If you’re in a big city, it can be a bit of the grass is greener on the other side.
I rent and have looked into buying property, but between property tax, insurance, condo fees, and interest its better to just keep your house down payment in savings in the market, and you spend less per month in rent than for a house so you can save that difference as well and let it grow / use it for a rainy day.
The main reason to own property is to have more control over your living space and avoid shitty landlords.
The way I saw it was the upside is appreciation (though the money is locked away in the property, so its very “break in case of emergency”) and its a good hedge against inflation from rent, though that would probably cause your house price to rise causing your property taxes to rise.
Power went out last week in subzero temps. Told the landlord were buying a generator and taking it off our rent. Because guess who pays if the pipes freeze? I don’t mean just for the pipes, I mean for the roof over our head until it’s fixed. Oh that’s right: then.
If a tree falls on the roof they replaced 2 years ago, guess who pays?
If the plow guy fucks up the drive way again, guess who pays to fix?
If the fucking door’s weather stripping comes off and it gets drafty, guess who is paying for the weather stripping to fix it?
The economy is so ass right now, my gf and I are poised to buy, but it just doesn’t make sense right now. Our rent is near $3k a month, and that mortgage would get us dick nothing next to what we have. Would literally afford us half the sq ft and half the acreage for worse everything.
Is it bad for equity? Yeah. Is it really the best option until the market turns? 100%. A down payment on a house for a mortgage is lighting that money on fire. Our rent for 2 years is less than any down payment we’d be making. I’d say we’re willing to wait a solid 5 years to decide on buying/renting until our folks are all dead.
If you’re in a big city, it can be a bit of the grass is greener on the other side.
I rent and have looked into buying property, but between property tax, insurance, condo fees, and interest its better to just keep your house down payment in savings in the market, and you spend less per month in rent than for a house so you can save that difference as well and let it grow / use it for a rainy day.
The main reason to own property is to have more control over your living space and avoid shitty landlords.
The way I saw it was the upside is appreciation (though the money is locked away in the property, so its very “break in case of emergency”) and its a good hedge against inflation from rent, though that would probably cause your house price to rise causing your property taxes to rise.
Man I am rural as FUCK and I rent with my gf.
It is better.
Power went out last week in subzero temps. Told the landlord were buying a generator and taking it off our rent. Because guess who pays if the pipes freeze? I don’t mean just for the pipes, I mean for the roof over our head until it’s fixed. Oh that’s right: then.
If a tree falls on the roof they replaced 2 years ago, guess who pays?
If the plow guy fucks up the drive way again, guess who pays to fix?
If the fucking door’s weather stripping comes off and it gets drafty, guess who is paying for the weather stripping to fix it?
The economy is so ass right now, my gf and I are poised to buy, but it just doesn’t make sense right now. Our rent is near $3k a month, and that mortgage would get us dick nothing next to what we have. Would literally afford us half the sq ft and half the acreage for worse everything.
Is it bad for equity? Yeah. Is it really the best option until the market turns? 100%. A down payment on a house for a mortgage is lighting that money on fire. Our rent for 2 years is less than any down payment we’d be making. I’d say we’re willing to wait a solid 5 years to decide on buying/renting until our folks are all dead.