Why owning a home is better than renting

[Hwy99]

^^^ Yupp exactly, as I said, depends on the housing market

 

[Nesmuth]

Supposedly I could give up my home ownership and move into an apartment building owned by my sister and use my HUD voucher to pay the rent.

Richard

 

[Cousin Vinny]

Is It Better to Buy or Rent? - New York Times

That's a nifty link. It also supports my assertion that long-time homeowners will benefit and win easily against renters in the financial equation.

 

[Nomad]

There is another school of thought which says that if the deposit you would put on a home was invested properly along with regular additions of funds whilst you just rented, you would come out ahead - financially.

I can't recall the figures offhand, but it made sense at the time.

 

[PePe LePew]

Hey Guess What I found

I found me the cheapest home to own ...

Go to Google and typed Shack house and when you see Royalty free stock image/Old Shack House/iStockphoto.com, click on that and you'll see what my new house looks like LOL!!!

Taadaaaaaaah

 

[deafaussie]

Well, We own three and soon to be four properties and every one of them are being rented to us. We rent in a small apartment close to school which is very important for my Deaf sons. Owning four houses and one rental house is a win-win for all of us.

 

[shel90]

Well... My very first own a house is at my age of 18, RIGHT after graduated from high school, and had never rent any place in my whole life, even during my childhood.

My first house was only cost $61,500, little cute house, and it goes up to $82,000 so I sold it. I earned $20,500 subracted by government tax, so I earn about $10,500 and I only lived there for 6 months. Then now I own a big land with mobile home on for $105,000 and had been living here since about 8 months. This land is not my FULL owned, it's part of my parent's invest too, we are planning to set up condos/townhouses, and we can make 5 times than we bought the land. I only own 30 percent of the land and my parents own 70 percent so we could earn about $500,000 and the government will take about $50,000 away and left is $450,000. So I will earn 30 percent of that money so it should be about $150,000 I benefit and my parents benefit $300,000.

It don't hurt anyone because we are building cheap condos as $100,000 each as people can afford for their own home and we can have our good benefits.

Investing on the owned property are very awesome, there is many things you can do with it depends on the law restricts or housing markets.

But one thing I would never recommend is this plan:

You buy $120,000 house and improve it raise to $200,000

Why it's bad is because that cause the housing market tighten up, people happened can't afford for houses, and the raise of homeless. Also this improve only for one richy family. Which, in my opinion, is selfish.
That's why alot of people say "Oh that is so wonderful you bought a property!"

Sometimes the price of houses goes up even without renovations?

 

[Hwy99]

Sometimes the price of houses goes up even without renovations?

Yes. In the place where I am living right now, have LOT of problems with the properties price going up, raise of foreclourses, raise of homeless, etc. Very sadly........

 

[sequoias]

It don't hurt anyone because we are building cheap condos as $100,000 each as people can afford for their own home and we can have our good benefits.

I don't think you can build cheap condos for $100,000 each in Washington state brand spanking new. More likely you will have to buy a complex that's years old and convert it to condos and sell it to the public. Many condos are around $50,000 to $100,000 and they're over 20 years old, barely new.

 

[webexplorer]

Thank you for showing us your examples.

If you buy a house and in two years (or over) you want to sell it, then there is no tax. Less than two years, it will be taxed. Isn't that correct?

 

[Hwy99]

I don't think you can build cheap condos for $100,000 each in Washington state brand spanking new. More likely you will have to buy a complex that's years old and convert it to condos and sell it to the public. Many condos are around $50,000 to $100,000 and they're over 20 years old, barely new.

Just depend on how we construct. If we just construct in cheap style, then it will go for cheap. If we construct in fancy style then it will go expensive. And what's more, reason why I support condos than the house is because condo price don't go up very much, and a millionarie can build many condos as people can afford. Condo help people to get a home ratherly build a expensive semi big house just for one family, and leave bunches of people homeless.

Thank you for showing us your examples.

If you buy a house and in two years (or over) you want to sell it, then there is no tax. Less than two years, it will be taxed. Isn't that correct?

Correct.

 

[The Highlander]

Well.. I learned about own and rent when I was very young as 14. I never had the rent before (I know it's waste of money). I bought the cheap house and I have to repair,install, and I never hired professional for repair or install. Just professional inspector ONLY for one time per house and not big deal. I have to do everything by myself. Yes, I spend $$ for new parts but sell the house to make MORE profit.

I feel sorry for most American people spend lot $$ for rents and don't know how to repair the house then spend $$ for hire a professional. Sad?

I make my own rules for the house whatever I want and Apt don't.

 

[Foxrac]

Well.. I learned about own and rent when I was very young as 14. I never had the rent before (I know it's waste of money). I bought the cheap house and I have to repair,install, and I never hired professional for repair or install. Just professional inspector ONLY for one time per house and not big deal. I have to do everything by myself. Yes, I spend $$ for new parts but sell the house to make MORE profit.

I feel sorry for most American people spend lot $$ for rents and don't know how to repair the house then spend $$ for hire a professional. Sad?

I make my own rules for the house whatever I want and Apt don't.

However, there's many people in California can't afford to own house since real estate has been bubbled up so rapidly and more are unable to afford to own house then rent apartment, townhouse or house are only choice for them to meet on budget. My parent bought to own house in suburb of LA and got much paid on mortgage, that's not enjoyable but they are happy to own property.

I don't call them an sad because if people can't afford to own house, also depends on different cities, some of them can be cheap or expensive. There's many reason that some people don't want own house, that their choice.

btw, I'm not trying to start argue with you.

 

[Kalista]

I envy you, I wish I did buy any home when I was very young. I never have had any own house. I tried very hard to paying off my debts and save some money to put down payment on condo or townhouse. In Massachusetts is awful cost of living. You can earn less than 20 dollars at your job a hour to meet cost of living here. Tax propery is awful higher here !! It is so discouraged me !!

I constantly work two jobs to struggle with this state economic! My goal is paying off my debts then saving some money to put down payment on the house.

Your plan is excellent with using your good common sense. I envy you.

Kalista

Well... My very first own a house is at my age of 18, RIGHT after graduated from high school, and had never rent any place in my whole life, even during my childhood.

My first house was only cost $61,500, little cute house, and it goes up to $82,000 so I sold it. I earned $20,500 subracted by government tax, so I earn about $10,500 and I only lived there for 6 months. Then now I own a big land with mobile home on for $105,000 and had been living here since about 8 months. This land is not my FULL owned, it's part of my parent's invest too, we are planning to set up condos/townhouses, and we can make 5 times than we bought the land. I only own 30 percent of the land and my parents own 70 percent so we could earn about $500,000 and the government will take about $50,000 away and left is $450,000. So I will earn 30 percent of that money so it should be about $150,000 I benefit and my parents benefit $300,000.

It don't hurt anyone because we are building cheap condos as $100,000 each as people can afford for their own home and we can have our good benefits.

Investing on the owned property are very awesome, there is many things you can do with it depends on the law restricts or housing markets.

But one thing I would never recommend is this plan:

You buy $120,000 house and improve it raise to $200,000

Why it's bad is because that cause the housing market tighten up, people happened can't afford for houses, and the raise of homeless. Also this improve only for one richy family. Which, in my opinion, is selfish.

That's why alot of people say "Oh that is so wonderful you bought a property!"

 

[webexplorer]

Well.. I learned about own and rent when I was very young as 14. I never had the rent before (I know it's waste of money). I bought the cheap house and I have to repair,install, and I never hired professional for repair or install. Just professional inspector ONLY for one time per house and not big deal. I have to do everything by myself. Yes, I spend $$ for new parts but sell the house to make MORE profit.

I feel sorry for most American people spend lot $$ for rents and don't know how to repair the house then spend $$ for hire a professional. Sad?

I make my own rules for the house whatever I want and Apt don't.

It's great that you learned some things at very young to understand the difference between owning and renting a house.

You do not need a house inspector until you want to sell it. The bank requires an inspector to check your house to make sure things are fine. The banker pays the inspector. That's about it.

I, a sort of, hate people buy and sell them for profit. It's because they buy cheapest quality and fix up the houses that won't last. Especially, it hurt me if they buy a property with no house on it, and they build a house. That ruins the environment for wild animals. The animals need the spaces for their home. You can conserve the land for the animals. That would be great. In fact, the town buys it from you for the conservation.

 

[The Highlander]

It's great that you learned some things at very young to understand the difference between owning and renting a house.

You do not need a house inspector until you want to sell it. The bank requires an inspector to check your house to make sure things are fine. The banker pays the inspector. That's about it.

I, a sort of, hate people buy and sell them for profit. It's because they buy cheapest quality and fix up the houses that won't last. Especially, it hurt me if they buy a property with no house on it, and they build a house. That ruins the environment for wild animals. The animals need the spaces for their home. You can conserve the land for the animals. That would be great. In fact, the town buys it from you for the conservation.

It's law to must have house inspector before I buy the house. I never buy cheap quality and it's bad idea.
Let me tell you what I did. I replace old electric wire and electric from 50's that mean no ground and very danger.

Hardwood is very ugly and lot scratch then just rent sand machine to to fix hardwood up then paint 3-4 layers.

Paint nice color on the walls.Throw old oven away and put brand new oven and good brand.

You will get the idea.

I feed the food to wild animal at backyard as they are enjoy since they ate all weeds from grass. You know I hate to see weeds anywhere.

 

[webexplorer]

It's law to must have house inspector before I buy the house. I never buy cheap quality and it's bad idea.
Let me tell you what I did. I replace old electric wire and electric from 50's that mean no ground and very danger.

Hardwood is very ugly and lot scratch then just rent sand machine to to fix hardwood up then paint 3-4 layers.

Paint nice color on the walls.Throw old oven away and put brand new oven and good brand.

You will get the idea.

I feed the food to wild animal at backyard as they are enjoy since they ate all weeds from grass. You know I hate to see weeds anywhere.

 

[DeafSCUBA98]

Thank you for showing us your examples.

If you buy a house and in two years (or over) you want to sell it, then there is no tax. Less than two years, it will be taxed. Isn't that correct?

thats correct.

also many people are on foreclosure is because they choose the wrong loan.. a big mistake that they made.

back during the LOW interest rate days.. many people opt to choose 5 year ARM, 3 year ARM or 7 YEAR... that means the interest rate will be the same for 3,5,or 7 years.. then will be adjustment rate..

for example a person bought a house for $150,000 with interest rate 4.75% 3/1ARM in 2002 and the payment is around $625 a month.

then in year 2005 their 3 year ARM is done now they face a interest rate of 10% and their payment can be around $1400 a month.. you see it doubles the monthly payment

this is how many foreclosure is going on nationwide. now there are few banks are going backrupty because they lure the wrong people and they busted their high hopes plan.


so when you apply for a loan... my recommand is...... GO FOR FIXED RATES 30 or 40 year! don't choose any ARM

the majority of ARM is because the mortgage payment is cheaper.. and most people can use that to buy more expensive home so banks offer this ARM to people.. but this is totally WRONG.

 

[Hwy99]

I envy you, I wish I did buy any home when I was very young. I never have had any own house. I tried very hard to paying off my debts and save some money to put down payment on condo or townhouse. In Massachusetts is awful cost of living. You can earn less than 20 dollars at your job a hour to meet cost of living here. Tax propery is awful higher here !! It is so discouraged me !!

I constantly work two jobs to struggle with this state economic! My goal is paying off my debts then saving some money to put down payment on the house.

Your plan is excellent with using your good common sense. I envy you.

Kalista

Yeah I understand how you feel about the prices, your area are very tough, and that applies to California too.

Actually my parents taught me how to take care of the money and home, so that how I learned. I hope someday you can own a property

 

[Hwy99]

thats correct.

also many people are on foreclosure is because they choose the wrong loan.. a big mistake that they made.

back during the LOW interest rate days.. many people opt to choose 5 year ARM, 3 year ARM or 7 YEAR... that means the interest rate will be the same for 3,5,or 7 years.. then will be adjustment rate..

for example a person bought a house for $150,000 with interest rate 4.75% 3/1ARM in 2002 and the payment is around $625 a month.

then in year 2005 their 3 year ARM is done now they face a interest rate of 10% and their payment can be around $1400 a month.. you see it doubles the monthly payment

this is how many foreclosure is going on nationwide. now there are few banks are going backrupty because they lure the wrong people and they busted their high hopes plan.


so when you apply for a loan... my recommand is...... GO FOR FIXED RATES 30 or 40 year! don't choose any ARM

the majority of ARM is because the mortgage payment is cheaper.. and most people can use that to buy more expensive home so banks offer this ARM to people.. but this is totally WRONG.

Very right! Those are very wrong. Wrong! Always go for the FIXED Monthly payment agreement.