Which is the Smarter Route: Owning or Renting?
|
|
Einsman Schlegel
Disenchanted Fool
Join date: 11 Jun 2003
Posts: 1,461
|
02-15-2005 17:33
I'm interested in moving to a new location soon. In the long term, which is a better choice? I'm leaning towards owning a Condo/Townhome.
Which would make more sense in long/short term? And if owning is the choice and what rates and terms?
|
|
Chip Midnight
ate my baby!
Join date: 1 May 2003
Posts: 10,231
|
02-15-2005 17:50
Own, at whatever rates you can get. As a self employed person with pathetic credit I had to take what I could get and pay almost 10%. Even then I'm waaaaayyyyy better off than I was as a renter. I was paying $1375 a month for a two bedroom apartment. Now I pay $1500 a month for a three bedroom townhouse bordering a state park. In the year and a half I've been here the value of the place has gone up between $50,000 and $70,000 (based on recent sales of similar places in my neighborhood. The high mortgage payment is painful but I'm building equity instead of pissing my money away into the void, and the tax advantages are nothing to sneeze at. Own if you can.
_____________________
 My other hobby: www.live365.com/stations/chip_midnight
|
|
Kendra Bancroft
Rhine Maiden
Join date: 17 Jun 2004
Posts: 5,813
|
02-15-2005 17:56
From: Chip Midnight Own, at whatever rates you can get. As a self employed person with pathetic credit I had to take what I could get and pay almost 10%. Even then I'm waaaaayyyyy better off than I was as a renter. I was paying $1375 a month for a two bedroom apartment. Now I pay $1500 a month for a three bedroom townhouse bordering a state park. In the year and a half I've been here the value of the place has gone up between $50,000 and $70,000 (based on recent sales of similar places in my neighborhood. The high mortgage payment is painful but I'm building equity instead of pissing my money away into the void, and the tax advantages are nothing to sneeze at. Own if you can. If you're a liberal or gay --I'd say rent. You'll be better off financially when the Bush administration siezes your property and ships you off to an internment camp  |
|
Lecktor Hannibal
YOUR MOM
Join date: 1 Jul 2004
Posts: 6,734
|
02-15-2005 17:57
*snicker*
_____________________
YOUR MOM says, 'Come visit us at SC MKII http://secondcitizen.net ' From: Khamon Fate Oh, Lecktor, you're terrible. Bikers have more fun than people !
|
|
Chip Midnight
ate my baby!
Join date: 1 May 2003
Posts: 10,231
|
02-15-2005 18:00
From: Kendra Bancroft If you're a liberal or gay --I'd say rent. You'll be better off financially when the Bush administration siezes your property and ships you off to an internment camp Hahaha, well there is that. I'm straight but I'm a liberal pot smoking atheist. Shit. I'm screwed!
_____________________
My other hobby: www.live365.com/stations/chip_midnight
|
|
Kendra Bancroft
Rhine Maiden
Join date: 17 Jun 2004
Posts: 5,813
|
02-15-2005 18:04
From: Chip Midnight Hahaha, well there is that. I'm straight but I'm a liberal pot smoking atheist. Shit. I'm screwed! I'm a pot smoking lesbian transexual jewish socialist pagan -- I'm soooooooooooooo screwed. |
|
Lecktor Hannibal
YOUR MOM
Join date: 1 Jul 2004
Posts: 6,734
|
02-15-2005 18:06
From: Kendra Bancroft I'm a pot smoking lesbian transexual jewish socialist pagan -- I'm soooooooooooooo screwed. Now there is a mix, can I buy you a beer ? 
_____________________
YOUR MOM says, 'Come visit us at SC MKII http://secondcitizen.net ' From: Khamon Fate Oh, Lecktor, you're terrible. Bikers have more fun than people !
|
|
HeatherDawn Cohen
Who Me?!?!
Join date: 9 Aug 2004
Posts: 397
|
02-15-2005 18:08
I would say own esspecially if you are paying a high rent. If you are paying for a mortgage at least you are building your credit. If your financial situation doesn't allow you to make a payment for the going rate then I would stick to renting and start saving If there is a rent to own option, that might work too. |
|
Kendra Bancroft
Rhine Maiden
Join date: 17 Jun 2004
Posts: 5,813
|
02-15-2005 18:23
From: Lecktor Hannibal Now there is a mix, can I buy you a beer ? Corona, soldier boy  anytime |
|
Zuzi Martinez
goth dachshund
Join date: 4 Sep 2004
Posts: 1,860
|
02-16-2005 11:21
since nobody stays in the same house long enough to pay off a 30 year mortage anymore i'd say you're alot better off paying half as much for rent and having someone else deal with repairs and maintenence than paying twice as much and having to pay for maintenence on top of it. especially if you can rent all bills paid. either way you'll end up "owning" just as much when you move in 5 years.
umm......still i own my house but it's all paid off so all i pay is maintenance. still alot hehehe.
|
|
a lost user
Join date: ?
Posts: ?
|
02-16-2005 11:26
From: Kendra Bancroft I'm a pot smoking lesbian transexual jewish socialist pagan -- I'm soooooooooooooo screwed. [SATIRE]Aww Kendra... give yourself a lil break there. You are sooooooooooooo screwed even w/o all of that! [/SATIRE] |
|
Taru Saito
geekess
Join date: 23 Sep 2004
Posts: 129
|
02-16-2005 11:30
OWN! If anything for the freedom to do what you want in your OWN home, on your own property. You tend to care more about the place because it's yours. Bitching about the 'renters' and how the neighbors need to keep up on their lawn maintenance will be a new hobby. |
|
a lost user
Join date: ?
Posts: ?
|
02-16-2005 11:30
Short term, i.e. less than 2 years, rent. You might be upside down on your loan if you move so quickly.
Long term, i.e. 2 years or more, hands down owning is the best. You get tax deductions and appreciation in your property when you sell it. If you rent, you will never see that money again. Besides that there nice warm fuzzy feeling when you own your home. When you rent, nothing is really yours.
|