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SVTPerformance's Chain of Restaurants
Road Side Pub
Stay or sell, home related
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<blockquote data-quote="jaxbusa" data-source="post: 16358260" data-attributes="member: 175253"><p>I think there will never be a one size fits all when it comes to renting versus owning. There are way too many factors. I see it as a balance of time in house, ability and risk. </p><p></p><p>Time in house- I think this is the biggest factor. If you have a job where you move every couple of years it might make more sense to rent. Short term renters won’t care if the housing market tanks or if the air conditioner takes a dump in the first year, after you put all of your savings into the down payment. If you short term owned (knowing you will move in a few years) you would just be paying interest on it (because your first few years of payments for a mortgage go mostly to the interest) and the house is subject to a drop in the market and repairs. Long term renting doesn’t seem like it has many benefits for me, but I’ll explain where it works for others when I explain ability. Long term owning is where owning really shines. If you find an area where you want to raise your kids and you know you will stay, you will be able to lock in a payment for 30 years. Think about that. While inflation is doing its thing, your first payment and last payment will be the same. </p><p></p><p>Ability- I’m pretty handy and I have the ability to fix most things that come up. I remodeled my kitchen, both bathrooms, irrigation system, landscaping, painting and drywall. This has really saved me money through the years. If you are handicapped or just can’t do anything, renting makes more sense. </p><p></p><p>Risk- can you take the risk if the property goes down in value if or when you decide to sell? Can you take a risk not being able to afford rent when you’re in retirement because the price of everything has skyrocketed? </p><p></p><p>Also, I saw tax being brought up and I don’t think it should. My tax guy said my home didn’t hurt or help me, and renters are paying the owner’s tax bills. </p><p></p><p></p><p>Sent from my iPhone using the <a href="http://r.tapatalk.com/byo?rid=92568" target="_blank">svtperformance.com mobile app</a></p></blockquote><p></p>
[QUOTE="jaxbusa, post: 16358260, member: 175253"] I think there will never be a one size fits all when it comes to renting versus owning. There are way too many factors. I see it as a balance of time in house, ability and risk. Time in house- I think this is the biggest factor. If you have a job where you move every couple of years it might make more sense to rent. Short term renters won’t care if the housing market tanks or if the air conditioner takes a dump in the first year, after you put all of your savings into the down payment. If you short term owned (knowing you will move in a few years) you would just be paying interest on it (because your first few years of payments for a mortgage go mostly to the interest) and the house is subject to a drop in the market and repairs. Long term renting doesn’t seem like it has many benefits for me, but I’ll explain where it works for others when I explain ability. Long term owning is where owning really shines. If you find an area where you want to raise your kids and you know you will stay, you will be able to lock in a payment for 30 years. Think about that. While inflation is doing its thing, your first payment and last payment will be the same. Ability- I’m pretty handy and I have the ability to fix most things that come up. I remodeled my kitchen, both bathrooms, irrigation system, landscaping, painting and drywall. This has really saved me money through the years. If you are handicapped or just can’t do anything, renting makes more sense. Risk- can you take the risk if the property goes down in value if or when you decide to sell? Can you take a risk not being able to afford rent when you’re in retirement because the price of everything has skyrocketed? Also, I saw tax being brought up and I don’t think it should. My tax guy said my home didn’t hurt or help me, and renters are paying the owner’s tax bills. Sent from my iPhone using the [url=http://r.tapatalk.com/byo?rid=92568]svtperformance.com mobile app[/url] [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Stay or sell, home related
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