Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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Very rarely will dues ever go down.
And unfortunately, in many cases the association is legally required to keep the gym, pool, club house, etc. functional. If the existence and maintenance are...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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Do HOA fees ever go down?
During tough economic times, why not just vote to not have the gym, pool, club house, and care of these, versus getting a loan?
So $7000 ... wow, pretty much...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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If you were going to be in the home for 10 years, I say think about buying.
5 years? not a chance. By the time you factor in closing costs and the time/money/effort you put into buying AND...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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Hence why people used to actually save up 20% for a down payment before buying a house. Put nothing down, take out an ARM for your down payment, and you still pay a buttload of interest in the long...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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My god, you people who dont live in california really have it made. Jesus, housing is way more expensive here. A mobile home is more than a real house
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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HOAs do not always cover the costs....in which case you may be hit with a "special assessment"
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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Thats easy to figure out if it will be the case. You can get the HOA's financials before buying and see how large a reserve fund they have. Typically one thats been around a while is much better off...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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Duplicative post.
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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A few things:
1) With an FHA loan, you only need a small percentage of a down payment, so the $4k you have on hand should be good for a $40-50k house.
2) Keep in mind that there are a lot more...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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Perhaps...but aging units also require a lot more maintenance.
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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Noooooooooooooooooooooooooooooooooo.
First, yes, with Condos, the "common elements" are not your direct responsibility, they fall under the Association (in most cases). HOAs have similar...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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Pretty sure the correct term is "shack."
When everyone and their dumbass uncle who's a realtor is telling you "you gotta buy a house, you have to now!" it's still time to rent.
When everyone...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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Well, thanks for the helpful thoughts. I think I know renting is wiser since I plan to be around maybe 5 years more here, but the housing prices are just pretty seductive, you know? Condos here I've...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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i am also in simillar kind of Boat.... very good topic for a discussion... in my area a condo cost about 170K roughly... in norhtern NJ, and a town house is out of the question... i am thinking to...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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How handy are you?
I have no idea what the housing market is like there, but at $26k, damn, that's less then a car payment. You could put $0 down and pay the house off in a few years at only...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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You're utterly clueless if you think the buy vs rent argument consists solely of cost of rent vs home value increases.
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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Tell that to some folks in Atlanta, GA or Las Vegas. Home prices have dropped. Lowest in 16 years in Atlanta. Many are underwater.
Skip the house or condo for now, OP. Rent.
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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Sort of contradictory there, while I still agree with your first point :thumbup:, the second point might lead some to believe now is the time to buy. I personally don't think I would buy for another...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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:iagree:
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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While "investing in real estate" can certainly make money, and is a good move for some, the recent and ongoing housing crisis has definitely shown that you shouldn't consider your own single personal...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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Income has kept up with housing prices. You arent comparing apples to apples. Look at home sizes 50 years ago. Average home size now is 50-100% larger, yet family size hasn't increased that much. Now...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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Thankfully I bought after the first wave of price drops 2 years ago but am still down about 20-30k right now. I feel bad for my sister. They make really good money could afford a really nice house...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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owning a condo there are much less unexpected costs. The roof/siding is covered by the association dues as is the homes insurance. You're only responsible from the studs in...so biggest things would...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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Typically though associations keep up on maintenance and slowly raise dues every year to cover the aging process. Also the more units in a complex the safer you are.
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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Perhaps, but you can also see how the repairs are handled. My complex has large projects every year being done to constantly upgrade/fix/improve areas. This is whats needed to prevent one time large...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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Yes, looking at the financial information can help you avoid some major mistakes in buying into a COA/HOA that's in serious financial trouble, but it doesn't protect you from everything. New issues...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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I would not buy a house if I didnt feel there was a chance I would stay in the area a long time. You cant predict the future but buying a house when you feel like your moving at some point soon just...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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:iagree:
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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should i rent an apartment to save on mortgage?
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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My opinion is that the US housing market is pretty close to bottom. Maybe another 5% drop.
Mind you markets are local... don't rely on national numbers.
I'm envious of you folks who can buy a...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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Like I said it depends on the complex and you can easily tell the state of a complex prior to moving.
Were talking about 1 time exception charges not the monthly hoa fees.
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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My point is that they are both ridiculous. Also you may move into a place that looks in great shape and then 5 years later you get the special assessment.
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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It's called the "sunshine" tax. I live in Hongcouver, BC (Bring Cash) where the situation is even worse.
Most people don't realize that they work so damn hard to afford a place in Cali that they...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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well that particular property sold before I was preapproved for a mortgage. Applying at a couple places I came to see closing costs will be at least $5000. While that isn't much spread out out 10-20...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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I remember people saying things similarly during the housing bubble.
"You can't go wrong buying a house."
"A house is a good investment."
"It's better than buying a car."
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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That's what people said during the housing bubble too ...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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Could have put it better. Prices are down, interest rates are low. Why not buy?
The point I wanted to make was someone stated prices always go up on a home - it's a great investment. It's not. ...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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We have a lot of houses like that around here...but there is usually a catch. Most are in the ghetto or they need 20k+ worth of work. The few that are good are usually snapped up by investors so...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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Interest rates are stupid low, so people take mortgages as "interest-free" and arent in any rush to pay it back, because they think they dont *gain* a ton of savings if they do pay it off early.
A...
Should I buy a house to save on rent?
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Thread created 06-06-2012 by avatar78
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For some markets, it makes sense to buy and for others renting is still the way to go.
I still hold the historical house price P/E ratio dear to heart.
Historically that has been 11.
Check your...
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