when you can hold 3 mortgage notes for that amount? i know some say they have their reasons, but...
2006-11-10 07:27:47 · 10 answers · asked by Mr Spock 4 in Business & Finance ➔ Renting & Real Estate
ogrendle has the better idea but the question is as most read it. why rent when you can own. and no one is too young, but being young is a good enough reason not to. as for upkeep, renters have a responsibility to "good care" s you would would a home with exceptions of major repairs. however, if its found these happened due to the occupants neglect you can and will be charged for them and possibly evicted. loosing your security deposit.
i agree it is far easier to rent than it is to buy but thats bc ownership has much greater rewards! aside from all the tax credits, breaks and value as ogrendle says and i stated you can but 3 homes for that can of money. there are interest only loans where a $510,000 home mortgage will cost $1698 (source experian) this is in a higher real estate market like california or new york. the other point is, just bc you own 3 homes doesnt mean youre living in them they will make their own pymts and give you income my friend income!
so far great answers
2006-11-13 04:12:38 · update #1
this is too silly, let's see if you all agree :P
i was sent an email, stating that if they bought 3 lived in one, rented out two they risked getting stuck with 3 notes if the renters bailed.
youre paying $1700 to rent "one" apartment or you are paying $1700 for 3 places to own. youve already budgeted and are paying $1700 mnthly. So, if you have no renters ever, you are paying out $1700 monthly. the renters are a bonus, as are the tax breaks and the equity accrual!
2006-11-17 18:24:52 · update #2
I'm too young to apply for a mortgage high enough to buy a house where I live, and I'd much rather rent a house rather than an apartment for the same price. Simple as that.
2006-11-10 07:36:05 · answer #1 · answered by JJ 3 · 1⤊ 1⤋
Here on Long Island I have owned a home for the past 15 years. As of now my mortgage payment is 1406.00, my taxes average 900.00 a month. Utilities (including homeowners & flood) run approx. 700.00 a month...for a total of approx. 3000.00 a month for a 3 bedroom colonial. So, why don't I rent instead? Because I know I have a least 300,000 in equity and in a five more years the home with be paid off. It's tough financially to own, but well worth it in the end. I know a lot of people here can't afford that much each month and have no choice but to rent. So there are major difference between renting and buying.
2006-11-13 23:04:39 · answer #2 · answered by LILL 7 · 0⤊ 1⤋
I just did an MLS search in San Antonio for your answer.
There are 3 houses offered for exactly $1,700.
You could buy a home in those 3 subdivisions, of similar size and quality for about $250k to $275K.
In San Antonio, with good credit and minimal down payment, your mortgage would be roughly $2,300 to $2,600. When you own, you are also responsible for all repairs, and when you sell, expect to pay 8-9% of the sales price toward your closing costs
If you're not going to live there at least 4 years, it's not worth the $ to buy.
2006-11-10 07:49:25 · answer #3 · answered by teran_realtor 7 · 0⤊ 1⤋
If someone is unsure if they want to live in an area for 20-30 years, they may rent instead of buy. Maybe they know they will be locked into an area for one year (while spouse finishes school)
and then they want to move to California for Florida. They don't
want to have the headache of a mortgage and then the hassel of selling the house.
2006-11-10 07:33:53 · answer #4 · answered by Tim E 2 · 0⤊ 1⤋
Um, I pay $750/month for my apartment. So, you tell me how I can buy a house for that kind of money, and maybe I'll stop renting.
P.S Some people have credit problems as well, and are not able to get a home loan at a reasonable rate.
2006-11-10 07:49:52 · answer #5 · answered by Mrs.Gaddis 4 · 0⤊ 1⤋
Convenience of not being responsible for the maintenance and repairs, to get a nice house in a good location for cheaper than a mortgage payment, and for the versatility of being able to leave whenever you want to and not go through the trouble of selling.
Basically, convenience.
2006-11-10 07:35:01 · answer #6 · answered by Phoenix, Wise Guru 7 · 0⤊ 1⤋
Rent To Own Homes : http://RentToOwnHome.uzaev.com/?UaUF
2016-07-12 00:04:42 · answer #7 · answered by Anonymous · 0⤊ 0⤋
location location location
It depends on the market. In NYC or the Bay Area, $1700/month for anything is reasonable.
2006-11-10 09:32:11 · answer #8 · answered by cw4012 3 · 1⤊ 0⤋
Income, my friend, income. Hold the house, rent it for a while until the frenzy hits again and then sell it.
The rent/mo. should cover debt and expenses and some cash flow.
2006-11-10 07:34:22 · answer #9 · answered by Anonymous · 1⤊ 0⤋
Why?
Where I live, $1,700 a month won't buy you a one room shack ... but it will get you a really nice apartment in a new 3 family home.
2006-11-10 08:48:45 · answer #10 · answered by BoomChikkaBoom 6 · 0⤊ 1⤋