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I just bought a house and it will cost half as much to own vs rent same house
invite response
2012 Oct 12, 8:54am 118,277 views 412 comments
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411
PockyClipsNow
2013 Mar 27, 4:59am
PockyClipsNow
2013 Mar 27, 4:59am
All good points.
Well if i dont get a fat offer then my choice is made for me.
Also probably a good idea to list your house every spring to 'see what its worth'.
The only reason i bought this damn thing was to make money/keep up with inflation in housing. I was actually happier in a 1 bedroom apt bubble sitting. Now my weekends are home depot and lowes...used to be at the beach and travelling or finding cool bars.
412
anonymous
2013 Aug 5, 5:53am
Well 20% price appreciation is pretty sweet. I will let you all know what my best offer is - plan to sell in June.
How'd you make out?
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I hope this is a real world math lesson for some of the 'should I buy now' crowd. Its a tough decision.
Price: 875k
$ Financed: 700k
Loan: 5/1 Interest Only ARM at 2.875 with .25 points (union bank)
Payment: 1677
Prop tax: 912
total: 2588
(im in 28% effective tax bracket so 2588 * .72 = 1863 'after tax write off payment')
Add fire ins of 129 per month and total pmt after tax write off = $1992
This is a custom built, recently remodeled huge estate home on acreage and zoned for horses - would rent for 3800 to 4200 based on craigslist comps.
If I change jobs I can make 1k per month easy in profit when renting it out. Its not a great rental though, but an awsome to live in property.
I sold four homes off in 05/06 and the plan was wait for 50% drop then buy back in. Well prices only came down to 70% of peak fraud prices - close enough with the low intrest rates (which I am betting are permanent, as in the rest of your life. If rates spike in 5 years I will simply pay off the loan, refi, or get a loan mod - no worries here.)