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RENT OR OWN ?
    #16564499 -

I have been reading about the housing market some and I have come to the conclusion that owning a home in this day and age may not be the best thing for me to do. I would still consider it if the right property at the right price/location were available. A condo/duplex might be best for a single, youngest of my siblings (youngest of the youngest on my moms side and she is the youngest too), and childless. Do any of you have any thoughts on this subject? I am looking for positive input on why one would want to own V. why one would just rent. Looking for constructive criticism on renting V. owning. (No STAL! Don't even say it!)
OWN OR RENT ?
Users may choose only one (27 total votes)
Just rent home/condo/duplex for life
-
12 44%
Want to own a home/duplex/condo/multiple properties
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15 56%
Votes accepted from 07/21/12 03:21 PM until 07/21/22 03:21 PM


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Re: RENT OR OWN ? [Re: tyrannicalrex]
    #16564531 -

Rent to own would be ideal for me if I decided to rent a place.

Though I plan on buying a place n' without payments so ill have to save up a lot.


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Re: RENT OR OWN ? [Re: tyrannicalrex]
    #16564539 -

I rent and see no reason to buy in the near future.  Houses in my area are over priced and property taxes have gone up 30% in the past 5 years.

I would consider buying if I got a real high pay job or if prices/taxes fall quite a bit, but I dont see either happening.

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Re: RENT OR OWN ? [Re: DieCommie]
    #16564572 -

DieCommie said:
I rent and see no reason to buy in the near future.  Houses in my area are over priced and property taxes have gone up 30% in the past 5 years.

I would consider buying if I got a real high pay job or if prices/taxes fall quite a bit, but I dont see either happening.


How the fuck are prices in your area over-priced when they have dropped or stagnated all over the country?  Where the hell do you live?  They aren't overpriced if people are paying it.  As far as I can tell this is the greatest property buying opportunity in my lifetime with bottomed out prices and bottomed out interest rates.  Which is not to say that ownership is for everyone but, if you want in, now is the best time I have ever seen.

One other thing regarding your comment about property taxes.  Who do you think is the ultimate payer of property taxes on a rental unit?  It isn't the landlord.


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Re: RENT OR OWN ? [Re: DieCommie]
    #16564575 -

The minute you have enough money to buy a house, do it.

If possible, never rent.

Rent is what makes rich people richer and poor people poorer.

There's always a deal out there.


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Re: RENT OR OWN ? [Re: Patlal]
    #16564588 -

buy if you can, but it is a big leap and change in lifestyle.


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Re: RENT OR OWN ? [Re: zappaisgod]
    #16564590 -

Quote:
They aren't overpriced if people are paying it.


People havent been paying it.  50 year old two bedrooms on either side of my house have been sitting for sale at over 100k for over a year.  I am disheartened that sales are increasing in my area though.  Some 3 bdrs have sold near me for 200k, yuck, no thanks.  I think all houses near me are still overpriced, I wont be buying.

Quote:
Who do you think is the ultimate payer of property taxes on a rental unit?  It isn't the landlord.


Yea, but I can move easily when they jack them up as a renter.  If and when my landlord jacks my rent, Im out.  If I own my house immediately absorbs the hit of raising taxes and even selling wont help me.

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Re: RENT OR OWN ? [Re: DieCommie]
    #16564608 -

I saw an article the other day that said if you take the extra money you would spend on a mortgage and put it in a 401k it would appreciate a lot more than property would, albeit slightly less stable.

If you feel like you can save that money, then rent. Its a lot easier with a lot less hassles.


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Re: RENT OR OWN ? [Re: DieCommie]
    #16564621 -

DieCommie said:
Quote:
They aren't overpriced if people are paying it.


People havent been paying it.  50 year old two bedrooms on either side of my house have been sitting for sale at over 100k for over a year.  I am disheartened that sales are increasing in my area though.  Some 3 bdrs have sold near me for 200k, yuck, no thanks.  I think all houses are still overpriced, I wont be buying.


So make a low offer.  It isn't Wal-Mart.
Quote:
Quote:
Who do you think is the ultimate payer of property taxes on a rental unit?  It isn't the landlord.


Yea, but I can move easily when they jack them up as a renter.  If and when my landlord jacks my rent, Im out.  If I own my house immediately absorbs the hit of raising taxes and even selling wont help me.


Move to where?  Another place where they jacked them up?  Do you really think it is efficacious to constantly move whenever tax hikes show up in a rent increase?  Hell, do they even amount to that much anyway?  My property taxes are pretty substantial but they pale in comparison to Federal, state and FICA.


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Re: RENT OR OWN ? [Re: tyrannicalrex]
    #16564633 -

I understand that financially owning or renting to own is the best option but the commitment behind it is what turns me off. At this point in my life, at the very least, I can't imagine wanting to stay in one place and I have no interest in renting out a house to tenants either so I'll keep on renting places.


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“When we blindly adopt a religion, a political system, a literary dogma, we become automatons. We cease to grow.” -anais nin

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Re: RENT OR OWN ? [Re: tyrannicalrex]
    #16564643 -

just RENT. makes life a HELL of a lot Easier BELiEVE ME


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Re: RENT OR OWN ? [Re: Mello Kitty]
    #16564666 -

ellenallien said:
just RENT. makes life a HELL of a lot Easier BELiEVE ME



really? I never have to worry about rent, I never have to worry about it
going up, if I wanted to grow something illegal I'd never have to worry
about the landlord stopping by to do an inspection, if I need a lot of money
really fast I could take out an equity loan and have it in a couple of days

what can be said about renting, you dont have to worry about repairs?
except if the landlord isnt on top of shit you can be without heat or
water for a couple of days, if the roof collapsed you could be looking
for a place to live, for me, I'd just turn it over to insurance and get
paid to do the roof repairs


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California Has Legalized Child Prostitution

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Re: RENT OR OWN ? [Re: Prisoner#1]
    #16564716 -

Renting sucks, landlords suck.
Have dealt with leaky roofs, no heat in winter for a few days, sewage problems(crap coming up into the tub), no fridge, all sorts of shit. It's great when it happens on a Saturday also, then it's usually fixed Tuesday at the earliest.

While I just mortgaged a house, our current cost is just about $150 more(including taxes, insurance, etc..) than renting was a couple years ago. Not to mention our auto insurance dropped. And that was a dinky 900sf home with hardly any yard. Now I am on 5 acres in a 1600sf home and can do what ever the hell I want to on my property, well except have pigs or male goats(I think it's goats).

Home prices are pretty low in my area and interests rates last I heard where in the 3% range if I remember correctly. 

Owning over renting any day, that is if you plan to stick around for a while.

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Re: RENT OR OWN ? [Re: Prisoner#1]
    #16564743 -

Prisoner#1 said:
ellenallien said:
just RENT. makes life a HELL of a lot Easier BELiEVE ME



really? I never have to worry about rent, I never have to worry about it
going up, if I wanted to grow something illegal I'd never have to worry
about the landlord stopping by to do an inspection, if I need a lot of money
really fast I could take out an equity loan and have it in a couple of days

what can be said about renting, you dont have to worry about repairs?
except if the landlord isnt on top of shit you can be without heat or
water for a couple of days, if the roof collapsed you could be looking
for a place to live, for me, I'd just turn it over to insurance and get
paid to do the roof repairs


I know some people that never ever wants to own a house and insist on renting even though they know its not the smart financial thing to do.

They want no responsibility or payment other than their rent. They don't want any trouble.

Some guy told me he talked to a dozen landlords before he decide to live there cause he had his conditions. Things like, when I call you when something breaks, you'll send someone over ASAP, my driveway will be shoveled in the winter, my grass will be cut in the summer etc.

He found a landlord that said yes, now he's been living there for a couple of years and he doesn't have anything else to do than pick up his phone if something breaks.

There's a market for everything


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Re: RENT OR OWN ? [Re: Patlal]
    #16564827 -

Patlal said:
The minute you have enough money to buy a house, do it.

If possible, never rent.

Rent is what makes rich people richer and poor people poorer.

There's always a deal out there.


Really, owning a home has lost millions of people their life savings in a matter of a few years. A good percentage of current homeowners (40% or more) have negative equity in their homes today, they owe more than the house is worth.

Remember, real estate is a leveraged investment, and we all know how leverage works, great on the upside, no fun on the downside.

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Re: RENT OR OWN ? [Re: qman]
    #16564921 -

Owning land is where it is.

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Re: RENT OR OWN ? [Re: qman] * 1
    #16564952 -

qman said:
Patlal said:
The minute you have enough money to buy a house, do it.

If possible, never rent.

Rent is what makes rich people richer and poor people poorer.

There's always a deal out there.


Really, owning a home has lost millions of people their life savings in a matter of a few years. A good percentage of current homeowners (40% or more) have negative equity in their homes today, they owe more than the house is worth.

Remember, real estate is a leveraged investment, and we all know how leverage works, great on the upside, no fun on the downside.



no, that's the retardation of those particular buyers, most got inflated
loans so they could get a few toys, many took out second and even third
mortgages, there's also the variable rate mortgages to people that knew
they couldnt pay it back when the interest rate climbed. these were
dumbasses that were too interested in keeping up with the jones' to bother
reading contracts. they made bad financial decisions and many decided to
play more than pay

I have 100% equity in my place, the value didnt drop, it's increased even
during this time of burst bubbles. why? because I wasnt stupid about it


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California Has Legalized Child Prostitution

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Re: RENT OR OWN ? [Re: Prisoner#1]
    #16564992 -

Prisoner#1 said:
qman said:
Patlal said:
The minute you have enough money to buy a house, do it.

If possible, never rent.

Rent is what makes rich people richer and poor people poorer.

There's always a deal out there.


Really, owning a home has lost millions of people their life savings in a matter of a few years. A good percentage of current homeowners (40% or more) have negative equity in their homes today, they owe more than the house is worth.

Remember, real estate is a leveraged investment, and we all know how leverage works, great on the upside, no fun on the downside.



no, that's the retardation of those particular buyers, most got inflated
loans so they could get a few toys, many took out second and even third
mortgages, there's also the variable rate mortgages to people that knew
they couldnt pay it back when the interest rate climbed. these were
dumbasses that were too interested in keeping up with the jones' to bother
reading contracts. they made bad financial decisions and many decided to
play more than pay

I have 100% equity in my place, the value didnt drop, it's increased even
during this time of burst bubbles. why? because I wasnt stupid about it


I agree, many retarded decisions taking place a few years ago in the real estate market.

I remember many "smart" people telling me, "real estate never goes down, it's the best investment, ect."  These are the same people who now wish they never over paid so much for their home.

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Re: RENT OR OWN ? [Re: qman]
    #16565040 -

Yes, some people over paid for their houses. But they thought it was worth it at the time right? So if they don't plan to sell what the big deal.
Heck, my mom sold a house in the right time, came out really well. Then she bought when things almost reached the climax, before the "bubble burst", ended up selling a bit over a year ago and broke even.

I also saw first hand what idiots did as Pris described, "oh the house went up in value, time to refinance and get some cash. oh the house went up in value again, time to refinance and get a $40,000 truck." *pop* oh fuck.... time to run and go back to renting. :facepalm:

Personally, I don't look at a house as an investment.
Just a place to call my own.

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Re: RENT OR OWN ? [Re: qman]
    #16565074 -

qman said:
Patlal said:
The minute you have enough money to buy a house, do it.

If possible, never rent.

Rent is what makes rich people richer and poor people poorer.

There's always a deal out there.


Really, owning a home has lost millions of people their life savings in a matter of a few years. A good percentage of current homeowners (40% or more) have negative equity in their homes today, they owe more than the house is worth.


I believe that this statement is complete bullshit.
Quote:
Remember, real estate is a leveraged investment, and we all know how leverage works, great on the upside, no fun on the downside.


So declare bankruptcy and walk away so intelligent people can pay an intelligent price.  Only in Hollywood's imagination do Gumps get rich without winning the lottery.


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