at what point u would go 4 mortgage hassle rather then rent ?

Question

now property market is overvalued so much that if u do not have to buy (children,etc) it is wiser to wait until property bubble burst, then buy ?

at least mortgage payments would be lower then renting, now it is oposite...

Answer 1

There is a big flaw in your argument. While renting you get no value from your money. Zip. You are throwing away hundreds of dollars to another person who is getting a profit while paying off the mortgage on the land and apartment building. You get a lousy renters credit at the end of the year that is lucky to be one months rent. Now buy a house. You get a tax break on the interest. You get to own something, and in the end is a whole better investment for you money. If it wasn't everyone would rent.

Answer 2

When you rent, you are paying SOMEONE ELSE'S mortgage. Why do that? You can buy and still be paying the same amount (or less). The market is slowing down but the bubble has not "burst" - at least I don't think so. We all got greedy and pampered when homes would sell in just 2 weeks! Now that homes are on the market for a few months or more, we all think the sky is falling.

Buy - don't rent. It's a huge waste of money. With no money down mortgages now there is no reason not to buy something within your means. It all depends on where you live, too. I'm in Massachusetts where home prices are ridiculous. You can buy a 3000 square foot brand new home in Georgia for the price of a 1200 square foot 100+ yr old house in some areas of Massachusetts.

Answer 3

Hassle! as a renter you don't own the space you live in at any point you can be put out for minor things. As a home owner you instantly start building equity in your home. you reap the rewards of a stable environment. You can paint the walls any color you want! as a renter you pay and pay but don;t benefit from your expenditure, When your lease is over you have nothing to show for your effort but a lot of stuff to move! As a home owner you build your credit faster by showing your lenders your intent by action! rent $ go in the owners pocket mortgage $ pay to own!

Answer 4

in all probability, it rather relies upon on once you purchase, and once you sell. you need to purchase a house, placed a lot of money into it, after which lose each and every penny out of your deposit and private loan reimbursement some years later by using fact the fee of the valuables has dropped. you may even sell it and nonetheless be left with component of a private loan so finally end up dropping funds.

Answer 5

Owning a home has advantages... you can deduct the interest from your income when it's tax time.

You build an equity that you can tap into if you need it later on.

Answer 6

But there is no evidence that this is going to go back to cheaper to rent than buy.

Furthermore, stepping off the rent escalator takes a while to pay off, but pay off it does:

http://www.searchlightcrusade.net/posts/1153257206.shtml