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  1. #1
    Spoofee.com! Spoofee's Avatar
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    Rent vs Buying a House

    A lot of people around me are starting to buy or considering buying a home

    Found this great website that compares how much you would make/lose depending on which way you go.

    Depends on how much the property will appreciate/depreciate. This calculator assumes the home will appreciate by 4% every year by default

    - Link to Housemath.us
    Thank you for using Spoofee.com

  2. #2
    L3 Curious Member ramneekh's Avatar
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    good site ....thx

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    Goody 2 Shoes Goddess TY precocious's Avatar
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    Quote Originally Posted by Spoofee View Post
    A lot of people around me are starting to buy or considering buying a home
    Gee Mr. Spoofee, perhaps it's a sign that you should consider .. getting married,............ settling down ..............and buy a house...:rolleyes:....tick, tick, tick....


  4. #4
    L1 Semi-Newbie cabinfever's Avatar
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    May want to check out foreclosures if you're considering buying. http://www.hudauctionwatch has some info on em, theres a lot of deals right now in some states.

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    Just Call Me Christi ULTIMATEgrafx's Avatar
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    Quote Originally Posted by cabinfever View Post
    May want to check out foreclosures if you're considering buying. http://www.hudauctionwatch has some info on em, theres a lot of deals right now in some states.
    really interested in checking this site out but the linky doesn't work.

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    Just Call Me Christi ULTIMATEgrafx's Avatar
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    L9 Spoofeed Member cybermom's Avatar
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    I was told the rule is this: Never pay interest on a depreciating asset. I.E.: Buy property, lease cars.

  8. #8
    L1 Semi-Newbie cardtrader's Avatar
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    Quote Originally Posted by cybermom View Post
    I was told the rule is this: Never pay interest on a depreciating asset. I.E.: Buy property, lease cars.
    don't or do buy property / lease cars?

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    L9 Spoofeed Member cybermom's Avatar
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    Do buy property (it appreciates) but only lease cars (immediate depreciation) ...but I can't remember which finance guru said it and last night I was listening to Ramsey and he said DON'T lease cars, buy used ones..so now I don't know what the heck is right!

  10. #10
    CAT ATTACK! Meerowwer! ksocia's Avatar
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    Quote Originally Posted by cybermom View Post
    Do buy property (it appreciates) but only lease cars (immediate depreciation) ...but I can't remember which finance guru said it and last night I was listening to Ramsey and he said DON'T lease cars, buy used ones..so now I don't know what the heck is right!
    If you can live with a 'used' car, then buy it. If you NEED to have a new (last 2 years) model, then lease it and let the car company pay the depreciation.

    And property only appreciates if you're willing to hold it for a while, if you're looking to flip (<1 year) or only hold for the short term (<3 years) and the market is bad, you might end up eating a hefty fee to dump a house that no one wants and that you've not had enough time to build any equity in.

  11. #11
    Do not disturb my circles monkfish's Avatar
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    In many markets in the US, real estate values are going down. In this sort of climate, it may make better financial sense to rent, until prices stabilize. This sort of follows cybermom's rule -- don't buy something that goes down in value.

  12. #12
    Super Moderator Kage_'s Avatar
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    My wife and I are the type to buy a car and drive it for years so buying new for us works since we will be keeping it for years.

  13. #13
    L5 Interested Member RobG's Avatar
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    Quote Originally Posted by monkfish View Post
    In many markets in the US, real estate values are going down. In this sort of climate, it may make better financial sense to rent, until prices stabilize. This sort of follows cybermom's rule -- don't buy something that goes down in value.
    OK thats why your on a deal site :convinced:

    I like buying things that have gone down in value so I get the best value. Houses are no different some of the lowest prices in years and yet some people say not too.

    I expected more on a deal site where people usually see an opportunity

    Prices may go lower but in the long run you should do well. Don't second guess yourself if your thinking of buying then you should. You'll be very glad you did 5-10 years from now

  14. #14
    Do not disturb my circles monkfish's Avatar
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    Quote Originally Posted by RobG View Post
    OK thats why your on a deal site :convinced:

    I like buying things that have gone down in value so I get the best value. Houses are no different some of the lowest prices in years and yet some people say not too.

    I expected more on a deal site where people usually see an opportunity

    Prices may go lower but in the long run you should do well. Don't second guess yourself if your thinking of buying then you should. You'll be very glad you did 5-10 years from now
    No argument from me, Rob. You make many good points. In particular, there's the fact that trying to time a market bottom is next to impossible.

    But, the fact is that home prices in major US markets are down over 13% these past 12 months. Prices are predicted to continue falling for at least another year. If I were in the market for a home, I'd be planning on holding off for a while at least. In the long run value will appreciate, but why start of 5 or 10% in the red if I don't have to?

  15. #15
    L5 Interested Member RobG's Avatar
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    Quote Originally Posted by monkfish View Post
    No argument from me, Rob. You make many good points. In particular, there's the fact that trying to time a market bottom is next to impossible.

    But, the fact is that home prices in major US markets are down over 13&#37; these past 12 months. Prices are predicted to continue falling for at least another year. If I were in the market for a home, I'd be planning on holding off for a while at least. In the long run value will appreciate, but why start of 5 or 10% in the red if I don't have to?

    To rent an average house in my area is about $2000 a month times 12 thats $24,000 will a house he's looking at fall another $24,000 probably not.

    Your Number not mine if it happens an AVG $150,000 house at 5% $7500 at 10% $15,000

    Look at the tax breaks of owning a house write off of mortgage interest and property taxes makes the amount saved even more.

    I see losing a lot more than you are saving by waiting
    Last edited by RobG; 04-29-2008 at 05:09 PM.

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