phattieg
join:2001-04-29
Winter Park, FL
 ·Verizon Wireless B..
·Sprint Mobile Broa..
| reply to NOCMan
Re: Ouch
said by NOCMan  :You'll never own it and the guy's mortgage you're paying off is happy as can be. At least if you build equity in your own house it's yours when you sell it or if you retired and had a shortage of money could at least reverse mortgage it. A house is an important asset in some cases. I agree that it's an important asset, no doubt. But I don't want the headache that comes with it. A house is more expensive in the end when you count in the fact they use more electricity to cool (Florida, give me a break), and have many more "hidden fees" that bite you in the @$$. I won't debate this though, because we're talking about a Verizon bill, but that is just my view, and everyone is entitled to it. I don't need a "last word" battle either, I can be happy in my apartment, and home owners can be happy in their home, it's just not for me. 
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Murray McMansion
@sonnet.com | Re: Whoa yeah
Don't get hung up on a house; you're lucky you sold and rent now. Everyone else is going to be losing equity on their homes for the next five years as the housing market crashes and the mortgages all go bad. |
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Fluker
join:2005-04-07
West Lafayette, IN | reply to phattieg
Re: Ouch
Given that in many cases a mortgage requires an equal pile of cash in interest as the property you plan to own, your isnt an entirely bad opinion.
Similar things can be said about leasing vs buying a car. |
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toadlife
Premium
join:2004-05-03
Lemoore, CA
 ·AT&T Yahoo
| reply to Murray McMansion
Re: Whoa yeah
While the market does suck right now, prices never go down too much. I bought a house right at start of the real estate boom a couple of years ago, and even though prices have gone down a bit in the last few months, I've still gain a TON of equity in my house.
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Hate your enemies. Save your friends. Find your place. Speak the truth. |
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Dragasoni
We're All Mad Here
Premium
join:2001-12-14
Rotonda West, FL
| said by toadlife :While the market does suck right now, prices never go down too much. I bought a house right at start of the real estate boom a couple of years ago, and even though prices have gone down a bit in the last few months, I've still gain a TON of equity in my house. Have a look at this: »biz.yahoo.com/seekingalpha/07060···_id.html
The loss will be much bigger than you think. It's best to rent now, hands down.
-Dragasoni-
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»www.dragasoni.com |
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bac522
join:2003-08-04
Manchester, NH | reply to phattieg
Re: Ouch
Then you should consider a condo, all the benefits of renting with some equity build up. When you rent you might as well just open a window and throw your money out of it. |
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toadlife
Premium
join:2004-05-03
Lemoore, CA
·AT&T Yahoo
| reply to Dragasoni
Re: Whoa yeah
That site doesn't say anything I don't already know. While it might not be a great idea to buy a house if you plan on selling it in a few months, the bad housing market does not negate the long term advantage of home ownership over renting.
Renting is *never* a better deal.
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Hate your enemies. Save your friends. Find your place. Speak the truth. |
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emptywig
Huh? What?
Premium
join:2002-08-05
Pasadena, TX | reply to Murray McMansion
Nonsense.
My house is paid for. I'm not losing a damn thing. I make money every freaking day just by having it.
wig
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Sometimes a paradox is just a paradox |
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Pdj79
join:2005-04-15
Fishers, IN
| reply to toadlife
said by toadlife :Renting is *never* a better deal. While its not a better deal, its pretty much all I have at the moment. Because of the housing market crash, the highest foreclosure rate in the country (Indiana has over 1% of all mortgageable property in foreclosure), and lenders drying up by the handfuls, my house that I received lender pre-approval for, was built to my specifications, and is ready to move into as I type this will not be mine. The loan I was to have received was an FHA 5.9% fixed with no amortization and a monthly payment (tax and insurance included via a $175/month escrow) of $875 to be reduced to $750 in 10 years. But due to all the crap that lenders have taken from sub-prime loans they changed the requirements for the pre-approval after the fact to require liquid assets totally $6,500 after the required $5,000 down payment. The $5,000 was hard enough to secure (God bless 401k). The $6,500, which we were told about 3 days before closing, was impossible as gift money (borrowed from family) was forbidden.
So, now there's a house we can't move into and a builder who is threatening to sue us for $5,000 for failing to close like its our fault. And before anyone says "take your loan to another lender", I already tried that. Well, the builder did, anyway. They sent our loan to 5 other lenders, who each pulled our credit -- summarily destroying our scores in the process, then found out that we were denied the FHA loan and, in turn, denied us. Now my credit score, which was 742 when this process started, is now hovering at 614. While its only temporary, its still aggravating to know that if I went out and bought a car right now, instead of the 7.4% I was qualifying for, I would be getting a 14.9% offer. Nice.
I'm not bitter or anything :P |
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