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Renting vs. Buying your home

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Old 07-27-2012, 08:59 AM   #41
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Originally Posted by Leggo View Post
^^ Good luck man! I hope it works out.
looks like tw is good luck for me. got the call that the bank excepted my offer.
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Old 07-27-2012, 09:11 AM   #42
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I think the title of this post is VERY similar to the question of dating vs marrying.....

But to stay on topic, here in Phx AZ we have had huge problems with the housing market and now we are starting to make our way back. For the first time in a long time there is a housing inventory shortage. So this is good for sellers but not so good for buyers. But this is also causing the housing market to start back up again and all the houses that were 500k 5 years ago that dropped to 200 to 250k have been appraised correctly and people can start to buy and not be upside down after 3 to 5 years.

I have rented and owned and I love the feeling of home ownership. Its yours and you can do with you want with it ..... as long as the wife lets you.... but I also love renting and knowing someone else is responsible to fix what is broken.

So kind of like dating vs marrying......
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Old 08-08-2012, 10:00 AM   #44
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Originally Posted by mjp2 View Post
House prices started rising in 2000. Meanwhile, average salaries have not increased during that same period. In many cases, they've dropped.

For long-term sustainability with no expectation of average salaries increasing, home prices need to drop to 1999 levels and people need to again start thinking in terms of owning their homes rather than simply making monthly payments.

If you can find something close to the 1999-2001 price and you're planning on staying for at least 5-7 years, it could be a good buy. Otherwise, renting is the way to go while prices continue to correct.
It depends on how hard the housing market was hit. Out here, rising rents due to high rental demand and heavily depressed housing prices can make buying the cheaper option.

For example, I just bought a 2600 sq ft house on 1.5 acres of land. There's a house near me that is 2300 sq feet, 10 years older, and 1/4 of the lot size that's renting for what I'm paying on my new mortgage including property taxes, mortgage insurance and housing insurance. Plus, I'll get a mortgage interest tax deduction at the end of the year.

The people who bought my condo, bought it as an income property. They'll be able to rent it for more than their mortgage including HOA fees.
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Old 08-08-2012, 10:22 AM   #45
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I bought my home at the end of last year for 173,000 1,700sqft not bad considering I live in California and also I'm 23

Conventional fixed 30 year @ %4.0
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Old 08-08-2012, 10:22 PM   #47
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Originally Posted by macgyver View Post
I take it you're not from the area originally? I've lived here my whole life (Grew up in Cobb County: Marietta, Powder Springs) and there's plenty to do here.

You're less than an hour drive to the North Georgia Mountains, 6-7 hours from the beach (FL, SC, GA), about 30-40 minutes drive to downtown Atlanta, Buckhead, Midtown. Lot's of work in the GA400 corridor and it's less than a 20 mile commute. The house posted is in a huge subdivision right on Lake Allatoona. Lake lanier is about 30-40 minutes away if you prefer Lanier over Allatoona. Downtown Woodstock which is two exits south of Canton has some great new restaurants and outdoor concerts during the summer. Cherokee County's property taxes are some of the lowest in the state (Mine are $1200 this year).

It does get hot here but I'll take the heat over freezing to death and not seeing the sun for months at a time up north. You don't freeze to death in the winter and don't have to shovel snow.

...California, No thanks. I'll just go visit occassionally if I want to. Too many crazy liberals and waayyy to high cost of living and taxes.
Nope not from the area originally...Allatoona huh? I use to take my dog on the trail at red top mtn all the time. Its a nice park. I like the woodstock area a lot, we were in Kennesaw. My wife went to Life Univ. we were right off barrett pkwy, it could take her 45 mins to get to school sometimes, and it was only 8 miles away. I think ATL would be way better if it were smaller, less traffic. Lots of good restraunts, I put on about 10 lbs while I was there. Just too hot for me.

I agree with you on CA though.
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Old 08-12-2012, 08:27 PM   #48
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I could absolutely afford the mortgage, etc on a home but am a year away from being debt free and probably a year and a half after that from saving up a down payment.

Now is a great time to buy but most people dont have $40k in cash laying around.
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