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Message
1
Posted on 6/5/19 at 2:18 pm to Janky
quote:I must've been confused by it not being funny, my bad
It was a joke, genius
Posted on 6/5/19 at 2:18 pm to MrJimBeam
quote:
You suggested 3 years of owning a condo earlier and selling to use equity towards a new place
Link?
I don't believe I said own a condo for three years
Posted on 6/5/19 at 2:20 pm to GreatLakesTiger24
All it takes is a certain demographic to start moving in next door to your condo.
Posted on 6/5/19 at 2:21 pm to MrJimBeam
In my line of work I see many people every year buying homes that have no business buying home. 2-3 years later ro when their homestead runs out they are upside down in payments, stressed out their mind, destroying their credit
You can see it coming from a mile away. Often times it is their agent convincing them how much smarter it is to buy than rent and that will work because first time homeowners do not know any better. Hell for the most part they know absolutely nothing about what goes into buying a house
You can see it coming from a mile away. Often times it is their agent convincing them how much smarter it is to buy than rent and that will work because first time homeowners do not know any better. Hell for the most part they know absolutely nothing about what goes into buying a house
This post was edited on 6/5/19 at 2:23 pm
Posted on 6/5/19 at 2:22 pm to pizzatiger
quote:
People lose money all the time by purchasing property. All it takes is one flood or one big repair.
Sure, does it happen? Yes. Is it the norm? No. And compared to renting - which is a guaranteed loss - its a much wiser investment.
I never said to run out and buy a problem home. But, as to my initial point, there are dozens and dozens of inexpensive, relatively safe homes to buy in BR for young people looking for their first home.
This post was edited on 6/5/19 at 2:23 pm
Posted on 6/5/19 at 2:34 pm to Antonio Moss
I still have yet to see 160k homes in BR. Condos aren’t homes.
Posted on 6/5/19 at 2:38 pm to Antonio Moss
quote:
Sure, does it happen? Yes. Is it the norm? No. And compared to renting - which is a guaranteed loss - its a much wiser investment.
I'm not confident in that. If you actually do all of the math, a lot of homeowners are losing money over renting. They might tell you otherwise at a dinner party, but tons of them are not adding up all of the costs of home ownership.
Interest, insurance, taxes, transaction costs, repairs/maintenance, possibly higher power/water bills, more gasoline for your car, odds and ends. It all adds up and few people are keeping a running total.
This post was edited on 6/5/19 at 2:38 pm
Posted on 6/5/19 at 2:39 pm to pizzatiger
Do you understand what Equity is?
Posted on 6/5/19 at 2:41 pm to civiltiger07
quote:
Do you understand what Equity is?
Yes, and you are paying very little into equity until you've owned for a while. Most of your payment is interest.
Posted on 6/5/19 at 2:42 pm to civiltiger07
Here is a 190k amortization table. LINK
Congrats, in the first 5 years you have built 19k in equity.
Congrats, in the first 5 years you have built 19k in equity.
Posted on 6/5/19 at 2:45 pm to pizzatiger
quote:
Yes, and you are paying very little into equity until you've owned for a while. Most of your payment is interest
well of course it depends on the loan each individual gets. But the point the poster was making that you replied to was that earning equity in a house is much better than just renting and getting nothing.
Posted on 6/5/19 at 2:46 pm to 50_Tiger
That assumes the value of the home is stagnant, no?
Posted on 6/5/19 at 2:46 pm to 50_Tiger
quote:
Congrats, in the first 5 years you have built 19k in equity
that is 19k more than a renter would have.
This post was edited on 6/5/19 at 2:47 pm
Posted on 6/5/19 at 2:47 pm to Janky
quote:
That assumes the value of the home is stagnant, no?
you are putting to many variables. Not sure if they can keep up.
Posted on 6/5/19 at 2:49 pm to civiltiger07
I mean, what would be an acceptable annual growth rate? At 1% that would be worth $200k so roughly $30k in equity?
This post was edited on 6/5/19 at 2:50 pm
Posted on 6/5/19 at 2:49 pm to civiltiger07
quote:How many repair costs has the renter paid? How much less in utility has the renter paid? When you sell remember to take off that 6% from the realtor. Also, dont forget to deduct the closing costs and fees from your equity to be comparable.
that is 19k more than a renter would have.
It isnt a slam dunk at all to buy vs rent when starting out if you dont plan on staying for a while
Posted on 6/5/19 at 2:50 pm to civiltiger07
quote:
you are putting to many variables. Not sure if they can keep up.
Are you assuming other negative quantifiable values or just trying to stick to pointing out positives?
Posted on 6/5/19 at 2:50 pm to civiltiger07
quote:
that is 19k more than a renter would have.
So you think it's realistic to live in a house for 5 years and put zero money into it? Realtor fees? Higher utilities? More gas in your car?
I would spend $100 more in gas to buy a house in the burbs. That's $6k in 5 years in gas alone!
This post was edited on 6/5/19 at 2:55 pm
Posted on 6/5/19 at 2:52 pm to pizzatiger
quote:
So you think it's realistic to live in a house for 5 years and put zero money into it?
These are the same people who said earlier in the thread that young people should be buying fixer uppers and shite that hasn't been updated in 30 years.
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