 How much does your rent or mortgage cost you every month and what type of home do you live in.? |
| i live in an apartment in Phoenix and i pay $635.00 per month (one bedroom) i think that's pretty cheap for housing, I'm curious as to what other people shell out every month for there home,... |
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 I think I want to work in real estate, but I don't want to be a realtor. What else can I do? |
Additional Details
BTW---I did not give all those thumbs down. Not sure who Mr/Miss Cranky is.... |
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 I'm breaking my lease. Can they make me pay anyway? And how? |
| The landlord and I had a "gentleman's agreement" that the one year lease could be broken if I decided to get married within the lease, which is the case. Now they are saying I have to ... |
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 If they credit crunch has resulted in a fall in house/property prices, why is this a bad thing? |
I have noted that a recent result of the global credit crunch is its affects on the property market.
I have learned that house prices have fallen recently.
However isnt this a ... |
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 I need a 1 BR in San Diego for less than $700? |
| Does anybody know of a 1 BR apartment in southern San Diego for less than $700?... |
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 Foreclosure vs bankruptcy? |
| I have a house in CA and my primary home is in TN.What will happen if I have to forclose on home in CA, will I lose my cars? my primary home? and No I did not use anything such as my cars now or my ... |
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 Starting a career in real estate...? |
| I am thinking of starting a career in real estate. I know the housing market is in a state of decline and credit standards are becoming tight. As a result, commissions are going to take a dive for ... |
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 Question about my condo? |
| Our condo building is very nice, but the walls in the stairwell have gotten dirty over the last three years--the paint on the walls is a flat paint-basic that can't be cleaned by wiping the ... |
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 How to stop a foreclosure? |
| I was diagnosised with cancer in April of this year and have to undergo to different surgeries thus causing me to lose my income. Due to the excessive medical bills we are currently behind on our ... |
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 Help, how much roughly will I need to pay to rent? |
When I will start my apprentiship I should be earning at the least £10,000 a year but thats not including tax etc.
Me and a friend earning very similar want to start renting a flat but were not ... |
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 Re-Financing Mortgage-Why do i need a Apprasial? |
| I am comptley lost on mortgage issues. We are trying to refinance our motrage and they said we need an apprasial. Why do we need it? They said it costs $375 to get this. Why is it so much? Is it ... |
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 Mortgage loan approval? |
| When applying for a mortgage loan, and you are approved for 150k and the house you want to purchase is 130k, can they still loan you the balance of 20k (for like painting or furnishing the house) or ... |
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 Any suggestions on how to leagally irritate non paying bums to get them to leave a property? |
| They have been living there since Oct and it was actually sold to them on a land contract so in Michigan they have 90 days to get out. We received that info yesterday at court. We will lose the house ... |
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 Is it a requirement in PA that a landlord must repaint the apartment for new tenants? |
| our apartment has some major holes and exposed brick, rusty heaters,dirty carpets and yellowish stains on the celling. We just moved in, the house was build in 60th(lead paint was used); the landlord ... |
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 Does this sound okay? |
| My husband and I are looking at houses because we are expecting our first child and our little 2 bedroom house is too small! However, we do not have enough money for a down payment. So we were ... |
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 Help! Landlord wont give deposit back!? |
| I need your guys help, We've "checked out" of our unit, agent confirmed no damages etc, we have paid all our bills up etc, but now our landlord has disappeared and wont return our ... |
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 Is there a better way to get a mortgage than going through a bank? |
| I don't feel that my credit score accurately reflects my credit worthiness. Where can I find a lender that reads in between the lines?... |
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Pol-Enrico G | Buy a cheap house or rent a nice apartment? |
I'm at a cross roads. For a while I've been thinking about not pissing money away every month and jumping into the market. The problem is that my income situation does not allow me to make house payments any larger than what I currently rent for +/- 100 bucks. I realize that in order for me to get into the market comfortably I'm looking at home prices <100K. Well, to no surprise the houses are old and dated and the neighborhoods are sketchy where I live (shreveport/bossier city, LA). For that same monthly payment I'm pissing away on rent, I live in a NICE apartment.
So my question is: is it a fair sentiment to consider that the opportunity cost of throwing away money on a nice apartment (and have a good QOL) is worth the equity not being built on a sketchy house worth less than 100K? I concede renting is worthless money-wise, but I cannot sift through the listings and look at these neighborhoods and feel as though it's worth my time when I can be renting a nice place and have QOL. |
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Yogi
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I think you're answering your own question. I learned recently that it's not very easy to walk away from a mortgage like a rental. If you're sure you are going to stay put for the next 5yrs or more then buy otherwise continue renting. It's too much work to keep moving every 1-3yrs and if you have to add sellling a house to that then its no fun. Homeownership is for when you're ready to settle down and stay put for a while. |
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darrin_carey
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If you buy an older home, you'll be spending money on maintenance. (maybe a lot, maybe a little)
If you want to own a home, move to a less expensive apartment, and save the difference. Then buy a home later.
It's rarely a good idea to buy a home in a marginal neighborhood. They're hard to sell later.
Otherwise, enjoy where you live. |
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Celestial
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I'm not an expert, but I'd rent a nice apartment. You should see an agent just to make sure you can't qualify for more than you think or that there isn't something better out there. Sometimes the agents get things and sell them before they are posted. Also, if you decide to wait, maybe get a second job to save up for a downpayment? Just a thought. I'm thinking of doing that eventually. My friend worked 7 days a week for a year and saved like $30000 that way for his first house! It will be a year from hell, but may be worth it. |
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vulcan1623
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Yogi hit the nail on the head. Buying a home simply for the sake of buying - or because conventional wisdom is that owning is better than renting - isn't a good reason. With the present state of the market - you aren't giving away a huge equity gain by waiting a little while - and it sounds like you'd be happier in a nice locale with conveniences than living in a marginal neighborhood in a low-end home.
The marginal house will appreciate less and give buyers the same concerns when you're ready to sell. The exception being a neighborhood that truly does a 180 and becomes desirable while you own the house - a relative rarity.
Rent something comfortable that allows you to stash a few bucks away or eliminate some debt for the next year or two - then go out and buy something you know you'll be satisfied with. |
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GA_metroman
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Home ownership is not for everyone. There are costs, maintenance, etc. that you don't have with an apartment. The offset is, that if you're renting (theoretically) you should be saving money, and that saved money should go into savings or some other type of investment. That's where most renters go wrong, they put the 'extra' money into a nicer apartment at higher rent and, as you know, end up with nothing to show for it in 20 or 30 years. Of course, the government still helps you buy property right now by allowing you to deduct interest and taxes associated with buying property. So you'll get a much bigger refund back next year. Of course, some of that should go into a 'fund' to pay for maintenance or make upgrades to your new home.
If you want to kind of 'slip into the pool' instead of diving, buy a condo or townhome. That way, you're only responsible for a very small yard, or only what's inside your walls. In most markets, now is the time to buy. Many economists are projecting housing prices to make a fall comeback... |
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SP
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I would say try and buy an apartment in a nice, trendy neighborhood. Live there happily for 2 or 3 years. Later, when you have enough money saved to buy a single family home, put the apartment on rent and move into the single family home. That way, you can eat the cake and have it also by getting tax benefits from day one and the apartment will pay for itself when it is rented out.
Trust that this is making sense. |
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Alterfemego
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In my opinion, for what it's worth, owning is much better than renting. There are tax benefits, net worth asset, well most increase in value, especially if maintained. Now as for your financial picture, have you considered taking in a renter? Find a nice 2 bedroom 2 bath home for $100K or under. Something that a little elbow grease will make homey and improve the value. In some places HUD may provide financial assistance for closing costs/down payment. You need to go and be prequailifed by a lender.
And yes in my humble opinion, you are pissing away alot of money that you could be putting in to your home increasing it's value! And increasing your net worth! |
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beachlover
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buy the house they are cheap right now!
also consider this as well you can write off home loan payments at the end of the year not your rent.
right now homes are being sold for considerable less than a year ago in most markets. right now you pay taxes on your full income when you own a home you only pay taxes on what you have after your mortgage payments tax etc.
i would look at homes in your price range take a look at www.directlendingplanet.com the articles are great for people looking into getting amortgage and they will also answer any question you ask and email you an answer asap.
if you ask them i want a home at this price range in this area they will look for it and give you stats. then make an informed decision...
you cant beat thier interest rates in most cases plus they will also look into the market in your area to help you get started.
these guys saved me 120k in added interest!!! they are worth looking into .... www.DirectLendingplanet.com |
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