 How do I get a Quit Claim Deed? |
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 If a house is listed at $69,900... what is a reasonable offer? |
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Built in 1988 on 0.5 acre.
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kiki | Which makes more sense?? |
1) Renting house from father for $1600/month for roughly 40 years
2) Renting house from father until we can afford to buy it (for roughly $500K+)
Does it make more sense to rent forever, or save up and buy?
If you need more info, just let me know.
Thank you for your input.
Additional Details
He informed me that I could rent for 30 years, then he'd give it to me (it's already written in the will).
Thanks for the advice so far! |
 |
 
equal_opposites
 |
If you rent, he has to claim the income as investment income, but he also gets the tax write-off for depreciation and all expenses.
You, on the other hand, don't get any tax write-off. $1600 x 12 = 14,800 a year that, if it were interest on a mortage, would reduce your taxable income, along with whatever property taxes you would pay, saving you money on taxes.
Downside to owning: you have to foot the bill for all repairs. Plus, if you decide to move, you have the hassle of having to sell or rent the place out to someone else. |
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In another place
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do you think father will live 40 years? the rent value mentioned is less than it should be for a 500k house. If he passes the inheritor might sell for real value or raise rent, or maybe you inherit. |
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curmudgeon
|
neither one. buy a cheaper house and work your way up to a 500k house. |
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misfitter
 |
simple math: $1600 x 40 = $640,000 or buy the house at $500,000? also, with the housing market as it is right now (08 NOV 2007) your chances for approximately the next 2 years are going to be pretty good that you might find a different house to rent for less and that allows you to save more money for your house. With the housing market the way it is right now you should be able to negotiate a fair rental. Remember, part of negotiating is simply saying "I want to think about it for a minute" and walk away. If they pressure you, imagine what will happen if you can't pay rent. |
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gone!
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Get AWAY from Father and buy your own house , this sounds like Father is trying his best to make money from his kids. you could buy a nice house for less than $500, and still have your pride and not be, beholden to your father. |
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puppylove
 |
Most of the time, especially now with the way the mortgage business is, you can get a good deal on a house if you have decent credit and a little down. It is better, in my opinion, to buy. You are building equity and the intrest is tax deductible. As far ar buying house fro your dad, you need to figure how much the mortgage payment will be on 500K. At 10% interest, figure $100.00 for every 10K in price. BUT BE AWARE of the mortgages that are adjustable or offer a low start rate of 1-2 %. These are the types of loans that caused this mess in the housing industry. |
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Christopher A
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More info is needed.
Location, location, location.
Right now in Miami Florida, for example, home prices are over inflated. It would be better for me to sell my house and rent until home priced come down again, or I move to a community where home prices are average.
Buying a home has hidden expenses, like repairs, property taxes, insurance, lawn/pool maintenance, paint etc. Renting eliminates these expenses but also takes away your tax savings and equity building. Besides, eventually the house will be paid off and you will live rent free, except for taxes and insurance.
Every case is different, use the "Rent or Buy" Bankrate calculator in the link below. Off the cuff, I would say 80% of the time, for most people buying is better. In NYC and other overvalued markets, renting may be better. |
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Madison
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Well, if the house is worth $500,000 and you would be paying $1,600 a month for rent- then that would take you about 26 years to actually build up to the $500,000.
I'm not sure how old your father is but if you are included in his will and will be receiving the house then it might pay off just to rent until then- I know that is bad to think about but it's true.
If you would like to own the house so you don't have to follow guidelines and what not, then see about getting a bank loan and buy the house now- if you can pay $1,600 a month in rent then surely you can afford a monthly bank loan. |
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open4one
 |
It's a pretty rare situation where renting is financially better than owning. For that to be the case, you either have to have really bad credit, or not have any long-term plan to live in the area.
However, this being a family deal, it just isn't that simple. You need to consult with a tax attorney/estate planner, because there are some additional possibilities.
If your father is going to have to pay a lot of Capital Gains on the property if he sells now, you may want to avoid that. One way to avoid it is for it to be passed through his estate, where the "Basis" will be stepped up to current market value. On the other hand, if his estate already will be paying taxes, the estate taxes on each additional dollar will be more than the Capital Gains on an inter vivos sale.
Another thing to consider is whether or not his estate plan is one of "planned impoverishment" to qualify for government benefits. It might be best for him to sell now, and start the clock running on the "lookback period".
Structuring the sale with him carrying the financing may also present the opportunity for him to give you tax free gifts each year in the form of "debt forgiveness".
You need the competent advice of his estate planner. From your side, it's probably better to buy, but as an heir, it may not be in your best interest, and there are many options to the structure of the sale. |
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flyingrizzly
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If you rent, you will never get anything out of it. If you buy, you will be able to take advantage of the equity you will build into the house as well as a better credit rating. |
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Hello Kitti
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Save and buy then write it off on your taxes rent payments can't be written off |
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