Joined: 10 Dec 2006 Posts: 52624 Location: Making a safety stop at 15 feet.
Posted: Wed Oct 11, 2017 4:03 pm Post subject:
I would personally rather see my money go to something I own, that appreciates than to simply toss it to a landlord and have nothing to show for it in the long run.
If owning a home is being a "sucker", then I have "suckered" my way into some considerable money over the years by doubling my money on my first home and seeing my equity in my current home continually grow great in the time I have owned it. _________________ You thought God was an architect, now you know
He’s something like a pipe bomb ready to blow
And everything you built that’s all for show
goes up in flames
In 24 frames
didnt watch the video but thats foolish advice at face value.
If your housing market isnt straining well above affordability and your price to buy beats out rental prices I say go for it.
One of the best moves I made was buying a house I had no intention on staying in for much more than 5 years. Put down 3.5% and stacked on lender closing costs credits to keep my up front out of pocket low, had a mortgage that was much lower than rental prices of stuff that wasnt even half as nice, and still turned around and sold it about 3 years later for a ~100K profit. _________________ (bleep) Kawhi
With this guy's logic you should never have a girlfriend or get married. That way you'll never be tied down. Never have to spend money on expensive dinners. Never need to buy her gifts. That way you'll save the money and invest in whatever you want.
From a financial perspective, that argument could possibly be made. I mean, you can invest in real estate without owning a property so the investment factor doesn't make sense to me.
But to me its like owning a business vs having a job. Ultimately depends on what is important to you. I'm generally risk adverse, so, I like having a job, knowing I can make my dwelling my own, and having peace of mind that if I can pay off this home, I limit my exposure in the event I am unable to work.
He's not factoring in the cost of mobility. Moving is pretty stressful and exhausting. Why would someone willingly want to do it all the time? Maybe if you're a minimalist and don't care about establishing roots. Plus, how is owning an appreciating asset a bad idea? Renting vs. owning really depends on the person's situation, goals, and obviously ability to pay for it, but in most situations it's better to own than rent.
Joined: 30 Nov 2008 Posts: 853 Location: SF Valley, CA.
Posted: Wed Oct 11, 2017 8:00 pm Post subject:
I'm assuming everyone here that rather own than rent a place would also rather buy a car than lease? _________________ "I'm Magic before retirement, illest in the game."
Joined: 10 Dec 2006 Posts: 52624 Location: Making a safety stop at 15 feet.
Posted: Wed Oct 11, 2017 8:08 pm Post subject:
axs wrote:
I'm assuming everyone here that rather own than rent a place would also rather buy a car than lease?
Not an apt comparison. Cars only depreciate. (and before some ass comes along and says that some cars go on to become classic collectibles, that is far from the norm). _________________ You thought God was an architect, now you know
He’s something like a pipe bomb ready to blow
And everything you built that’s all for show
goes up in flames
In 24 frames
Joined: 30 Nov 2006 Posts: 33474 Location: Long Beach, California
Posted: Wed Oct 11, 2017 8:52 pm Post subject:
I live in LA, and pay about the same for my mortgage/HOA/Property tax as I would if I was renting a smaller place that isn't as nice as my home. I'm pretty happy that my money will amount to property ownership one day. If you can afford the down payment, I don't see the downside, especially in Southern California where rents go up while your mortgage payment doesn't. _________________ LakersGround's Terms of Service
I live in LA, and pay about the same for my mortgage/HOA/Property tax as I would if I was renting a smaller place that isn't as nice as my home. I'm pretty happy that my money will amount to property ownership one day. If you can afford the down payment, I don't see the downside, especially in Southern California where rents go up while your mortgage payment doesn't.
I'm assuming everyone here that rather own than rent a place would also rather buy a car than lease?
Not an apt comparison. Cars only depreciate. (and before some ass comes along and says that some cars go on to become classic collectibles, that is far from the norm).
And I'm pretty sure that a house doesn't immediately depreciate 20% the moment you move in.
As someone who owns and rents, this guy is a complete moron. I hope more people start thinking the way he does so there's less competition to drive up prices.
He's not factoring in the cost of mobility. Moving is pretty stressful and exhausting. Why would someone willingly want to do it all the time? Maybe if you're a minimalist and don't care about establishing roots. Plus, how is owning an appreciating asset a bad idea? Renting vs. owning really depends on the person's situation, goals, and obviously ability to pay for it, but in most situations it's better to own than rent.
Thats not true. Anyone who bought a house between 2006-2009 would say its better to rent.
It all depends on what the market is and if you get a good deal. If you dont than you screw yourself, it's not black and white
Joined: 14 Apr 2001 Posts: 144432 Location: The Gold Coast
Posted: Thu Oct 12, 2017 10:05 am Post subject:
governator wrote:
venturalakersfan wrote:
My 401k has far out valued my home appreciation in the last 20 years.
including 20 yrs worth of rent $?
I would have been better off renting and putting my home purchase money in my retirement account. And I live in a desirable area. _________________ RIP mom. 11-21-1933 to 6-14-2023.
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