McCheese
SW: Sean, CW: Crone, GW: Wizardhawk
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Any landlord who isn't a piece of shit slumlord should be, yes. I've never had a landlord--in houses or apartments--not take care of maintenance issues.
Rent Vs. Buy housing
- Thread starter Porkchop
- Start date
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Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
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Ben Stein has proven himself to be someone you absolutely shouldn't listen to. That's not to say that article is wrong, but Ben Stein's word is dirt.
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So buy an apartment? Or rent a house.
I think you're getting off your original point. You said renting saves you money on repairs. It doesn't. You're paying for the repairs no matter where you're living, whether you rent it or own it. Now, going from an apartment to a house will incur more repairs, sure, but that really shouldn't need to be pointed out.
I think you're getting off your original point. You said renting saves you money on repairs. It doesn't. You're paying for the repairs no matter where you're living, whether you rent it or own it. Now, going from an apartment to a house will incur more repairs, sure, but that really shouldn't need to be pointed out.
Abefroman
Naxxramas 1.0 Raider
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Chicago area. Guess there must be a bunch of crap in Michigan, like Detroit...
I'm not saying you can get everything you need in a day. Over time though you can get everything you need. Just pay attention to Craigslist, Obituaries etc.
taebin
Same trailer, different park
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Haha, who the fuck wants to pay attention to obituaries? I think the last person I saw looking at those was my grandma, circa 1989.
Frenzied Wombat
Potato del Grande
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It's pretty basic stuff here, like economics 101.. Here's a more voluminous explanation:http://financialmentor.com/financial...or-invest/7478
Alex
Still a Music Elitist
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I was referring to my credit card debt mainly. My student loans will probably take me three or four more years - maybe a little longer to pay off.
Gravel
Mr. Poopybutthole
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Either my point wasn't clear enough, or you missed it. I'm not saying you need to make high 6 figures to afford the monthly payment on a >$500k house. But to afford any sort of down payment? You'll either need that kind of income, or you need to have ridden housing equity boosts as a trade in.
Eomer
Trakanon Raider
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I would assume 90% of the time that's the case, but it would totally depend on the lease. With commercial buildings it's frequently not the case. The company renting the space is frequently responsible for all maintenance, improvements and the like. It's called a triple net or NNN lease:http://en.wikipedia.org/wiki/NNN_Lease
Cad
scientia potentia est
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This is a good indication that you simply can't afford to live where you think you deserve to live, or your expenses are too high for your income level. One or the other.
lindz
#DDs
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We make $117k a year, live in a middle class neighborhood in a city outside of the more expensive city my husband works in (Redmond, WA) and save about 20% per month on average and spend 23% per month on rent. We can easily afford the mortgage of a house around where he works and we save a decent amount, but we had kids early - he was right out of college and I dropped out to get married and move to another country so we never got savings going before we had a family. Now we're playing catch up and doing it on a single income. My question isn't whether we should have been smarter when we were 20, but how to save that kind of deposit given that we had a family very young.
And I don't think I am asking to live in a place that is beyond our means. Seattle is an expensive housing market and going up but we're here for his job, and I'm not at all the type to be unrealistic about where we should be. Hell, I've been pushing for a move to Utah to cut costs (and be near his family) but he'd have to look for something very different to do that. A family of 5 needs a certain amount of space, decent schools but that's about it. We don't need anything fancy.
Cad
scientia potentia est
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The answer is you sacrifice now and live significantly below your means while you save for a few years.
Whats wrong with this? Its near Redmond and is $250k, 4 bedrooms, 3000 sq ft.http://www.redfin.com/WA/Gig-Harbor/.../home/39892316
Well I disagree, I think it's fairly easy to scrape together a hundred thousand in savings if you make 150k+ a year, but I can understand why some people have trouble with it.
Cutlery
Kill All the White People
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Yeah, except there's 2 things at odds here. There's math, and there's reality.
Unfortunately, reality doesn't give a shit how good your math is when you lose your job and you still have a gigantic mortgage payment.
You don't think there's just a tiny chance shit can go wrong over the course of 30 years? I guarantee you it will go wrong multiple times, in ways you couldn't even imagine before it happened.
lindz
#DDs
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Gig Harbor is about 2 hours from Redmond in traffic. There is a certain amount of sacrifice that is worth it and when you have kids, losing 4 hours a day with them is not. I get your point though, as a parent I sacrifice a lot for my kids but there is always room to save a bit more.
Surely we have a cache of the old thread from foh?
Oh i found it:
Cad: "Live to money, not money to live"
Cutlery: "FUCKIN BUY A TRAILER, GET A BOX, GET WHATEVER YOU CAN PAY OFF GET THE FUCK OUT YOU WANNA BE 90 AND EATING CAT FOOD IN YOUR MANSION OR CAVIAR IN YOUR 1200 SQUARE FT RANCH CORNER OF HELL YOU'VE SPENT 50 YEARS IN AND NEVER IMPROVED BECAUSE YOU THREW EVERY FUCKING WAKING PENNY AT A PREPAYMENT"
If you want a house, get a house. If you think you might move within 2 years, dont. I can't for the life of me understand these wizkids advocating sitting on your ass saving up 20% when you can get a mortage for 3% down at 3%. What's the big deal?
I also think everyone overstates the amount of stuff that fucks up and the severity of it. Get a $200 cordless kit, screwdriver set, and a hammer and when something breaks, google it (dont bother with the ehow article), then go to lowes and get whatever you need and do it. Or if you're a helpless gay ask the old people at work if they have any trusted handymen.
Oh i found it:
Cad: "Live to money, not money to live"
Cutlery: "FUCKIN BUY A TRAILER, GET A BOX, GET WHATEVER YOU CAN PAY OFF GET THE FUCK OUT YOU WANNA BE 90 AND EATING CAT FOOD IN YOUR MANSION OR CAVIAR IN YOUR 1200 SQUARE FT RANCH CORNER OF HELL YOU'VE SPENT 50 YEARS IN AND NEVER IMPROVED BECAUSE YOU THREW EVERY FUCKING WAKING PENNY AT A PREPAYMENT"
If you want a house, get a house. If you think you might move within 2 years, dont. I can't for the life of me understand these wizkids advocating sitting on your ass saving up 20% when you can get a mortage for 3% down at 3%. What's the big deal?
I also think everyone overstates the amount of stuff that fucks up and the severity of it. Get a $200 cordless kit, screwdriver set, and a hammer and when something breaks, google it (dont bother with the ehow article), then go to lowes and get whatever you need and do it. Or if you're a helpless gay ask the old people at work if they have any trusted handymen.
Nester
Vyemm Raider
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1) if you dont have the down payment you straight up can not afford it. Rent for another year, save what you can for a down payment.
2) DO NOT BUY MORTGAGE INSURANCE. Buy life insurance instead. often life insurance is less expensive for more coverage.
- life insurance is underwritten up front, therefore less likely to get CLAIM DENIED
- Mortgage insurance is underwritten after you die, oh you smoked? sorry claim denied.
- life insurance pays your family (or whomever you want) the amount on your policy.
- Mortgage insurance pays the bank on the balance of your loan. You had $200k in coverage but you paid $150k off your mortgage. now your policy is only $50k but your premium stays the same.
- Mortgage insurance is one size fits all, young fit and healthy? too bad, pay the same amount as chain smoking, skydiving granny.
It makes sense when you with your lender to want to insure your mortgage but go talk to an insurance broker, its free until they convince you to buy =-D
2) DO NOT BUY MORTGAGE INSURANCE. Buy life insurance instead. often life insurance is less expensive for more coverage.
- life insurance is underwritten up front, therefore less likely to get CLAIM DENIED
- Mortgage insurance is underwritten after you die, oh you smoked? sorry claim denied.
- life insurance pays your family (or whomever you want) the amount on your policy.
- Mortgage insurance pays the bank on the balance of your loan. You had $200k in coverage but you paid $150k off your mortgage. now your policy is only $50k but your premium stays the same.
- Mortgage insurance is one size fits all, young fit and healthy? too bad, pay the same amount as chain smoking, skydiving granny.
It makes sense when you with your lender to want to insure your mortgage but go talk to an insurance broker, its free until they convince you to buy =-D
Cad
scientia potentia est
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Haha shit I wasn't watching the window and didn't realize it went to the other side of the bay on that one. Does look pretty expensive around that area. The choices would be move farther out (ok 2 hours is extreme though) or get a job elsewhere, work from home more or live in a little more ghettofied area so you can afford more house.
Another thing you might do is get an au pair and go back to work, can be significant upside financially to that. The sacrifice there is you don't stay home and raise your kids.
Falstaff
Ahn'Qiraj Raider
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