 Breaking a appartment lease, please help.? |
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Why are the majority of houses in the UK so rubbish?
They need to knock down all these 19th century houses and build modern houses. Something that should have been done a long time ago, ... |
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| How to make my tenants pay on time? I placed 2 eviction lawsuits, but tenants pay in the last minute and after that I had to terminate the case. In this way I can’t evict them and all I remain with ... |
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 Can a landlord under foreclosure evict non-paying tenants? |
If an owner of a condo is currently under foreclosure and his tenants find out and decide to stop paying him can he legally evict the renters?
Additional Details
Ok, it is not me not ... |
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 I have a lese with a tenant that does not include a cat she just called to say the cat is in the apt : options |
| She stated that she doesn't want to sway me in letting her keep the cat (I said no cats from the beginning) that she would figure out what to do if I said no. Wheter that would be getting rid ... |
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| Hi is there anyone out there that has a full time job where you earn around £1000 amonth, which is like £250 living on your own and can afford to pay rent each week, and thats not taking out money ... |
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| i'm pre-approved for a home equity loan of up to 125,000.00. what exactly does this mean? (i realize this sounds like a dumb question)... |
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 First Time Buyer Utilities Question? |
| I am buying my first house, and will hopefully be moving in within a month or so, but I am unsure of what to do about the utility suppliers. The current owner has given me a list of all their current ... |
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| I've heard many gurus talk about buying real estate with no money out of pocket. Is this really possible? I want to hear of a strategy that really works not something theoretical.... |
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 Police have forced a door open! Who gets the Bill?? |
Hey there!
I'm in the UK.
The police have forced a door open in a property I manage, at the request of a neighbour thinking the tenant was dead.
Turns out he�... |
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 Single mom with two boys and soon to be homless, please help!? |
| Can anyone tell me where I can rent for around $400 a month with a washer dryer included or at least a hookup in the Saint Louis County area or Fenton or Arnold area. I work on Tesson Ferry at a ... |
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| Can I change the locks on a house with a tenant living there? |
| I want to evict my tenants. Can I just change the locks? She signed a contract/lease a year ago stating that she was buying the house at the the end. It is now the end and not only did she not buy ... |
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Sarah | Is it worth it to buy a house if you know you'll only live there for five years? |
My husband and I have never bought a home. We took a first time homeowner's class over a year ago, but never found a house that we liked & could afford. We were approved for waaaay more than we could realistically pay, and didn't want to have a huge payment. Now we found a house that's a 'maybe'. It's a nice house, has a nice fenced yard, and we can afford the payment, but it's a two bedroom house. We have a 16 month old daughter, and will have a son in August. We are absolutely fine with our kids sharing a room for the next five years or so, but don't know if it's wise to buy a house we feel we would outgrow in five years. Do you have any advice? Is there someone to go to to ask questions like this? Thanks~
Additional Details
Wow, thank you all for the great advice~ |
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Cary M
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In general. Yes. Even on only 5 years buying a home is a good idea.
Part of it depends on the market you are in. Are you in one of the "overpriced" markets in the US - then you might not get much of a return in the next 5 years. Or it may even be negative.
But owning a home adds more than just the house gain. You can write off the interest and the property taxes. Which will then allow you to deduct things that you didn't bother to keep track of previously since you now have a base deduction over your standard minimum. So those loose church offerings? - put them in the envelop and get the receipt to write off. Goodwill? - Get a receipt. And many other minor things you would not have worried about as a renter - get receipts and deduct them! See an accountant for all the legal details.
The local market can be the wild card though. San Diego had a meltdown in the 80's and 5 years later the market was back to where it started, and 10 years after that you would have made a great profit.
TX in general had similar issues, but struggled until 2002 to really start turning around. And now TX is catching up.
Parts of the country are on the news as highly overpriced and at risk for long-term stagnation or decline in property values.
So make sure you know your local market. But even if you think you'll only "break even" in 5 years, owning a home has many other benefits than profit on the price. |
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aerman01
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Building equity versus not building equity tells me that you should definitely buy the house. Just look at the other houses around it. If it is smaller and the neighborhood is nice, then you will do well in 5 years. I bought a small starter home as well and in 7 years it has increased in value by over $40000. |
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Rick O
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Have a real estate agent pull the comprables in the area and see if you are getting a good deal. Also, have them check the appraisal value over the last five years. If the house has consistently increased in value and it's a good buy, then do it.
If you want to get out of it in 5 years, then just don't over-invest into improvements, etc unless they are necessary. You usually don't get $$ back on things like pools, so skip it. Keep the house nice and in good repair and you should see at least a small profit in 5 years. Depending on the market (which is fickle) you may be one of the lucky ones that gets a good return.
Final note, always try to buy the smaller, cheaper houses in a subdivision. They are easier to re-sell. The biggest ones take longer to sell and don't bring as much profit. |
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henn0166
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To anwser your main question, most people now a days do not stay in the same house for more than 7 years. One thing to keep in mind is you do not want to move out earlier than 2 years or you will be subject to higher capital gains taxes. If you are thinking you might get out in under 2 years don't do it. With the way the market has been the past few years, who know what it will be like 5 plus years from now. |
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uthomelist
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Most people only live in there first house 5-7 years. So it is very common to do exactly what you are talking about. The last little while we have had a down turn in housing, but over the long term homes are a great investment. Make sure you use a Realtor when you purchase this house so you don't over pay for it, and in 5 years or so you should have built up some equity that you'll be able to use as a down payment on a larger house.
Good Luck
http://www.uthomelist.com |
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Still reading
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Depending on where you live, 2 bedroom houses are hard to sell. So, you may find it tough to get out of the house when you want to move up. If the house were more conventional and an easier sell, I'd say 5 years was plenty to recoup your investment.
That said, raising kids in an apartment is tough. A yard is a real boon, especially when they get to 2 or 3. So, if this is the best house you can find, you should make very certain that you buy at the right price so you can do alright when you go to sell. The realtor isn't a very good adviser on this subject since he/she is highly motivated to get you to buy a house, even though it may be tough to get out of in the future.
If you live in San Francisco or New York city, the 2 bedrooms may not be such a handicap. |
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jvazjr07
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Depends on several factors. First, the terms of the loan to finance the home. Is it fixed or an interest only suicide loan that will increas your payment as time goes by??
Second, where do you live. Are you in an extremely overpriced area that is dropping in value? If t hats the case, dont expect much appreciation. I say renting makes a whole lot of sense if you are in one of these situations. BTW renting is not throwing your money away, you get a roof over your head in exchange. PLUS its almost the same as these people who RENT a mortgage from the bank ( Interest only loans). So do your research on your area and what type of loan and good luck. |
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uncle_eccoli
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The alternative is to throw your money down the drain renting. |
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willie06304
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buy the house, slowly upgrade it throught the years, then when the children are older, sell it and buy another |
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bean
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our house doubled in value in a year, but we are in south africa so its different here.
Its nice to have an asset and who knows you could rent it out when you have outgrown it. we did that with our first place, now someone is is paying off the morgage! |
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rhsaunders
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Buy it. That is long enough for the purchase to make sense, given the tax advantages and other benefits. If you start to feel squeezed, you can then either upgrade to a larger house or enlarge this one. |
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Switch
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I think its a good investment. Maybe you can fix it up over the next couple of years and sell it for more. |
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its_me_again
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i bought my house and we have lived here for a year now and we have already out grown it...............i wish we woulda been able to buy the house we really wanted to we dont have to move again |
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Tadow
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Yes you should. You'll spend money on rent over the next five years that you could be putting toward a down payment or closing costs and you lose some other tax benefits like the exemption from capital gains after living there for 2 of the past five years. Shop around and get a good deal. There are lots of them out there these days. |
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