Renting Vs Buying
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I have rented twice in my life. Both times were while we were waiting for our homes to be built. We have built twice. We bought our first house 2 months before we got married, then moved 1400 miles away 2 years later where we rented for 6 months while our next house was built. Lived there for 25 years, sold that house before our next house was built, so we rented for 2 months until the house was ready. I hate everything about renting. Now we own a house out in the country on some acreage. I really hate living too close people. I like my peace and quiet.0
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In Florida, you can put zero down and, sometimes you can roll the closing costs into the mortgage.
$9,000 as a downpayment on what? A house? I don't know about other states, but in NJ, you have to put down 10% unless you want to pay Private Mortgage insurance (PMI) every month... so if a house costs $300k, then you need to put $30k down.As someone else mentioned, If you can live with your parents for a little while, do it.
save as much as you can. PAY OFF THE STUDENT LOANS!!!!!!!!!!
Don't buy a new car yet.
Even if you can put $500.00 a month in a savings account, do it.
$500.00 * 18 months = $9,000.00
Not a bad down payment.
Explain to your folks what you are trying to do (save for a house) and maybe they will be easier on you.
It depends on the bank.
Also, a 300K home in NJ (or Florida) might be the norm but, in Ohio, a 300K house is an amazing home.
It depends on where she is buying.
Is she in Miami Beach or, is she is the middle of Kansas?
Haha for 300k, in my area, I could buy a very nice, well equipped five bedroom house with a couple of acres.Standard three bedroom, one bath homes with an acre are going for 50-70k in my area. Only downside is they are selling to mostly investors in my area and don't care for selling to private owners.0 -
If you're buying a home to own your own piece of property & do all that comes with it (painting the walls, designing it your way, having a place you can call "mine"), buying a piece of property is the right choice. Just make sure you are able to stay for a couple years, and that you can afford it.
However, if you are buying a piece of property to "save money" or even worse, eventually make money "once the real estate market picks up," it's a terrible idea. If you want to make money, get a stockbroker, don't buy a house.0 -
And thats what I am talking about.
In Florida, you can put zero down and, sometimes you can roll the closing costs into the mortgage.
$9,000 as a downpayment on what? A house? I don't know about other states, but in NJ, you have to put down 10% unless you want to pay Private Mortgage insurance (PMI) every month... so if a house costs $300k, then you need to put $30k down.As someone else mentioned, If you can live with your parents for a little while, do it.
save as much as you can. PAY OFF THE STUDENT LOANS!!!!!!!!!!
Don't buy a new car yet.
Even if you can put $500.00 a month in a savings account, do it.
$500.00 * 18 months = $9,000.00
Not a bad down payment.
Explain to your folks what you are trying to do (save for a house) and maybe they will be easier on you.
It depends on the bank.
Also, a 300K home in NJ (or Florida) might be the norm but, in Ohio, a 300K house is an amazing home.
It depends on where she is buying.
Is she in Miami Beach or, is she is the middle of Kansas?
Haha for 300k, in my area, I could buy a very nice, well equipped five bedroom house with a couple of acres.Standard three bedroom, one bath homes with an acre are going for 50-70k in my area. Only downside is they are selling to mostly investors in my area and don't care for selling to private owners.
In my area, 300K will get you a nice 3/2 with a 2 car garage on a zero lot line.
A house like you are describing would be somewhere closer to 750K in my area.0 -
In Florida, you can put zero down and, sometimes you can roll the closing costs into the mortgage.
$9,000 as a downpayment on what? A house? I don't know about other states, but in NJ, you have to put down 10% unless you want to pay Private Mortgage insurance (PMI) every month... so if a house costs $300k, then you need to put $30k down.As someone else mentioned, If you can live with your parents for a little while, do it.
save as much as you can. PAY OFF THE STUDENT LOANS!!!!!!!!!!
Don't buy a new car yet.
Even if you can put $500.00 a month in a savings account, do it.
$500.00 * 18 months = $9,000.00
Not a bad down payment.
Explain to your folks what you are trying to do (save for a house) and maybe they will be easier on you.
It depends on the bank.
Also, a 300K home in NJ (or Florida) might be the norm but, in Ohio, a 300K house is an amazing home.
It depends on where she is buying.
Is she in Miami Beach or, is she is the middle of Kansas?
Over here in the UK, I could buy a £200k 2 bedroom apartment in the city centre next to the media centre I would like to work at. I could rent one for approx. £1000 a month and it would only be a 1 bedroom property, and smaller.
Oh, and I think they require more than a 10% down payment here. I think it's more like 30%.0 -
Yea NJ sucks I know. Our house was listed for $335k, we got it for $315 (closing was $10k rolled into it).
We put down about $30k, so we have to pay PMI.
Our house is 1600 square feet, 3 bedrooms, 2 1/2 bath, and a TINY TINY lot.
Oh and our taxes are almost $9000 PER YEAR.0 -
If you have the means to buy, then buy. Renting, all you are doing is giving your money to someone else to pay off their mortgage. Buying a house, you are putting money back into your own pocket with equity. Even if you buy something small first, then sell, and go bigger. Renting is basically for people who can't afford a down payment. Sometimes renting is almost the same as a mortgage!!!
Not true. As a single mother I prefer renting bc if something goes wrong I don't have to fix it. I call the landlord and he takes care of it. I may be able to buy for less but not having the hassel of upkeep is a better peace of mind right now.
^^^ This
Home repair costs can drain your savings. All we have to do now is law care. If something breaks, we don't have to spend a dime on it or wait until payday to fix it.0 -
In Florida, you can put zero down and, sometimes you can roll the closing costs into the mortgage.
$9,000 as a downpayment on what? A house? I don't know about other states, but in NJ, you have to put down 10% unless you want to pay Private Mortgage insurance (PMI) every month... so if a house costs $300k, then you need to put $30k down.As someone else mentioned, If you can live with your parents for a little while, do it.
save as much as you can. PAY OFF THE STUDENT LOANS!!!!!!!!!!
Don't buy a new car yet.
Even if you can put $500.00 a month in a savings account, do it.
$500.00 * 18 months = $9,000.00
Not a bad down payment.
Explain to your folks what you are trying to do (save for a house) and maybe they will be easier on you.
It depends on the bank.
Also, a 300K home in NJ (or Florida) might be the norm but, in Ohio, a 300K house is an amazing home.
It depends on where she is buying.
Is she in Miami Beach or, is she is the middle of Kansas?
Over here in the UK, I could buy a £200k 2 bedroom apartment in the city centre next to the media centre I would like to work at. I could rent one for approx. £1000 a month and it would only be a 1 bedroom property, and smaller.
Oh, and I think they require more than a 10% down payment here. I think it's more like 30%.
you can definitely get a 10% deposit over here - we did. What it means is that your interest rate will be higher.0 -
I've always been poor. Sometimes desperately so. That means owning a home was never an option for me, and I thought that was just the way of things.
I hooked up with a guy with a creative writing degree and no job. When his grandmother died, his mom got a lot of money. They pissed it all away on stupid crap, and lost their house soon after I came into the picture. My husband got a job, and we make about $30k/year combined. Not rich by any means. Then my husband's grandfather died, and his mom inherited more money.
Instead of pissing it away this time, she bought a house for my husband and his sister, and invested in her other son's business.
My brother in law pays what he can when he can, as business fluctuates. My sister in law pays a small portion of her rent whenever she feels guilty enough, but generally doesn't give a crap about anyone but herself. My husband and I pay our rent before any other bills, because we understand that our rent is supposed to be their retirement income.
So I have something I never dreamed I would- a home that is completely paid for, in a nice neighborhood, with a large yard and plenty of room for us and our cats. As long as his parents live, we will pay rent, and we inherit our home when they die. I am HAPPY to send that check every month!
Pros: no ****ty neighbors, no paper thin walls, and no chance of ever losing the roof over my head
Cons: have to tend the yard, clean the pool, and fix whatever breaks
Technically, we didn't "buy" our house. Technically, we rent. Under normal circumstances, though, I would absolutely say BUY if you can afford a down payment!0 -
We bought as soon as we were financially able to - because we would like to be able to own a place outright when we are old and not be paying rent into retirement.
However, I don't buy into the fact that renting is dead money.
Some people simply aren't in a financial position to buy a property and so renting is the only way they can afford to move out of their family home. Becoming independent and setting up your own home is a key part of life and do i don't agree renting is dead money. It's a means to an end.0 -
My husband and I currently own our home WHen we bought it the economy was really good and the interest on our mortgage was 6%. That was in the early 90's. Now people are paying more for renting a small apartment than we pay on our mortgage. So in that way we're happy. BUT we do want to move some day. We're no longer happy with the area we live in. The crime rate has gone way up so have the taxes. What we plan on doing is selling after I"m done school and working. We're going to sell this and move into a rental till we find an area and home that we'll be happy with and then buy another house. But we're going to take our time looking for that next home purchase and rent till we do. So for many a rental is a great way to live in a house on a temporary basis till you find what you're looking for. I don't want to feel rushed into buying our next house. I don't care if we live in an apartment till we find the next home. We just don't want to jump into a purchase that we'll regret later.0
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Yea NJ sucks I know. Our house was listed for $335k, we got it for $315 (closing was $10k rolled into it).
We put down about $30k, so we have to pay PMI.
Our house is 1600 square feet, 3 bedrooms, 2 1/2 bath, and a TINY TINY lot.
Oh and our taxes are almost $9000 PER YEAR.
I am so printing this off and giving it to my father next time he b!itches about his property tax. He pays just maybe a couple more hundred than you do and has a three story home with aprox 4500 square feet on about 10 acres. And we thought our property tax was high. :laugh:
Note to self: no moving to NJ0 -
In Florida, you can put zero down and, sometimes you can roll the closing costs into the mortgage.
$9,000 as a downpayment on what? A house? I don't know about other states, but in NJ, you have to put down 10% unless you want to pay Private Mortgage insurance (PMI) every month... so if a house costs $300k, then you need to put $30k down.As someone else mentioned, If you can live with your parents for a little while, do it.
save as much as you can. PAY OFF THE STUDENT LOANS!!!!!!!!!!
Don't buy a new car yet.
Even if you can put $500.00 a month in a savings account, do it.
$500.00 * 18 months = $9,000.00
Not a bad down payment.
Explain to your folks what you are trying to do (save for a house) and maybe they will be easier on you.
It depends on the bank.
Also, a 300K home in NJ (or Florida) might be the norm but, in Ohio, a 300K house is an amazing home.
It depends on where she is buying.
Is she in Miami Beach or, is she is the middle of Kansas?
Over here in the UK, I could buy a £200k 2 bedroom apartment in the city centre next to the media centre I would like to work at. I could rent one for approx. £1000 a month and it would only be a 1 bedroom property, and smaller.
Oh, and I think they require more than a 10% down payment here. I think it's more like 30%.
you can definitely get a 10% deposit over here - we did. What it means is that your interest rate will be higher.
Right now you can't get a 10% deposit mortgage for shiz.0 -
$9,000 as a downpayment on what? A house? I don't know about other states, but in NJ, you have to put down 10% unless you want to pay Private Mortgage insurance (PMI) every month... so if a house costs $300k, then you need to put $30k down.As someone else mentioned, If you can live with your parents for a little while, do it.
save as much as you can. PAY OFF THE STUDENT LOANS!!!!!!!!!!
Don't buy a new car yet.
Even if you can put $500.00 a month in a savings account, do it.
$500.00 * 18 months = $9,000.00
Not a bad down payment.
Explain to your folks what you are trying to do (save for a house) and maybe they will be easier on you.
What's awesome is you guys are paying my PMI...thank you VA.
No money down, no PMI.
we went VA as well when we bought our home but still put 30 grand down. It brought our mortgage payments way down. We have over 2500 sq feet and pay only $700 a month mortgage. We would have a 1200 a month mortgage if we didn't do that.0 -
Oh, and I think they require more than a 10% down payment here. I think it's more like 30%.
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you can definitely get a 10% deposit over here - we did. What it means is that your interest rate will be higher.
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Right now you can't get a 10% deposit mortgage for shiz.
[/quote]
Currently 22 10% deposit options at yorkshire building society alone - we got one 2 months ago0 -
Buying a home is ultimately what a lot of people want to do, right? Instead of having to pay rent every month for a rental home, you make enough payments over time, eventually you should be able to pay off the home.0
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A home, that is.
What are your opinions, guys? I'm undecided and always hear "renting is dead money". Any insights?
totally depends on your financial situation/family/lifestyle etc etc etc
No doubt! For some people, renting makes the most sense.
That's like saying "paying for utilities is a waste" or whatever. You are receiving *SHELTER* for a fee. It's not a waste. Homeownership comes with a lot of negatives, making it a non-option for some people.0 -
I would love to buy but because of rent and debt can't save a downpayment. It's a vicious cycle!0
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um yeah and my taxes are actually relatively cheaper compared to other towns and neighborhoods - one of the biggest reasons we bought in the area we did. Other places in NJ can eastily be $10k or more a year for the same size house and property or smaller. All I know is if you move out of NJ, you will never afford to move back to NJ.Yea NJ sucks I know. Our house was listed for $335k, we got it for $315 (closing was $10k rolled into it).
We put down about $30k, so we have to pay PMI.
Our house is 1600 square feet, 3 bedrooms, 2 1/2 bath, and a TINY TINY lot.
Oh and our taxes are almost $9000 PER YEAR.
I am so printing this off and giving it to my father next time he b!itches about his property tax. He pays just maybe a couple more hundred than you do and has a three story home with aprox 4500 square feet on about 10 acres. And we thought our property tax was high. :laugh:
Note to self: no moving to NJ
I want to move to Texas, no property taxes!0 -
Yes, but buying a house - you are receiving shelter that you will eventually OWN verses never owning the shelter you are renting.A home, that is.
What are your opinions, guys? I'm undecided and always hear "renting is dead money". Any insights?
totally depends on your financial situation/family/lifestyle etc etc etc
No doubt! For some people, renting makes the most sense.
That's like saying "paying for utilities is a waste" or whatever. You are receiving *SHELTER* for a fee. It's not a waste. Homeownership comes with a lot of negatives, making it a non-option for some people.
With utilities it is different - because you will never own those services.0
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