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Good Article on the buy vs rent discussion
invite response
2012 Apr 24, 1:23pm 44,066 views 96 comments
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It also doesn't include that the landlord keeps security deposit at the end of the lease for those repairs, or a portion of it because your dog peeed on the carpet and your son threw up at the walls :)
I don't think it factors in the interest earned on security deposits either. In San Francisco, renters earn interest on their security deposits.
If you're struggling with whether to buy versus rent, consider these 10 reasons to take the plunge into homeownership:
A friend of mine and I often joke about the phrases used to describe buying a house. "Take the plunge!" Sounds so inviting.
Keep renting...even though you are the best proof that it does work because somebody out there is renting out THEIR house to you :)
A logical component of your comment is that the person renting the house is a competent, or careful, accountant or manager of their money. Most clearly are not as I understand most people to manage money to clear their costs slightly each month rather than building their net worth each ten years.
Because we seem to differ on many points in other threads, I think it is only fair to say that I am in full agreement with you here
SubOink,
We agree for once.
Ok, guys! DRINKS ON ME!
In 2003 I bought a new home in Folsom for $127/sqft which when I crunched the numbers for construction costs, land value, property taxes, it wasn't that bad. I was able to take out only a small mortgage on it. The monthly was less than $800/mth at a 4.25% 5/1 ARM. I planned and did pay it off in the 5 years so never needed the readjustment. Part of me wanted to completely pay off the house before contemplating selling. I know, I should have sold in 2007, but still selling in 2008 wasn't that bad eithe
I have no idea what home prices are like in Folsom, but if they're back 2002/2003 territory would you recommend someone who's looking in that area to buy? Especially since their monthly nut would be less than it was '03 with a 30 year fixed.
Tenpoundbass
2012 May 3, 9:20am
Zestimate $149,400 $109K – $202K -$3,400 $67 05/01/2012
Rent Zestimate $1,690/mo $1.3K – $2K/mo +$23 $0.77 05/02/2012
Nuff said!
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http://finance.yahoo.com/news/10-reasons-buy-instead-rent-150648664.html
It also mentions on the bottom when renting can be the better option.