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t c | Do you hate wasting money on rent? |
while other people with money to invest buy a place and sell it.
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because I do. |
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Price is what you pay for value.
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It is a myth that mortgage payment isn't waste of money.
Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it.
As housing market slump, it is easier to calculate "Rent vs. Buy" scenario. Because "appreciation" is no longer a factor.
Mortgage payment consists of two parts: interests and principal. Interests are like rent, which doesn't add to the equity to your house. It simply disappear as your pay it.
If interests portion of the mortgage payment is roughly equal to rent of equivalent property, then it is a decent buy.
For example, let's buy a $500,000 condo with 0% down and apply interests only loan (just like renting a place). Mortgage payment would be $3250/month. It is a bad buy, because you can enjoy same property for $2000/month.
Please note that I assume the tax benefits from home cancel out fees from home association and property tax. For more accurate calculation, consult with your CPA or accountant. But NOT your realtor, whom will say anything to get the deal to go through.
And again, if you like a particular property, then paying more may be reasonable. You are the only person who can decide how much more premium you are willing to pay.
http://money.cnn.com/2006/09/08/real_estate/caught_in_the_bubble/index.htm?postversion=2006090814
http://money.cnn.com/2006/09/05/real_estate/Ofheo_home_prices/index.htm?postversion=2006090514 |
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Michelle H
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If you buy a place now, overpriced as everything in the US is, you will be sorry when the money you owe the bank is more than what you can sell it for. It is happening. Now.
Don't forget that the first 5 years of a 30-year mortgage is almost nothing but interest, very little principle. If owning costs a lot more than renting, as it does in sooo many places right now, the smarter thing to do is pay the landlord instead of the bank, save save save, and wait til houses become affordable again. Because they cannot be so unaffordable for too long, and they only got so ridiculous because people believed they could never come down in price. They do, they have in the past, they will again, and selling will be no cakewalk, as it already is becoming painful in many many places.
So, sure nobody wants to 'waste' money on rent, but use your thinking-caps and not your emotions when you make this kind of financial decision, and you'll be far better off down the road! |
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notyou311
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Then buy a condo or a townhouse. |
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bigbadb
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There are pros and cons to both renting and ownership. |
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D. L
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yep, I'm going to go be a squatter some way as soon as I get done researching squatter's laws |
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v k
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I agree with michelle, save your money and if you live in california, just in case of an earthquake, the price on the houses will drop like fly's, thats what happened in 1994, everyone wanted to get out of L.A so just be patient and when its the right time, jump on the opportunity and buy your house then. |
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shockarita
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who wouldnt..who says you dont have money just because you rent. thats like saying a a man that drives a 1990 honda accord isnt a surgeon. |
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shipfitter_sjd
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Yes. Yes I do. That is why I own (with the mortgage company) my house, have a 401-K account and a savings and checking account.
I would rather pay myself than some slum lord. |
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jane
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Yes. I do hate wasting my hard earned money on rent. Owning a house is much better and makes more sense for the long run. |
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Jennifer R
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i don't have any more money than the average person.. I'm a single female. .i quit renting in 1984 for the simple reason if you rent you might as will though your money off a bridge in to the water .. the end results are the same .. nothing to show for it. buy your own house and have something. |
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someone
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yes so I did research and found out we did not need a lot to buy our own home we closed
3 weeks ago talk to a motgage broker not a bank
they can get you a motgage from a bank that would turn you down if you went in on your own |
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BuddyGuru
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I haven't paid rent (except for a car temporarily) in over 40 years and now live a comfortable retirement from the property I bought and sold. |
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LITTLE 007
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Off course. who doesn't |
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rumpel
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most definitely |
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007
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It's not as simple as some people make it seem, if it were everybody would own their own home and nobody would be renting. |
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setter505
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no I waste money on maintenance costs for my house. |
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'Barn
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Yes, I am sure many people dislike wasting money on rent. |
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Chico Infierno
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my house is paid for. |
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aj steele
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Yeah, I hear ya. My dream is to own a home but Ive got to many roadblocks right now. Renting makes me sick, but it keeps you out of the rain. peace. |
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Button Face
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i rent and i am happy cause for us it really is cheaper than buying
we save and have no repairs and in the end we will be better off than some home owners..
we did the math and researched it and for us a 1 bedroom apt.
is all that we need |
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sukibw1
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Yes, I am wasting my money now...but gotta build credit up for my own log cabin house soon! Good question! |
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Kaz
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Most people don't analyze this situation correctly. This answer is has two basic parts, a financial answer and an emotional one. If you're looking to build wealth sometimes renting is better depending on the market and conditions. If you just want to live without having someone else with control over how you use the property and have the feeling of ownership, then renting is better. On the financial side this is what I mean. Here in CA (assuming you have enough money to pay the mortgage) The home that you have a 4k monthly expense for would probably rent for atleast $1500 less. Assum you have 2 people, on that buys the home an pays 4k monthly and another that rents the same house for $2500, but invests.... $1500 monthly. Based on normal historical real estate appreciation and stock market valuarions, the renter would have significantly more net worth than the home owner. I know this sound crazy but the point is this, if your are renting, you have to invest/save as much as you can and don't buy a property unless you can get it for a monthly cost close to what it would rent for (excluding the higher end luxuray properties). I bought my place in So Cal in 2000 because the mortgage was about the same as the rent. People have lost sight of that here, so don't feel bad. I see many a client that is in bad shape now because of the buying frenzy. Save money, wait, come to the table with a significant cash down payment and in a little while you'll be able call the shots in terms of negotiating. If you're in a more stable part of the country like the Midwest, the values are more stable so I wouldn't be too shy to go for it there. Know your local market |
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