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Why aren't u buying a home???
mrdropcloth
Member Posts: 614 ✭✭✭
With all the hype about super low interest rates,( true) and declining home values, and incentives from banks, as well as builders....whats YOUR reason for sitting on the "Fence?"
We all say if we had 20/20 vision we would have done thus and such.
Point is , do you think NOW really is the right or best time to buy a modest price house?
What is the advantage to renting???
Feedback from both sides please....thx.[:)]
We all say if we had 20/20 vision we would have done thus and such.
Point is , do you think NOW really is the right or best time to buy a modest price house?
What is the advantage to renting???
Feedback from both sides please....thx.[:)]
Comments
(At this point, I feel that I ain't got no money ... even if not completely so.)
spasmcreek (unless you inherited or were given them) great job ... way to do it!
That's my own personal limit.
Margaret Thatcher
"There are three kinds of lies: lies, damned lies and statistics."
Mark Twain
Two things though:
I don't know the process or the best way to go about doing it, taking the leap and making the jump to buy an investment property.
I'm open to any advice. I could probably put 20K down on a 2nd house, but how do you calculate all the variables.
Is it rentable, is it profitable, maintenance, taxes, etc.
I believe rates will continue to drop as more financial data comes out post- "first time home buyer credit".
A place like this (although I don't live in FL my wife's family is there) Seems like in the long run, it couldn't loose money.
http://www.zillow.com/homedetails/702-Panferio-Dr-Pensacola-Beach-FL-32561/80777443_zpid/
I already own one with no mortgage, don't need another.
Me too![^]
Raw land is a much better investment than a house.
If you like living on a vacant lot![:(]
bought mine last year so already did my part...and didn't get any $8k tax credit either
Yeah. Me either. I dove into the market 5 years ago as everybody was saying how bad the economy was and "interest rates will never be lower than this!" "Lock in now. They'll be going up soon." hahaha Yeah. Right!
I managed 10% down. Did not receive the $8,000 tax credit that I now wish I had waited for. Got locked in at 5.5. Could probably get a 15 year for 4.25 now but it's relatively small and the wife wants to move in a few years. So I'm not going to bother.
I figure the next 5 years will be very educational. Either things deteriorate so bad that we'll be counting our blessings that we have this house and we won't be going anywhere. Or, there's finally a general turn around and I won't feel as nervous upgrading. We'll see.
Don't know what interest rates will do but raising them in the foreseeable future would spell disaster for sure. I'm betting nothing changes for several years.
The mortage tax write off is a big reason not to rent. The equity you build over time is much more than you would have saved by renting, and you probably would have spent that money at the time, and wouldn't have it 20 years later. A paid off house is most peoples primary nest egg for retirement.
The only reason I can see for not buying a house is that your company constantly moves you from state to state. If so, I hope they are compensating you adequately, and I hope you are saving in an Roth IRA for an eventual large downpayement.
As to buying a rental house, this seems like a good time to purcase middle of the road houses at a very good price. They key to success is buying at a good price. Find a situation with a desperate seller and take advantage.
Even buying when interest rates are high can be good, because high interest rates mean lower prices, and you can refinance when interest rates drop.
Depending on the lease, when something goes wrong/breaks, the owner fixes it.
You own it, YOU fix it.
Not buying another one right now, don't feel the time is right. The government is telling us the economy is getting better. Guess what, I DO NOT BELIEVE the government.
We already have more than one, and when we move into the one we are currently remodeling, all we will owe is the yearly extortion fees demanded by that same government.
We may do a 1031 exchange (Starker) on other properties about that time. Will have to wait to see what the market/opportunities are then.
I put in a full price cash offer for a vacation condo in Arizona about a year ago & two months later the broker still could not get any response from the bank.
I tried several times to help my son buy a home. Again full cash offers. All the banks were trying to do was start bidding wars. You have to offer way over the so-called list price. It's all some sort of stupid game.
I would still like to get a vacation home in Nevada or Arizona but I'm VERY tired of the games they are playing.
If the market goes up I can sell and double my money, if it goes down I can still rent it and make some money. The best part is I was able to pay in cash. No mortgage.
IF you have the cash, now is the time to buy.
Might look for something in the city.
It's freeing and painful at the same time.
With each click of the mouse - goes an ATV, a Barrett semi auto, a 2nd used car...
Buddy of mine is buying a house right now. Most builders are offering 8k off the price of new construction now that the refund has expired.