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Message
re: Is it better to rent or buy a house
Posted on 7/9/19 at 8:46 am to Hammertime
Posted on 7/9/19 at 8:46 am to Hammertime
quote:
knowing that it has been making me money just sitting here.
Unless you paid cash up front and have minimal maintenance/holding/repair costs, houses held for long term are typically money losers. For many, it loses less money than renting. In that case it is a good choice.
But housing is a living "cost." You don't make money by just living. You have to produce something to make money and that holds true for houses.
This post was edited on 7/9/19 at 8:47 am
1
Posted on 7/9/19 at 8:47 am to notsince98
quote:
Unless you paid cash up front and have minimal maintenance costs, houses held for long term are typically money losers. For many, it loses less money than renting. In that case it is a good choice.
I love when people say I made money on my house. I bought for $x and sold for a profit. I say what did you pay in interest? What did you pay for that new air conditioner and roof? and on and on.
Houses are not an investment.
Posted on 7/9/19 at 8:48 am to Mingo Was His NameO
quote:
Depends but inb4 a bunch of financial illeterates tell you rent is throwing money away
Exactly, not even getting into life situations just location factors, I mean is it smart to buy a house if the market is at its peak?
Love all these idiots screaming about never rent or always pay cash....and we wonder why people have little savings. People have no critical thinking skills of financial thinking skills. It's fricking sad.
Posted on 7/9/19 at 8:50 am to lsu777
The demographics are changing so fast these days in Louisiana. You don't know if you will even want to live in an area in a few years.
Posted on 7/9/19 at 8:52 am to Bossbailey34
I currently rent my house. I hate it, but it was the best option for me. I wasn't ready to buy and knew I wouldn't be in this location too long.
Posted on 7/9/19 at 8:57 am to lsu13lsu
quote:
I love when people say I made money on my house. I bought for $x and sold for a profit. I say what did you pay in interest? What did you pay for that new air conditioner and roof? and on and on.
Houses are not an investment.
I think what they are saying is that after X amount years, they have something to show for it; i.e. a house. A house is an investment in which you retain ownership and equity. When you rent, you hold no cards and are just making someone else rich.
Nothing in life is free, so yes, you will have to maintain your house or be forced to pay more than needed. Same thing with your body; keep ignoring that pain and eventually it will get worse.
The problem is that too many people have watched too many house flipping shows and think that they will become instant Rockerfellers in a few years.
Also, there are many loopholes/tax deductions you can make to reduce the financial burden directly incurred by each property. This is what separates the copycats from the professionals
Posted on 7/9/19 at 8:58 am to lsu13lsu
quote:What a dumb statement.
Houses are not an investment
Posted on 7/9/19 at 8:59 am to Festus
quote:
brand new house, first occupant. Now, 2 years later, selling.
A 2 year old house is a tough sell. While the house is still young, it is competing with new construction on the market that has warranties and is slightly more updated.
Posted on 7/9/19 at 8:59 am to lsu13lsu
quote:
Houses are not an investment.
This is a rather stupid blanket statement to make.
Some houses are most certainly an investment. Some aren't.
This post was edited on 7/9/19 at 9:01 am
Posted on 7/9/19 at 9:00 am to Auslander
quote:
I think what they are saying is that after X amount years, they have something to show for it
Yeah, in many instances, a check they're writing to sell it.
quote:
A house is an investment
No its not.
quote:
Nothing in life is free, so yes, you will have to maintain your house or be forced to pay more than needed
I don't even know what this is trying to convey
quote:
Also, there are many loopholes/tax deductions you can make to reduce the financial burden directly incurred by each property. This is what separates the copycats from the professionals
Now you're talking about rentals, I think, but I'm not sure because this doesn't make much sense either.
Posted on 7/9/19 at 9:01 am to Mingo Was His NameO
quote:yikes
A house is an investment
No its not.
Posted on 7/9/19 at 9:01 am to PearlJam
quote:
Houses are not an investment
What a dumb statement.
It's technically an investment, I guess, just many times a bad one and it's pretty clear going into it.
Looking at housing as an essential cost and not an investment is how you are going to build real wealth not thinking you're rich because you're house poor.
This post was edited on 7/9/19 at 9:03 am
Posted on 7/9/19 at 9:02 am to Mingo Was His NameO
I really thought this know-it-all, contrarian schtick wouldn't get old for a while longer.
I was wrong.
I was wrong.
Posted on 7/9/19 at 9:02 am to Mingo Was His NameO
quote:
No its not.
Please explain why a house is never an investment, since this seems to be the blanket statement you're making.
Posted on 7/9/19 at 9:03 am to Mingo Was His NameO
quote:It can certainly be a bad investment. Real estate in general is an appreciating asset. That doesn't mean every real estate purchase is a good investment or that all real estate will always appreciate. There are lots of factors to consider with every real estate purchase and every buyer to determine whether the investment is sound.
It's technically an investment, I guess, just many times a bad one and it's pretty clear going into it.
This post was edited on 7/9/19 at 9:05 am
Posted on 7/9/19 at 9:03 am to Centinel
quote:
Please explain why a house is never an investment, since this seems to be the blanket statement you're making.
It's an essential cost, no matter what 100% of the time you are paying for housing. Making or retaining a value on that cost is a plus, but it's not an investment.
This post was edited on 7/9/19 at 9:04 am
Posted on 7/9/19 at 9:14 am to Ben Hur
quote:
A 2 year old house is a tough sell. While the house is still young, it is competing with new construction on the market that has warranties and is slightly more updated.
True, and good points.
Posted on 7/9/19 at 9:20 am to Festus
Y'all thought about keeping it for a few years and renting it out? Let it hopefully appreciate and get someone to pay a huge portion of the house payment for you?
Posted on 7/9/19 at 9:23 am to lsu13lsu
quote:
I love when people say I made money on my house. I bought for $x and sold for a profit. I say what did you pay in interest? What did you pay for that new air conditioner and roof? and on and on.
Houses are not an investment.
Yup. Interest, property taxes, insurance, maintenance, repairs, upgrades, sales fees, etc. It all adds up to a LOT. Very hard to really break even unless you sell a house rather quickly after purchase because the area shot up in value extremely quick.
Posted on 7/9/19 at 9:24 am to Bossbailey34
My dad has always had a saying that if it flies, fricks, goes fast, or floats,
RENT IT
RENT IT
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