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    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

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    L5 Recruit 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....


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    L1 New Member 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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    L1 New Member helenk579's Avatar
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    Such a very amazing link!

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    L0 N00b hiyatran's Avatar
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    buying a house is the way to go. You can make a lot of money if you can buy a fixer upper, fix it up and the flip it for a profit.

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    L17 Officer 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.

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    L2 Member 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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    L1 New Member xcheck'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.
    You will lose money on a car regardless, but you can minimized the impact by purchasing. At the end of a lease you have nothing; at the end of a 3 or 5 year car loan, you will have a car. (It may be really crappy and worth a couple grand) but it's still a tangible asset.

    There are a few autos that hold their value better than all others::

    Corvette (any year or model)
    Honda (Civic or Accord)
    Toyota (Camry or Corolla)

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    L17 Officer 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!

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    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.

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    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.

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    L9 Corporal 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

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