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Renting is a LOSING proposition 100% of the time.
02-21-2021, 09:56 PM
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#181
- lebowski951
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- lebowski951
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It's nice to keep your options open with renting but once you get in on a good career trajectory, especially at a good company, 5-7 years will absolutely fly by. If things are going good you won't need the option to relocate or move. Often times if you do need a change of scenery, the best opportunities for moving up are within your local industry unless you decide to pursue something entirely different so relocating likely won't even be necessary.
Unfortunately, the exact same amount of time can fly by for someone on an underwhelming trajectory. The point is that time marches on.
A lot of people "want to keep their options open" but you are far more likely to stay put than you are to move. That's just human nature. So If things are going good for you right now or they appear to be heading that way, make sure you invest in a property so that in 5-7 years you will have accrued a significant amount of equity. If you don't know where you're going you should also invest in a property as to not waste these years.
Unlike investing in the stock market, which is also a necessary part of personal finance, You are obligated to pay for a living arrangement every month. You really have no choice in the matter unless you adopt an extreme lifestyle. You might as well see to it that this mandatory expense yields some equity rather than nothing at all.
Unfortunately, the exact same amount of time can fly by for someone on an underwhelming trajectory. The point is that time marches on.
A lot of people "want to keep their options open" but you are far more likely to stay put than you are to move. That's just human nature. So If things are going good for you right now or they appear to be heading that way, make sure you invest in a property so that in 5-7 years you will have accrued a significant amount of equity. If you don't know where you're going you should also invest in a property as to not waste these years.
Unlike investing in the stock market, which is also a necessary part of personal finance, You are obligated to pay for a living arrangement every month. You really have no choice in the matter unless you adopt an extreme lifestyle. You might as well see to it that this mandatory expense yields some equity rather than nothing at all.
02-21-2021, 10:13 PM
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#182
- guest89
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- guest89
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Originally Posted By DizzySmalls⏩
Aside from homes potentially appreciating, in America interest rates are incredibly low right now. I doubt they continue this low for long.Yeah seems to be about $1,400 - $1,500 a month all in w/ initial monthly PMI included where I've looked. I'm paying $1320 a month for very basic non-luxury 2nd floor 2 bedroom apartment with 20 year old appliances and an almost non-existent kitchen.
I'm on WFH for the foreseeable future, so my choice now is to blow the wad on a down payment and buy a house now or move back in with my parents for a 9 month stint or so and stack all the extra cash into a down payment. My concern is that even saving nearly 100% of my income at this rate, the housing market may appreciate more to the point where I'd lose vs. just buying now, even vs. not paying rent for that period.
I'm on WFH for the foreseeable future, so my choice now is to blow the wad on a down payment and buy a house now or move back in with my parents for a 9 month stint or so and stack all the extra cash into a down payment. My concern is that even saving nearly 100% of my income at this rate, the housing market may appreciate more to the point where I'd lose vs. just buying now, even vs. not paying rent for that period.
Another option for you would be rent a room to a friend/pick up a room mate once you get your house.
Originally Posted By lebowski951⏩
Agree completely. On average rent goes up 3-5% per year and homes appreciate 3-5% per year. Combine that with if you own a home you are also building equity into an asset. Long term its a smart play.It's nice to keep your options open with renting but once you get in on a good career trajectory, especially at a good company, 5-7 years will absolutely fly by. If things are going good you won't need the option to relocate or move. Often times if you do need a change of scenery, the best opportunities for moving up are within your local industry unless you decide to pursue something entirely different so relocating likely won't even be necessary.
Unfortunately, the exact same amount of time can fly by for someone on an underwhelming trajectory. The point is that time marches on.
A lot of people "want to keep their options open" but you are far more likely to stay put than you are to move. That's just human nature. So If things are going good for you right now or they appear to be heading that way, make sure you invest in a property so that in 5-7 years you will have accrued a significant amount of equity. If you don't know where you're going you should also invest in a property as to not waste these years.
Unlike investing in the stock market, which is also a necessary part of personal finance, You are obligated to pay for a living arrangement every month. You really have no choice in the matter unless you adopt an extreme lifestyle. You might as well see to it that this mandatory expense yields some equity rather than nothing at all.
Unfortunately, the exact same amount of time can fly by for someone on an underwhelming trajectory. The point is that time marches on.
A lot of people "want to keep their options open" but you are far more likely to stay put than you are to move. That's just human nature. So If things are going good for you right now or they appear to be heading that way, make sure you invest in a property so that in 5-7 years you will have accrued a significant amount of equity. If you don't know where you're going you should also invest in a property as to not waste these years.
Unlike investing in the stock market, which is also a necessary part of personal finance, You are obligated to pay for a living arrangement every month. You really have no choice in the matter unless you adopt an extreme lifestyle. You might as well see to it that this mandatory expense yields some equity rather than nothing at all.
My sister has been renting for 20 years. Let say her average rent for that time period is $1400 per month. She's spent over 336K for housing over the last 20 years. If she'd have bought a home in that price range it would be paid off.
As it is now. She's pissed that money away for mobility. Now she's considering buying a home @ 40. So lets assume she does a 20 year loan. She pays it off at 60 and will likely spend another 400K+ for the home by that time.
02-21-2021, 10:48 PM
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#183
- woofermazing
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- woofermazing
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Originally Posted By LtGoose⏩
You planning on being homeless in the next 30 years? Moving back in with the parents? Couch surfing? If not, shelter is a cost you are going to pay for the next 30 years, regardless of if it's debt or rent.In on daily Homeowner cope thread
Just fukin lolz @ agreeing to be in debt for 30 years. Ultimate cuck
Just fukin lolz @ agreeing to be in debt for 30 years. Ultimate cuck
02-22-2021, 06:48 AM
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#184
Originally Posted By Jasonw1178⏩
miring your low property taxSome places it sucks more than others. I'm paying 1600 a year. That's less than what a months rent would be for a house like mine. If you rent, they roll the property tax into your rent. If you rent your property you don't have homestead exemption.
My house has a mother in law suite. The basement is basically a large 1 bedroom apartment, could be two bedrooms. I could rent it out. SRS thinking about it.
My house has a mother in law suite. The basement is basically a large 1 bedroom apartment, could be two bedrooms. I could rent it out. SRS thinking about it.
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