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Thread: Buying a home vs Renting?

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    Veteran Member Ladycaxe's Avatar
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    Default Buying a home vs Renting?

    Hey do y'all think buying a home/condo/apartment whatever is a good purchase?
    i.e I found a decent studio condo for ~$70,000. monthly my rent would be lower then it is now, and better amenities.
    I could also rent it out 2 sum 1 as an option.

    Do any of u guys have experience with owning a home?

    I'm positive that, I cant strip 4ever, one day not gonna be able to pay $$$$ out the Arse in rent, so might as well have a property to lean on..?
    Last edited by Ladycaxe; 12-27-2018 at 06:12 AM.
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    Default Re: Buying a home vs Renting?

    I think it depends on the situation. Are you planning to stay there for more than a year?

    Ill tell you my cons of owning a home. I'm pretty much have a permanent bill that needs to be paid regardless if I live here or not. I pay $500 a month in mortgage but it comes out to $750 after electric/water. It's 4 bedrooms.

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    Veteran Member Ladycaxe's Avatar
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    Default Re: Buying a home vs Renting?

    Quote Originally Posted by Femme Fatale View Post
    I think it depends on the situation. Are you planning to stay there for more than a year?

    Ill tell you my cons of owning a home. I'm pretty much have a permanent bill that needs to be paid regardless if I live here or not. I pay $500 a month in mortgage but it comes out to $750 after electric/water. It's 4 bedrooms.
    yes I want to stay in this city for a while.
    iz a permanent bill just like rent
    but I feel a better return

    oh & 4br for 750 sounds awesome
    I pay that 4 a studio ..lol
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    Veteran Member Ladycaxe's Avatar
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    Default Re: Buying a home vs Renting?

    My other idea is buying a place to rent out . but thats another whole ballpark (being a landlord).
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    Default Re: Buying a home vs Renting?

    Buy Buy Buy.

    I've talked about this before in other threads. I bought 10 years ago ( so scary at the time ) but it's one of the best financial things I've ever done.

    I get a monthly surplus now from it .


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    Default Re: Buying a home vs Renting?

    Buying. No question. Here’s the thing… it may seem like a permanent bill, but isn’t paying rent? The difference being having something to show for it. Of course, there are precautions which need to be taken, and matters of upkeep will fall on you instead of the property management company. But it’s worth it.
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    God/dess Selina M's Avatar
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    Default Re: Buying a home vs Renting?

    This question has a lot of variables.

    Pros:
    you (hopefully) build up equity into an asset
    it's YOURS, get as many pets as you want, paint and carpet as you please, etc.
    lower monthly payment than your current rent

    Cons:
    if the market tanks like in 2008, you could end up underwater on a house you won't be able to sell
    moving is hard - gotta find a buyer first
    cash tied up & not liquid
    costs of owning might offset the cheaper mortgage vs. rent - how much are property taxes? HOA/condo fees? If a major appliance goes out, that can easily be a $2k+ bill.

    We're renting still bc I'm not sure what school I'll get into & while I resent writing a fat check every month & having pet restrictions/parking issues, it's nice to know we can say "see ya!" and transfer the lease to someone easily, or when shit breaks we just call maintenance.

    Another thought with owning - you need to be super disciplined with money & keep a fat emergency fund. IME, it's very easy to dig into a much bigger debt hole than just the mortgage. My dad was a bit of a frivolous spender who didn't keep enough cash savings - he dicked around with second mortgages and equity loans to pay for repairs every time something major happened. Now my mom is widowed and still owes on a house that should be paid off by now. Cautionary tale for ya
    "People jack off with the left hand and point with the right."

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    Veteran Member Ladycaxe's Avatar
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    Default Re: Buying a home vs Renting?

    Quote Originally Posted by AChildOfBoredom View Post
    Buying. No question. Here’s the thing… it may seem like a permanent bill, but isn’t paying rent? The difference being having something to show for it. Of course, there are precautions which need to be taken, and matters of upkeep will fall on you instead of the property management company. But it’s worth it.

    yes I think thats my biggest concern! especially if I decide to rent to someone.
    I mean, I heard in ur lease u could specify appliances as is.
    I'm also leaning more towards a condo then a house house.
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    Veteran Member Ladycaxe's Avatar
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    Default Re: Buying a home vs Renting?

    Quote Originally Posted by Selina M View Post
    This question has a lot of variables.

    Pros:
    you (hopefully) build up equity into an asset
    it's YOURS, get as many pets as you want, paint and carpet as you please, etc.
    lower monthly payment than your current rent

    Cons:
    if the market tanks like in 2008, you could end up underwater on a house you won't be able to sell
    moving is hard - gotta find a buyer first
    cash tied up & not liquid
    costs of owning might offset the cheaper mortgage vs. rent - how much are property taxes? HOA/condo fees? If a major appliance goes out, that can easily be a $2k+ bill.

    We're renting still bc I'm not sure what school I'll get into & while I resent writing a fat check every month & having pet restrictions/parking issues, it's nice to know we can say "see ya!" and transfer the lease to someone easily, or when shit breaks we just call maintenance.

    Another thought with owning - you need to be super disciplined with money & keep a fat emergency fund. IME, it's very easy to dig into a much bigger debt hole than just the mortgage. My dad was a bit of a frivolous spender who didn't keep enough cash savings - he dicked around with second mortgages and equity loans to pay for repairs every time something major happened. Now my mom is widowed and still owes on a house that should be paid off by now. Cautionary tale for ya
    totally .I want to have at least $12,000 even AFTER mortage closing and all that..
    Last edited by Ladycaxe; 01-23-2019 at 02:22 PM. Reason: edit: realistic? DONT KNOW lol but I could dream
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    Veteran Member Ladycaxe's Avatar
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    Default Re: Buying a home vs Renting?

    I've also read that. You should stay in the home at least 7 years. Tbh I'd like to do a 15 year vs 30 year. but thats something that hasn't been close 2 decided yet.
    How often is it that after you sell your home u end up w a profit?
    And I dont mean after your entire mortgage.
    If I do my payments on time for 7 years, keep house in good condition, AND the market is doing well...
    is it likely that I will end up with a profit?
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    Veteran Member Ladycaxe's Avatar
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    Default Re: Buying a home vs Renting?

    besides that I should actually buy a place where I see myself living for 15-30 years. I'm such a "nomad" so its kind of scary . haha but realistically
    I love living in nevada especially for work and dont see my self leaving I love 2 many things about this state.
    unless they do us like california and make us all employees then it'll be a problem .
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    Default Re: Buying a home vs Renting?

    Quote Originally Posted by carmen_b View Post
    Buy Buy Buy.

    I've talked about this before in other threads. I bought 10 years ago ( so scary at the time ) but it's one of the best financial things I've ever done.

    I get a monthly surplus now from it .
    Thank u!
    monthly surplus
    how so, renting? :}
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    Default Re: Buying a home vs Renting?

    ^ Yes, it's the difference between the mortgage and the rental market.
    Buying is really not that scary ( after the initial fears subside ).
    I have had stress with renters before ( I've had to force someone out ) but my current ones have been amazing.
    I actually have not raised their rent in two years just due to have seamless and automated they are.
    Last edited by carmen_b; 12-30-2018 at 11:16 PM.

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    Default Re: Buying a home vs Renting?

    I bought my flat in 2012 when the housing market was low and while it has been a huge learning curve (old Victorian place loads of work!) ultimately im glad i did it. I dont want the insecurity of renting when im an old lady.

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    Default Re: Buying a home vs Renting?

    I own a house now that I am going to set up for Airbnb for a while and see how that goes before I rent it out the traditional way.

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    Default Re: Buying a home vs Renting?

    ^ You'll probably like it . If you are anywhere near tourist points / things to do, it will do well.

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    Default Re: Buying a home vs Renting?

    Quote Originally Posted by ioienvyioi View Post
    I own a house now that I am going to set up for Airbnb for a while and see how that goes before I rent it out the traditional way.


    I Airbnb the extra bedroom in my house. It's a great side hustle. Pays my mortgage and then some. I'm in a major tourist destination and book the room out most nights. Here are December's earnings--and this month was slow.

    Screen Shot 2018-12-28 at 11.36.09 AM.png

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    Default Re: Buying a home vs Renting?

    ^ LOVE it .

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    Default Re: Buying a home vs Renting?

    Cool. Im in a touristy part of the world so I probably SHOULD invest in an extra bedroom.
    in that case id rather do airbnb, cuz I'm not lookin for a permanent roommate chaknow.
    *I wonder if it is a bit scary being a single woman doing airbnb :o*
    either way thanks for the tips a lot.
    My goal is buying next year. I wish I could do this year. but I got a lil more debt to pay and wanna file tax returns laaa laaaaaaa
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    Default Re: Buying a home vs Renting?

    Quote Originally Posted by Ladycaxe View Post
    in that case id rather do airbnb, cuz I'm not lookin for a permanent roommate chaknow.
    a

    thats why i'd like to try airbnb first get some use outta my property but not have to commit to having a roomate fulltime or not be able to use a property i just spent a grip renovating

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    Default Re: Buying a home vs Renting?

    Quote Originally Posted by Winged Dinghy View Post
    I Airbnb the extra bedroom in my house. It's a great side hustle. Pays my mortgage and then some. I'm in a major tourist destination and book the room out most nights. Here are December's earnings--and this month was slow.

    Screen Shot 2018-12-28 at 11.36.09 AM.png
    thats awesome!! have you ever done the whole house. i was thinking of doing different variations, ive used airbnb as a traveler much but not yet took the host plunge

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    Default Re: Buying a home vs Renting?

    Quote Originally Posted by Ladycaxe View Post
    Cool. Im in a touristy part of the world so I probably SHOULD invest in an extra bedroom.
    in that case id rather do airbnb, cuz I'm not lookin for a permanent roommate chaknow.
    *I wonder if it is a bit scary being a single woman doing airbnb :o*
    either way thanks for the tips a lot.
    My goal is buying next year. I wish I could do this year. but I got a lil more debt to pay and wanna file tax returns laaa laaaaaaa
    So you don't want to find a roommate that's looking for another person to house in a nice luxury aor and save some of your money and buy a home?
    Last edited by yaya_cash; 12-29-2018 at 10:18 PM.

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    Default Re: Buying a home vs Renting?

    I rent one of the bedrooms here to the horseback riding instructor here on a work visa from Ireland. I’ve thought about refurbishing the space above the garage to make into a room to rent out for AirBnB, but I’m not sure. Like I said, six females in this house, including two minors and one with a history of being horribly abused… I’m just not comfortable with random strangers coming to my home.
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    Default Re: Buying a home vs Renting?

    Quote Originally Posted by yaya_cash View Post
    So you don't want to find a roommate that's looking for another person to house in a nice luxury aor and save some of your money and buy a home?
    I've just had bad roommate experiences. I'm sure with the right person it'd be okay . Guess I'm #scarred hahah
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    Default Re: Buying a home vs Renting?

    Quote Originally Posted by ioienvyioi View Post
    thats awesome!! have you ever done the whole house. i was thinking of doing different variations, ive used airbnb as a traveler much but not yet took the host plunge
    Thank you! I just rent my spare bedroom for a few reasons. First, there's an affordable housing crisis where I live and whole-house short-term rentals are contributing to it. Second, I would lose my license if I rented the whole house under our current legislation. A single bedroom short-term rental is what the city's permit system allows me to legally do.

    Definitely look up your city's permit laws if you plan on hosting. I've had almost nothing but good experiences and I've hosted literally thousands of people over the last five years.

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