel often and have no other reasons to own then just keep renting. Why the frick do you need to be tied down?
Posted on 8/20/16 at 8:42 pm to zacata88
quote:
I've been renting for the last 10 years
After the fricking housing collapse would have been a phenomenal time for you to buy.. Renting for 10 years?
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