Why do some people consider paying rent throwing money away?
- Thread starter M617
- Start date
Man On Fire
All Star
this is here in GA...property is very cheap in the south...oh and btw fukk YOU for iggin my PM
of course if you live in the south buying a house is an ideal situation because of the prices and low property taxes...up here in the east coast it's a gamble especially in NY or NJ where the property taxes are borderline extortion.
You could pay a mortgage for 30 years and the value of your house could decrease during that time.
But at the end of the 30 years, you would still have a house you can live in. Also, if you have to move in a few years in, you can still sell the house. Don't think you are stuck with it for 30 years then up and move.
Just like a house value go down, rent prices can go up which is the trend right now because people cant afford to buy.
you're an idiot. to embarrass you some more, i'm gonna pose some very simply questions for you.
so those people who had to put down 4.5% (the most as you call it), now, if say the price of their house was $250,000 (which is pretty cheap), how long would it take them to complete the payments on that house and actually own it?
this is a very simple question for the man/woman/hermaphrodite (or whatever you are) who has done his research. please enlighten us.
oh by the way, dont even think of ignoring this post because i will torment your ass till u learn never to quote any of my posts again. u should already know by now ur beneath me and ur opinions are really for amusement. think of me and think of a King sitting on his throne and looking down at his newborn puppies playfighting. thats what ur like to me. its cute, funny and really amusing. so continue on
It will take 30 years or 15 years whichever plan they choose
You can also double up on payments and put extra money towards it.
How long does it take to pay off rent
lol...duh I moved here from Bk...that is part of the reason I left...
It will take 30 years or 15 years whichever plan they choose
You can also double up on payments and put extra money towards it.
How long does it take to pay off rent
haaaaa
stupid n1gga actually responded.you're fuccking moron. using the numbers u provided (4.5%) please please elaborate for the coli public how much the buyer would have to put down as a down payment and what his monthly will be.
lets not forget if u dont put down 20%, you'll have to deal with private mortgage insurance (PMI).
for ur sake, u should really take ur time to respond to this because i'm humiliating you. you're a fuccking idiot and the fact that u talk as if u know what the fucck ur talking about is very very very
thegreatwb
Pro
This argument can go back and forth all day. Back when I was single, it made sense at the time for me to rent. Yes there was a lot of BS to put up with such as them telling me which cable I can/can't get and how many parking spots I could get. I just dealt with it because I didn't want to deal with the headaches of a house at the time.
After starting a family and having kids, it made better sense for me to buy a house. I needed the extra space and plus wanted my money to go towards something. For all those years I paid rent, I have nothing to show for it. At least with the money I'm putting into my house, I have a chance to get something out of it later. I have to admit that I didn't know everything about buying a house when we bought ours but one thing I did know was to not get an ARM mortgage. If you play the game smart and do your research, you can actually get a house for less than what you pay in rent. I started out with my mortgage at 5% and I've since gotten it down to 1%. I'm paying less for a 4 bedroom than what people pay for a 1 bedroom.
There are benefits of buying vs. renting. People should just do what works better for them and their money. I'm only planning to stay in my house for a couple more years before buying another one and renting this one out. I also like the peace of mind knowing that it will be paid off while I'm in my 40's and I will only have to worry about property taxes. My mom owns 3 houses and they are all paid for. She rents them out and all that money goes in her pocket. The only things she has to worry about it maintenance and taxes.
After starting a family and having kids, it made better sense for me to buy a house. I needed the extra space and plus wanted my money to go towards something. For all those years I paid rent, I have nothing to show for it. At least with the money I'm putting into my house, I have a chance to get something out of it later. I have to admit that I didn't know everything about buying a house when we bought ours but one thing I did know was to not get an ARM mortgage. If you play the game smart and do your research, you can actually get a house for less than what you pay in rent. I started out with my mortgage at 5% and I've since gotten it down to 1%. I'm paying less for a 4 bedroom than what people pay for a 1 bedroom.
There are benefits of buying vs. renting. People should just do what works better for them and their money. I'm only planning to stay in my house for a couple more years before buying another one and renting this one out. I also like the peace of mind knowing that it will be paid off while I'm in my 40's and I will only have to worry about property taxes. My mom owns 3 houses and they are all paid for. She rents them out and all that money goes in her pocket. The only things she has to worry about it maintenance and taxes.
haaaaa
you're fuccking moron. using the numbers u provided (4.5%) please please elaborate for the coli public how much the buyer would have to put down as a down payment and what his monthly will be.
lets not forget if u dont put down 20%, you'll have to deal with private mortgage insurance (PMI).
for ur sake, u should really take ur time to respond to this because i'm humiliating you. you're a fuccking idiot and the fact that u talk as if u know what the fucck ur talking about is very very very
I really have no clue the point you are trying to argue?
Are you saying it's more expensive to buy a home?
As a renter I'm getting exactly what I'm paying for a place to live. I may not be building equity in my home but it leaves me with lots of free cash to invest in the stock market and save.
When you have a mortgage people almost never factor in the real cost. It cost you money to live in a house. It cost maintenance, you have to pay annual taxes (which can go up), you pay interest on the mortgage. For me personally I'd rather continue to build my investment portfolio than buy a home right now. In about 5 years I've gone from $0 invested to about $165K in just my taxable investment account I toss extra money in. My rent payment is like $640 a month for a 1br 600 sq ft apartment. If I got a mortgage and home my cost of living would more than double and I'd spend the first 15 years of a 30 year mortgage paying mostly interest on that payment.
So as a renter I have an asset I can sell it's just not a home it's stocks. I have enough liquid cash for at least a 15% down payment on a home in my price range but that's not appealing to me right now. I will continue to rent, save, and invest for the foreseeable future.
dora_da_destroyer
Master Baker
Hmm, after owning various properties and getting older, I’d rather own a rental property that cash flows and rent where I live. Projects, repairs, etc never fukking stop with homes, especially older homes. I’m over it
This doesn’t make sense. Have you ever owned a home?
cyndaquil
Lv 100 Bold natured
These are both valid answers. The key is that you are keeping your rent as low as possible so you can invest your money into a appreciating assets. Otherwise for the undisciplined a mortgage is the answer because it will force them to pay into equity with an asset in return. Rent isn't the issue. It's EXPENSIVE rent relative to an individuals income that is the problem.
If you plan on planting roots for 5 years at least buying is usually better tho if the mortgage payments are not much higher than rental prices. It depends entirely on the market where you live