Attention Home Owners

[occulum]

owning is the best by far cause your money is going to pay off your own bills rather than somebody else's. Youre investing in a house.
And YES get your annual taxes worked into your mortgage payment so you dont have to worry about them.

Best thing about owning a house???? ... if you dont like that wall where it is ... you can knock that ^^^^^**r down as violently as you want to ...

 

[The Ween]

There's good things about renting and bad things, same with owning a house.

My property taxes have always been seperate from the house payments. My tax bill is over 2K a year and I pay it in one lump sum so I can get a slight break. This is going to go up again soon since our school district is going for yet another bond issue for a new school, which will leave 3 empty schools. Grrrrrrr!

Anyway, there are pros and cons to it but I think in the long run you're better off buying a house.

 

[LordAzrael]

End of the day you pay property taxes whether you rent or own - as those property taxes are recovered from you by the landlord in the form of rent.

So one way or another you pay it - its just that in one form its more obvious.

As already noted, when you own you are likely to make a capital gain in the value of the asset, this is one advantage over renting. Also a landlord is interested in making an element of profit - something that also adds to the cost of renting over owning.

 

[LordAzrael]

I'm a big supporter of buying rather than renting, but there was an interesting read in MSN about a month ago that tried to argue for renting.

The premis was that if you took your $30,000 down payment plus the difference in price from renting and owning, and invested it in to the market averaging 8% for 30 years that the value at the end could be higher than the value of the house.

The article was a lot more detailed than that, but you get the gist. A month ago it was a decent idea...but now it obviously exposes the additional risk you take when investing. At least with investing in a house, as long as you can afford your payments, you have a place to live. You can't sleep under an etrade account.

Maybe so - but I doubt many people have the discipline to stick to such a plan. With a mortgage you are forced to save.

Most people spend what they don't have to pay - savings is a foreign concept to the current immediate gratification generation.

 

[Jesseawilson]

PM sent, should help.


Jesse

 

[Jesseawilson]

Maybe so - but I doubt many people have the discipline to stick to such a plan. With a mortgage you are forced to save.

Most people spend what they don't have to pay - savings is a foreign concept to the current immediate gratification generation.

Not only that but I will have been through probably 5-10 houses in 30 years rolling each profit into the next significantly increasing my potential net over my initial investment. In 30 years I could have at least 2 if not 3 houses paid off not just the first one.


Jesse

 

[D689594]

I'm looking to buy a bank owned home soon and I was worried that my taxes would be more then my house payments.
But I know for fl you can "home stead " your house. So you have t take the price of the house plus every lot has it's own number that is plugged in to a formula. Minus the home stead break and that is how you get you taxed. Ur real estate agent should be able to show you the taxes from 07 on the home.
Best thing to do is ask your agent lots of questions.
Good luck!!!

 

[Jesseawilson]

I'm looking to buy a bank owned home soon and I was worried that my taxes would be more then my house payments.
But I know for fl you can "home stead " your house. So you have t take the price of the house plus every lot has it's own number that is plugged in to a formula. Minus the home stead break and that is how you get you taxed. Ur real estate agent should be able to show you the taxes from 07 on the home.
Best thing to do is ask your agent lots of questions.
Good luck!!!

That is only available in a few states AFAIK, Texas being another one I believe.