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Message
re: Renting vs owning
Posted on 4/8/13 at 3:56 pm to ItNeverRains
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.
0
Posted on 4/8/13 at 10:32 pm to Ace Midnight
quote:
That was the conventional wisdom until about 8 to 10 years ago.
The articles I'm referring to are within the past 6 months.
This post was edited on 4/8/13 at 10:32 pm
Posted on 4/8/13 at 10:37 pm to Bear Is Dead
quote:
I understand your point, but lets assume that everyone eventually would prefer to own. I would assume that no one wants to be a renter for their whole life. With that assumption, this is unquestionably the best time to buy that we will probably ever see.
FWIW, the implications of the down payment issue is that ideally you wouldn't own until you retire, or close to it.
At least from a straight up finance standpoint.
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.
Posted on 4/9/13 at 12:13 am to Siderophore
Yes. Texas.
Posted on 4/9/13 at 12:02 pm to BeaumontBengal
In Houston, the tax rate is about 2.5% of the assessed value. Granted we don't pay state income tax so that helps kind of. I'm very strongly considering buying a place now inside the loop of Houston. Houston's economy has done very well weathering the recession of the last few years and seems poised to keep trucking.I have no desire to live in the burbs so I'm willing to pay that premium to live inside the loop.
I'll be a first time buyer though. When should I go to the bank and start lining up financing and interest rates etc? I toured my first place this past weekend, so I'm very early in the process.
I'll be a first time buyer though. When should I go to the bank and start lining up financing and interest rates etc? I toured my first place this past weekend, so I'm very early in the process.
Posted on 4/9/13 at 1:13 pm to BayouBengal
quote:
.I have no desire to live in the burbs so I'm willing to pay that premium to live inside the loop.
I'll be a first time buyer though. When should I go to the bank and start lining up financing and interest rates etc? I toured my first place this past weekend, so I'm very early in the process.
That sounds exactly like me....except in the Dallas market. I am going through an smaller mortgage broker rather than Chase from the suggestion of a relative. I got pre-qualified and that gave me a guide of how much I wanted to spend. From what I was told, you don't get the interest rates locked in until you are under contract but I'm sure the rates won't fluctuate that much from now and when I'm ready to close.
Posted on 4/9/13 at 1:29 pm to tigers444
quote:
That sounds exactly like me....except in the Dallas market. I am going through an smaller mortgage broker rather than Chase from the suggestion of a relative. I got pre-qualified and that gave me a guide of how much I wanted to spend. From what I was told, you don't get the interest rates locked in until you are under contract but I'm sure the rates won't fluctuate that much from now and when I'm ready to close.
By using the calculators I know what I can afford. Interest rate is what was worrying me as it can make a difference of a couple hundred per month. I'm not worried about too much variance in the next 45 to 60 days.
Posted on 4/9/13 at 1:40 pm to BayouBengal
Yeah I agree. I'm hoping the rate will stay about where I want it to by the time I'm ready to purchase which is in the next 2 months. That's good that you know what you can afford but you also need to know how much you are qualified for. I was recommended to see how much I would be able to get on a mortgage loan at the beginning of my search. I actually qualified for way more than I am looking to spend.
I'm going the conventional loan route. The FHA is more expensive and narrowed down my choices a bit for the area I want to stay. A mortgage broker should be able to help you if you have any questions before they run anything.
I'm going the conventional loan route. The FHA is more expensive and narrowed down my choices a bit for the area I want to stay. A mortgage broker should be able to help you if you have any questions before they run anything.
Posted on 4/9/13 at 2:19 pm to BayouBengal
quote:you bitch
I have no desire to live in the burbs so I'm willing to pay that premium to live inside the loop.
I'll be a first time buyer though. When should I go to the bank and start lining up financing and interest rates etc? I toured my first place this past weekend, so I'm very early in the process.
the midtown market is a heavy sellers market right now. seems like whenever a decent place gets put up for sale, it gets 2-3 offers the same weekend. Last thing we need is another buyer to compete against...
Posted on 4/9/13 at 2:50 pm to baytiger
quote:
you bitch
the midtown market is a heavy sellers market right now. seems like whenever a decent place gets put up for sale, it gets 2-3 offers the same weekend. Last thing we need is another buyer to compete against...
Though I am more looking at Montrose and not midtown. Though I did tour a high rise with a bad arse pool on the roof, 2000 Bagby. Monthly fees are $600+ though
Posted on 4/9/13 at 2:56 pm to BayouBengal
alright that's fine with me. we can meet in the middle for a beer sometime
we're mostly looking at townhouses but some condos. I'm pretty against paying $400+ per month in maintenance. what's the point of buying if we're still paying rent forever?
eta: just looked at where that is and we've looked at a few places in that area too. I thought "montrose" was more southwest of there. We're rivals again
we're mostly looking at townhouses but some condos. I'm pretty against paying $400+ per month in maintenance. what's the point of buying if we're still paying rent forever?
eta: just looked at where that is and we've looked at a few places in that area too. I thought "montrose" was more southwest of there. We're rivals again
This post was edited on 4/9/13 at 2:58 pm
Posted on 4/9/13 at 2:58 pm to baytiger
quote:
we're mostly looking at townhouses but some condos. I'm pretty against paying $400+ per month in maintenance. what's the point of buying if we're still paying rent forever?
Elevators, lobby's, master building insurance and parking garages aren't free you know.
The penthouse at 2016 Main is on the market
Only $300k for a 3800 sq ft place but the monthly dues are $3100!! 
Plus you have the shitheap that is the Greyhound station as a neighbor.Posted on 4/9/13 at 3:01 pm to BayouBengal
and that building looks really ugly too. $1/sqft fees.. no thanks
we put in an offer last weekend on a townhouse on Chenevert though. We'll find out tonight/tomorrow if it was accepted (which I kinda doubt)
we put in an offer last weekend on a townhouse on Chenevert though. We'll find out tonight/tomorrow if it was accepted (which I kinda doubt)
Posted on 4/9/13 at 3:08 pm to baytiger
quote:
we put in an offer last weekend on a townhouse on Chenevert though. We'll find out tonight/tomorrow if it was accepted (which I kinda doubt)
I think I found your house online then
I have a couple of friends that just moved to that area as well. Kind of the arse-end of midtown. A few sketch characters wondering the streets still. Though easy walk to Leon's Lounge.Posted on 4/9/13 at 3:11 pm to BayouBengal
probably There's like 4 or 5 places in our price range in that area that have sold in the past week or so. they move ridiculously fast
There's like 4 or 5 places in our price range in that area that have sold in the past week or so. they move ridiculously fastPosted on 4/10/13 at 11:56 am to baytiger
quote:aand that offer was rejected. someone else offered more than the asking price
we put in an offer last weekend on a townhouse on Chenevert though. We'll find out tonight/tomorrow if it was accepted (which I kinda doubt)
Posted on 4/10/13 at 1:25 pm to Siderophore
I think Doc Fenton offered the best insight and I'd only add that if you are young and single or just single buying is also questionable...for me, when I was a single professional with limited time for nearly anything outside of work, I liked the fact that there was no upkeep and if anything broke I just called the front office and it was fixed without any additional charges. Renting is convenience....have a house now and if it weren't for the woman at home I don't know how I'd manage it.
Posted on 4/10/13 at 6:40 pm to cwill
I was just looking at the CBA.
If I would buy in my present state it would be a condo, not a house.
And not to rag on Fenton, he didn't really offer insight.
He offered a referral to an online calculator without addressing the meat of my OP: that a down payment pretty much kills the CBA for housing. Pretty much all of the online calculators i've used fell in line with that.
If I would buy in my present state it would be a condo, not a house.
And not to rag on Fenton, he didn't really offer insight.
He offered a referral to an online calculator without addressing the meat of my OP: that a down payment pretty much kills the CBA for housing. Pretty much all of the online calculators i've used fell in line with that.
This post was edited on 4/10/13 at 6:43 pm
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