Is it better to Buy or Rent?

[Peelz]

I feel for you guys been in my house for 7 years, finally all the interest is paid off.  I watched the market go to where my house was over 30k more than what I paid for it and now its probably only worth about 10k over what I paid for it. :'(

yeah same thing here. bought it in 04. Appraised for 15k over what I bought it for. Did some upgrades, appraised for 25k more. THen tried to refi. to do more.... the market had crashed. Appraised for what I paid for it dammit

better put the wheels back on it and move somewhere nicer. 

[ctateusa]

 

laughed so hard i  :'(



everybody sing with me now
"Movin on up......   To the east side"

[Krandall]

I feel for you guys been in my house for 7 years, finally all the interest is paid off.  I watched the market go to where my house was over 30k more than what I paid for it and now its probably only worth about 10k over what I paid for it. :'(

yeah same thing here. bought it in 04. Appraised for 15k over what I bought it for. Did some upgrades, appraised for 25k more. THen tried to refi. to do more.... the market had crashed. Appraised for what I paid for it dammit

better put the wheels back on it and move somewhere nicer. 

[Hefe]

move to krannys neighborhood!

[Peelz]

move to krannys neighborhood!

I need to appreciate, not depreciate Hefe

[preddy08]

House is worth about 35k more than what I owe, and about 60k when the market turns around.

[Hefe]

helps when you build  and do a bunch of your own work!

[Mad Dog]

House is worth about 35k more than what I owe, and about 60k when the market turns around.

That prediction made by the same financial advisors that ran the housing market into the heavens with inflated "values" last time?

[Hefe]

Hey MD.. I have this pot over here.. could u stir it for me?

[Mad Dog]

Hey MD.. I have this pot over here.. could u stir it for me?

On other people's forums....sure

[Gunz]

Sooner or later buying comes out to be better.  And if you have a standard 30 year loan and make two extra payments a year (use your tax return) you can pay off the house in 10 and be debt free.

Ooooor get a 15 year loan make bi-monthly payments and 2 extra payments a year and have it paid off in 7yrs.

[Alkire193]

Buy 

If you rent you piss away your money to someone elses pocket and the home value never appreciates, you have no ownership so you cant use the money your pissing away to work as collateral or as a home equity loan when/if you need it. A home can be a chore but it gives you financial versatility for the time you have it. Right now because I own I can rent out my existing home and move into a new one. As my old home pays for itself (because someone is renting it) it appreciates value, and gets paid off while I live in another house having that new house appreciate and get paid off. So basically its like having a savings account that someone else pays in to. Good times 

[Mad Dog]

I'm not pissing away my money, in fact as of right now I haven't been in this apt long enough (3 yrs) that buying a house would have been profitable in any way shape or form.  Regardless, I'm not pissing away my money but rather willing to forgo whatever pipe dreams of equity I may have had to have the freedom to pick up and leave at the end of my contract with no liabilities.  I'm choosing to forgo that equity to have someone else worry about appliances and upkeep.  I'm paying to not have to take care of a lawn or own thousands of dollars worth of equipment needed to do so.  I'm paying to have my weekends free to ride my quad, or at least work on it, or do anything else I choose instead of undertaking huge, expensive home improvement projects or piss away my weekend doing chores.

I value those and many other benefits more than signing my life away to a bank.  Just because you have different values than I do doesn't mean I'm "pissing" it away, just that I'm willing to spend money on things that you are not.

[Hefe]

^^^^ that grumpy old bastard makes a couple good points^^^^

[Alkire193]

I thought this topic was "rent or buy", not "post in here so people can get an attitude. You seem pretty stuck to your guns Mad Dog, but ill disagree. When I decide to leave my home ill be selling in a military community and the homes sell quick. Ill get all the money back that was given to the bank plus whatever has appreciated on the house. Average 5-7 year home ownership gains 10-25,000 over what you paid. Unlike renting which nets you no profit, just the return of your security deposit. AND you have to hope that your landlord, renting company or neighbors all are really nice or that oven you have broken stays broke, the toilet that wont flush continues to pile up and theres no end in sight. Fighting for so many soldiers over the years with their apartments and landlords is enough to discourage me from renting. And having rented three homes in the past 6 years I can tell you all I end up with is empty pockets and a constant reminder that at any moment someone can choose not to  renew my lease and im homeless because im constantly at someone elses mercy.

Home ownership is a long term investment that is (if you plan and act accordingly) profitable in the end. And I ride all weekend, every weekend. My lawn equipment cost me 100 bucks and gets the job done. The most time consuming and expensive thing I do is ride my Raptor, which much like my home next July, I own with no lien from any bank.