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FIND YOUR DREAM HOME OR APARTMENT

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Jul 13, 2014 6:21AM
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THESE WERE TO BE THE CITIES WHERE RENTING WAS A GOOD THING? HELL MOST EXPENSIVE IN THE LAND---THOUGHT RENTING WAS FOR THOSE FISCALLY CHALLENGED----NOT THE RICH--
Jun 30, 2014 10:27AM
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It sure figures that some people with no more then HS Education is getting the point of Rent vs owning an Condo for Example. Therefore;;

Back in the 1920's My Grandparents had lived in Manhattan. not much of owning your Apt back then, except for Co-Op. she "Why own an Co-op, then pay those out rage Real Estate Taxes and Associations fees. 

Obviously Income and Rent Sky Rocket in those 50 years she was their. and she was actually better off on the long run renting, as; it was easy to get out of the lease if necessary, as their would had been shortage of living space. and other people on the waiting list.

Yes, owning a House has its pros and cons, but to owned your House has few or less Restrictions. like having my Dog and his own space.

An Condo, many times NO PETS., and for the blind, your better sue the basters.on the board if they think that they can discriminate. and the basters of the association.

So, what is the point your Apartment as a Condo., Absolutely nothing. has the advantage their.
I was thinking 26 years ago, that it was a good deal, but a offal experience.

Like I said Association and Condo Taxes sky rocket 3x, when renting would had came out ahead.  the next place, the same association change their policy, No Dogs, but damn cats okay.
Except for Grandfather in permitted dogs until they sadly pass-away., ha, the house-keepers are such cold noisy busy bodies, it would make their day.

One couple made a Races Remark towards this lad'es dog, whom was adorable and just needed some kids to pay with it and to chase for ball and so on.

By all means, avoid owning condos, its a disaster for Special Fees to fixed this and that through out the building.  like I said owning a condo is a waste. Renting. is likely easy to get out, if not in 30 to 60 days. 


Jun 5, 2014 5:56AM
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My these folks at MSNBC really have an agenda their pitching just as hard and as fast as they can. Renting is an advantage. I don't think soooo!!! Their throwing tax break in there as if that's an advantage, naa!! I'm just not going to buy it. My accountant girl friend explained renting and owning to me in very clear terms seven years ago, and owning has it over renting ten to one. Sorry MSNBC, your financial and real estate pages are just so cluttered with over the top phrases and feel good that just is not true. Were do you get your talking points, the White House???
Jun 5, 2014 5:32AM
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Does this article make any sense?

 

"...it takes 2.5 years for buying to be more financially advantageous."

 

Which means unless you're buying/selling a house EVERY 2.5 years, buying is still better.  Home ownership is a long-term thing, it's not instant.  What an idiotic article.

Jun 5, 2014 5:16AM
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Renting should always rule no matter where you live.  Buying a home and then trying to sell that home at a profit is a losing proposition.  I owned a home once in my life.  I thought it would be a good deal because that is what my realtor, my mortgage company, and my friends told me.  I owned my home for ten years.  I poured money into that home.  I fixed it up and I kept it up.  Then when it came time to sell it because I got transferred out of State with my job, I found out in ten short years I had lost $30,000 due to the market value shrinking.  That $30,000 did not include all the money I sunk into that home fixing it up.  NEVER again will I own real estate!  Real estate is for those people that enjoy losing money.  Since then I have rented and invested all my spare cash in the stock market.  I've earned all of my money back that I lost on that home and more.  I own my own company now and I'm doing better financially than I ever thought I could or would.  Owning a home nearly ruined me financially.  I will never make that mistake again.
Jun 5, 2014 4:32AM
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Aside from the questionable 'breakeven horizon',  there's such a thing as pride of ownership and control of your living circumstances.
These days if you rent,  you're likely a placeholder until the market improves and then the place is sold out from under you.

Jun 5, 2014 4:06AM
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Great info for anyone expecting to live 3 more years or less.
Jun 5, 2014 3:58AM
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First, as a practicing real estate attorney for over 25 years and one who has completed closings in every Mid Atlantic State, I have to state that in my experience Zillow is god awful.  Their value estimates are so flawed I seriously question where and how they obtain their information.  From my perspective, take the Zillow valuation of a property and add at least 20-25% to obtain a more realistic number.

Secondly, with the upfront costs of a home purchase, there will ALWAYS be a "lag" period wherein it takes the buyer a period of time to reach their breakeven point and thereafter, start to recognize savings.  The savvy buyer understands this and realizes that they have to start somewhere.  If you were to take the Zillow approach and rent for 3 years in any of these cities where will you be?  Well, you will be three years further down the road with home prices over 30% higher than they are now (assuming the quoted appreciation rates stay close to where they are now).  With closing costs approximately 6% of the purchase price (generally), this will result in  higher closing costs of $1800.00 per $100,000.00 of purchase price, plus the opportunity cost of having missed out on the past 3 years.  In other words, in three years with a purchase you will be at the point of gain recognition.  In three years with the Zillow "rent now" philosophy, you would be left with much higher home prices, higher closing costs and only the commencement of your waiting period to achieve break even status, which according to Zillow's current stats, would be another 3 years for a total of 6 years out.  It is a no brainer.  Unless you believe that home prices have reached the top of the ladder and that there is little chance for further appreciation, you need to purchase rather than rent.

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