+1 ask him if he would also like a catalog of your wifes underwear
Renting in today's market. Advice needed
- Thread starter loyolabenson
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+1 ask him if he would also like a catalog of your wifes underwear
I'd like to see a good discussion of the pros and cons here since I definitely get Peter Schiffs perspective and also see that maybe there's specific situations where buying a house would be a better deal.
For example if you can get a good deal on it, low interest rate, and your married and expecting to stay in the same place for a long time. OR if the rental market just doesn't provide for you what you want it to, and you want to be able to make changes to the property.
There's a lot of people who say that buying is smarter because you're putting equity into it which you can then borrow from.
http://www.nytimes.com/interactive/business/buy-rent-calculator.html
I was a homeowner at the turn of the century and I did some serious math weighing all the costs of homeownership v/s renting.
When you add up all the unending shit like property taxes, repairs, appliance replacements, insurance, yard maintenance, sewer bills, yadda yadda yadda, it was an extreame eye-opener for me.
Seriously, It wasn't even close at all. Owning a home costs something like 150% to 200% of what renting a similar apt does, even at the same monthly payment!
Some people justify it as money spent as an investment, but then things like the housing bubble come along and they find even then it was a poor investment that they didn't have any control over whatsover.
But that's not the Main reason I prefer apartments... in short; Houses make you their bitch.
Want to pop over to bora bora for 3 months? Find a housesitter and keep paying the utils all that time.
Want to sleep well at night knowing you're not about to be sued for the wrongdoing of others, outside of your control? Better find a way for burglars, bratty neighbor's kids, or even drunk drivers to not to hurt themselves on your property.
Want to just be more free in the future, such as going minimalist? Or just want to up and totally move to a new city tomorrow? Gotta sell that house asap then... Which sometimes is impossible to do if you care about your equity at all.
So in order to be free to do what you want when you want it, or even just to sleep easy at night knowing that you're not about to be sued because some drunk crashed into your tree, you simply can't have a house. Period. Even if you're so rich you can afford one in each of your favorite countries, taking care of them is too much of a full time job and freedom is always, always, ALWAYS going to be the tradeoff with any type of real estate ownership.
Finally, as long as governments exist, land ownership is just an illusion anyway. Try not paying your property taxes and see how long you "own" it for if you don't believe me.
When you add up all the unending shit like property taxes, repairs, appliance replacements, insurance, yard maintenance, sewer bills, yadda yadda yadda, it was an extreame eye-opener for me.
Seriously, It wasn't even close at all. Owning a home costs something like 150% to 200% of what renting a similar apt does, even at the same monthly payment!
Some people justify it as money spent as an investment, but then things like the housing bubble come along and they find even then it was a poor investment that they didn't have any control over whatsover.
But that's not the Main reason I prefer apartments... in short; Houses make you their bitch.
Want to pop over to bora bora for 3 months? Find a housesitter and keep paying the utils all that time.
Want to sleep well at night knowing you're not about to be sued for the wrongdoing of others, outside of your control? Better find a way for burglars, bratty neighbor's kids, or even drunk drivers to not to hurt themselves on your property.
Want to just be more free in the future, such as going minimalist? Or just want to up and totally move to a new city tomorrow? Gotta sell that house asap then... Which sometimes is impossible to do if you care about your equity at all.
So in order to be free to do what you want when you want it, or even just to sleep easy at night knowing that you're not about to be sued because some drunk crashed into your tree, you simply can't have a house. Period. Even if you're so rich you can afford one in each of your favorite countries, taking care of them is too much of a full time job and freedom is always, always, ALWAYS going to be the tradeoff with any type of real estate ownership.
Finally, as long as governments exist, land ownership is just an illusion anyway. Try not paying your property taxes and see how long you "own" it for if you don't believe me.
Maybe if you don't have the responsibility of having a family it's a laugh. The thought of having to move according to the whims of property owners is a fucking shit concept if you ask me. jmo
You know, personally I've never even heard of anyone being forced out of an apartment before when it didn't involve fire or non-payment of rent...
But essentially you're correct in saying an apartment owner can ask you to move at the end of a lease term so they can remodel or something like that, so you do have a point.
Yet, it's so easy to get around that problem simply by only moving to new apartment complexes. (Like I'm in the process of doing right now!) Everything is so pristine and new here I'm pretty sure it's going to be a decade or more before they need to do any remodeling.
Who knows how many times I'll move in that decade?
Hello friend,
I think this true. It similar to how lot rich and poor feel about other.
When poor you think rich bad people and get rich by exploit poor. But when rich you think that poor people lazy and want steal your money so they no have work for money.
I self want to buy property and be slum lord one day to. That way no have work as hard for profit.
Good luck bro
I have two friends in seperate situations that have to look for new digs right now. One because their current rental is for sale and the other because the owner won't fix a fucking garage of all things, that damaged a lot of his personal property (including his car) when it collapsed.
I have seen lots of people who have had to move due to an investment rental property that has been sold - even units.
I guess you can afford to be transcient but I can't. We chose where we live due to the fact that our second boy is Autistic and requires different services which the area we chose is abundant in. It's not always about money.
I can understand why anyone that doesn't have that sort of repsonsibility would prefer renting...it does make sense, but sometimes it's not just simply about fiscal sense.
I'm sure G could give me a grilling on my point of view but when it comes to having a family, you have to focus on the human factor as well, not just the finacials. The idea of having a lease for any finite period of time, therefore increasing the chance that I may have to move my family, is just fucking rank in my opinion.
Sorry for hijacking the thread.
But maybe not everybody wants to live in an apartment complex full of sex offenders and other crackheads on welfare. I don't want to share a wall with other idiots, I don't want to listen to everybody walk by my place. I have dogs and a kid, I want to have my own fenced yard. So if I rented I'd have to rent a house and you FREQUENTLY see people forced to move there as investment single family homes are frequently sold. After your 1 year lease is up either side may generally terminate the lease with 30 days notice. I don't want to have to pack up everything my family owns and move every year.
you can rent a townhome (or house) sex offender free. unless you count your crazy uncle when he comes to visit you.
But that still doesn't solve the issue of having to move at the owner's will. Townhouses and single family homes are not generally permanent rentals. As I said earlier in the thread I own a number of rental properties (20+) and in 5 years when the real estate market is better I will be begin selectively unloading some of them. Tenants that have been there for a year or more with a lease that has converted to month to month will be given 30 days notice to vacate.
I also want to touch on the argument that it's more expensive to own than rent. If that was the case across the board I wouldn't be getting a 10-35% cap rate on single family homes. Everything I've bought has less than 10 year payback counting rehab, repairs, taxes, insurance and a 10% expected vacancy rate. I have some houses in less desirable (but not terrible) areas that have paid themselves back already in under 3 years.
The thought of potentially being stuck in the same spot for years and years, against your will is a lot more worrisome than moving every few years.
Interesting view for someone that has a kid. Moving every few years (or less) can be traumatic on your child. New schools, new people, new environments and so on. You'd be a amazed what a little stability can do for a child in their formative years.
Didn't read all the posts and congrats on the newborn.
I can't tell you how to handle the wife but you need to 'take a position' with that douche.
Bring him the deposit and all other funds to move in with. Remind him of your exemplary credit scores. And tell him You value your privacy and that your finances are none of his business.
You need to tell him to make a decision right now or you'll find another place.
If he says no, just walk away.
With all what have been said here, it seems that it's a strong tie between being a homeowner or be a tenant.
At OP, just weigh the pros and cons. Besides, it is your money you are going to spend anyways and someone else. Decide which one is good for you, your newborn baby and wife.
Think logically and not be governed by emotions.
At OP, just weigh the pros and cons. Besides, it is your money you are going to spend anyways and someone else. Decide which one is good for you, your newborn baby and wife.
Think logically and not be governed by emotions.
this sounds like you are looking for excuses not to buy. If that is the case then you probably are better off renting. But to say the market hasn't bottomed out yet is a little extreme. Houses are worth 50% less than what they were bought for in some areas. If it hasn't "bottomed" out yet, it will only go down 3-5% more at most. Ask any real estate expert.
If you cant afford to pay property tax you shouldn't be buying a house. Fraud? lol relax there bro.
That is dangerous advice, don't care if you work in the industry.
Uh, you can be sued for the exact same thing if you are renting a property. This is why renters insurance exists. If someone injures themselves on a property that you are renting and in control of, you AND the owner can be sued. Happens all the time and this is why many owners require that their renters get insurance.
happens ALL THE TIME. Especially with the recession. Many owners who had 2 houses (rent out one, live in the other) who lose their jobs get foreclosed on and kick the renter out to move into the house they already own.
So who's going to buy these homes with the current job market? Where's this money coming from? When I see more jobs rise and unemployment numbers dip, then I may buy. If you think I'm just making excuses then fuck off.