Originally Posted by
Buck Rogers
You kinda lost me. Do the costs associated with home ownership(taxes, maintenance, roof, lawn care, water heater) just magically disappear by renting? Does the landlord just eat those costs or does he pass them on to the rentor plus the management fee?
It is a math problem. There are certainly times it's better to rent than buy, especially when you consider many don't stay in home for more than 10-15 years. What many people fail to factor in is the true interest rate of your loan if you don't hold it for the full term and how much the cost of ownership adds up, even if you get some nice appreciation. Other fators are the amount of money your initial down payment could make them if they had invested in real estate or even just the S&P over a 10 year period. I'm generally in the buy camp, but certainly are plenty of situation where renting is a much smarter option.
Originally Posted by
170Till5
A single family home in most states is $700-$800K now a days.. $800K home is basic how. You old timers are out of touch with what the real world is like now. And I’m talking about ATL area, which is relatively low cost of living. You can get a condo or town home for $400K - $500K+ in most places that are good areas
you need $1mm to get a single family home in Northern VA.
Woah, $800k home is basic? Dang, I'm glad I don't live there. $800k here will get you a brand new 4-5 bed/4-5 bath, 3,000+ sq ft home with a big yard, a pool/hot tub, outdoor party space with a 3 car garage, in one of the nicest parts of town. You could probably get that for $550-700k actually.
Originally Posted by
170Till5
a 4 bedroom house isn’t big lol.. imagine if you have more than 2 kids? And someone working from home.. I don’t know anyone that prefers to share walls or walking out on their deck and being able to shake hands with their neighbor. America has a huge housing shortage. You can go to Japan or Italy and buy a house for $1
Lol wut? IDK man, most 4 bedroom houses I see today are McMansions. Of course, I grew up in a 1,300 sq ft, 3bd/1 bath home with two sisters, so most everything is big in comparison.