Cad
scientia potentia est
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Well thats fine, but with your needs you should live out in the country, not anywhere near a city; which as fuel prices rise will be densifying more and more.
Rent Vs. Buy housing
- Thread starter Porkchop
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Cad
scientia potentia est
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At least where I live, the land is more valuable than the house on it, in almost all cases... my lot is something like 50x165.. my house appraises at ~$1.2M, with $650k of that being the lot price. Do the math on what I'd pay in property tax if I had an 80' lot instead of a 50'. And get the privilege of paying Jose and his crew to mow it and care for it too.
Its fine that you like doing gardening and that stuff yourself; I've got things I like doing myself that other people hire out. But cities just are going towards more house less lot and densifying. There's lots of room out in the country.
ZyyzYzzy
RIP USA
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Only reason I'd get 10acres is so I could build a couple of par 3 holes on my own land that I could kill time on when I got home from work.
Sorry I don't have the same values as you Cad, definitely makes me an old salty bastard.
Cad
scientia potentia est
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Haha, well, kinda. Definitely makes you a little country. Nothing wrong with that. Sorry I made fun a little bit.
I'm currently in the situation of large house/small lot and I'm looking to upgrade to the same size (~2000 sqft) but on an acre of land. Seriously living right ontop of your neighbors is becoming an annoyance.
Cutlery
Kill All the White People
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What are you arguing here? You're not even interjecting a wrong point into the conversation, I replied to you personally using the numbers you proposed.
You didn't say shit about 3.5%. You said that if you can't save 10%, you can't pay for repairs. And then you start talking about 3.5%.
Pick a number, and we'll talk about that. Don't change the number mid conversation because you don't like how the math sounds for you.
I think he has a great point. Just last week I came home and my roof wasn't working. Called a roofing company for a consultation and sure enough it's broken. 5k to fix. And since I only put down 10% I obviously didn't have the money.
Asshat Brando
Potato del Grande
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Interest rates have skyrocketed because the Fed was keeping them artificially low and they aren't going to do it forever unless you want the value of the USD to tank further. Sucks for the 18 refinance clients I have that didn't lock or the 40ish people still looking for a house that may now not qualify for as much as they thought they would. Even with that said a 4.50% rate is still pretty damn good.
Banks don't make money on PMI, they don't make money on anything loan related sans the initial origination spread along with the servicing value and the money generated from selling your loan as an investment packaged with other loans. PMI is provided by companies such as Genworth, Radian, MGIC, etc. that take the loss on you defaulting if you have their PMI instead of the banks taking the loss.
Getting back to the Rent vs. Buying, I put down $50k on my purchase and it wasn't 20%. Something catastrophic may happen and maybe I'll be able to fix it or maybe I won't and I'll have to shell out $5k or $10k or whatever the fuck it is. Unless you're a fucking child I would assume most adults will be able to figure out how to handle it and most services that have to charge that type of money and it not being covered by insurance will usually offer you finance terms. This shouldn't even be that long of a conversation.
Edit: You cannot get a conventional loan on anything over 5 acres, you have go through the USDA which is basically a farm loan.
Banks don't make money on PMI, they don't make money on anything loan related sans the initial origination spread along with the servicing value and the money generated from selling your loan as an investment packaged with other loans. PMI is provided by companies such as Genworth, Radian, MGIC, etc. that take the loss on you defaulting if you have their PMI instead of the banks taking the loss.
Getting back to the Rent vs. Buying, I put down $50k on my purchase and it wasn't 20%. Something catastrophic may happen and maybe I'll be able to fix it or maybe I won't and I'll have to shell out $5k or $10k or whatever the fuck it is. Unless you're a fucking child I would assume most adults will be able to figure out how to handle it and most services that have to charge that type of money and it not being covered by insurance will usually offer you finance terms. This shouldn't even be that long of a conversation.
Edit: You cannot get a conventional loan on anything over 5 acres, you have go through the USDA which is basically a farm loan.
Somewhat tangentially related but here is a pretty cool link. Shows just how expensive some areas of the country cost to live. Like if I moved to San Fran CA I'd need +$50K/yr. New York NY even worse.
http://money.cnn.com/calculator/pf/cost-of-living/
http://money.cnn.com/calculator/pf/cost-of-living/
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I would really like to see the data those cost of living sites pull from. Some sites give me wildly different answers for the same locales. Fitting enough, housing seems to be the key factor. One site tells me that housing is 23% more expensive from one locale to another. Another site says 89%! That's a pretty big fucking difference. And really important when determining whether a job offer is worth the hassle of relocation.
Cad
scientia potentia est
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- 50,417
Nothing beats hopping on redfin or your favorite MLS data site and looking at available listings in your area of interest. The rest is smoke & mirrors.
Cad
scientia potentia est
- 25,755
- 50,417
Nothing beats hopping on redfin or your favorite MLS data site and looking at available listings in your area of interest. The rest is smoke & mirrors.
Yeah I was taking the link more as a novelty than hard and fast numbers. But I would assume it would be fairly accurate to determine if an area is much less expensive, less expensive, comparable, more expensive, much more expensive.
Frenzied Wombat
Potato del Grande
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Wow. It costs 2.5X to live in Manhattan vs Dallas. So you need to make 250K to equal 100K, that's crazy. How do people live there?
Cutlery
Kill All the White People
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