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Thread started 10/01/15 8:13am

SeventeenDayze

Renting v. Buying: What's Better?

Do you guys think that renting is better or is buying better? What are the pros and cons? Have any of you ever bought a house with a family member or friend? Did it work out or was it a bad idea? I'm living with a relative now and paying them rent (not half but close enough to it) in an apartment. They're in the process of buying a house and offered that I could move with them but paying slightly more. I gave it some thought and was thinking that perhaps instead of moving out and paying a landlord rent that perhaps I could pool our resources and stay with the relative and pay half the mortgage and then be listed on the mortgage as well to at least have some kind of equity but this relative isn't interested in that. It seemed like a good suggestion at the time since the relative is working a contract job that may or may not run out at the end of the year.

So, do you guys think that it's better to rent or buy? I'm just planning for the future and weighing my options. Perhaps I could just live with them a while longer to save for a house but not sure that I could afford that but with rising rents in the area it seems like it might be wise to look into buying because it seems like you're throwing money away when you pay rent, especially since you don't have equity or anything when you rent a place. Do any of you have any experiences with renting v. buying that could help me make a decision?

Thanks!

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Reply #1 posted 10/01/15 9:36am

Empress

Buying and eventually owning - always!

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Reply #2 posted 10/01/15 9:51am

morningsong

SeventeenDayze said:

Do you guys think that renting is better or is buying better? What are the pros and cons? Have any of you ever bought a house with a family member or friend? Did it work out or was it a bad idea? I'm living with a relative now and paying them rent (not half but close enough to it) in an apartment. They're in the process of buying a house and offered that I could move with them but paying slightly more. I gave it some thought and was thinking that perhaps instead of moving out and paying a landlord rent that perhaps I could pool our resources and stay with the relative and pay half the mortgage and then be listed on the mortgage as well to at least have some kind of equity but this relative isn't interested in that. It seemed like a good suggestion at the time since the relative is working a contract job that may or may not run out at the end of the year.

So, do you guys think that it's better to rent or buy? I'm just planning for the future and weighing my options. Perhaps I could just live with them a while longer to save for a house but not sure that I could afford that but with rising rents in the area it seems like it might be wise to look into buying because it seems like you're throwing money away when you pay rent, especially since you don't have equity or anything when you rent a place. Do any of you have any experiences with renting v. buying that could help me make a decision?

Thanks!

Depends, maintanence and upkeep falls on you when you own, when that water pipe burst or the septic tank goes haywire, it's all on you. There's no guarentee that property values will rise they can fall.

It's nice to have a place to call all your own. You can do what you want, almost.

Again it depends on how responsible you are.

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Reply #3 posted 10/01/15 10:09am

SeventeenDayze

morningsong said:

SeventeenDayze said:

Do you guys think that renting is better or is buying better? What are the pros and cons? Have any of you ever bought a house with a family member or friend? Did it work out or was it a bad idea? I'm living with a relative now and paying them rent (not half but close enough to it) in an apartment. They're in the process of buying a house and offered that I could move with them but paying slightly more. I gave it some thought and was thinking that perhaps instead of moving out and paying a landlord rent that perhaps I could pool our resources and stay with the relative and pay half the mortgage and then be listed on the mortgage as well to at least have some kind of equity but this relative isn't interested in that. It seemed like a good suggestion at the time since the relative is working a contract job that may or may not run out at the end of the year.

So, do you guys think that it's better to rent or buy? I'm just planning for the future and weighing my options. Perhaps I could just live with them a while longer to save for a house but not sure that I could afford that but with rising rents in the area it seems like it might be wise to look into buying because it seems like you're throwing money away when you pay rent, especially since you don't have equity or anything when you rent a place. Do any of you have any experiences with renting v. buying that could help me make a decision?

Thanks!

Depends, maintanence and upkeep falls on you when you own, when that water pipe burst or the septic tank goes haywire, it's all on you. There's no guarentee that property values will rise they can fall.

It's nice to have a place to call all your own. You can do what you want, almost.

Again it depends on how responsible you are.

Thanks for the input. The house is being built now so hopefully things won't fall apart too soon or God-forbid have any ready-made defects! I guess I'm just worried that my relative might be getting in over their head a bit. I don't mind pulling in my fair share to live there I'm just worried that a few months after moving in they might jack up the rent and/or ask me to help pay for the other expenses such as repairs, etc. That's what I'm worried about the most. When you're in an apartment the landlord has to do all that for you but in a house, it's a different ballgame. I dunno, yes I'm being "helped" but I just hope that I won't be later asked to pay more and more and then have no ownership, equity, etc. Hope that makes sense.

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Reply #4 posted 10/01/15 10:10am

SeventeenDayze

Empress said:

Buying and eventually owning - always!

It seems that most mortgates are 30 years right? Sometimes slightly more or less but that's a long time and anything could happen to the neighborhood and the value could depreciate, right? What about the house's value? I don't know much about home owning but it seems that you have to put money into the house to build equity but then it also depreciates at the same time due to age, etc. Also, what if the house ends up being too expensive for my relative and they have to sell? Don't you still have to pay mortgage payments while the house is up for sale?

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Reply #5 posted 10/01/15 11:07am

morningsong

SeventeenDayze said:

morningsong said:

Depends, maintanence and upkeep falls on you when you own, when that water pipe burst or the septic tank goes haywire, it's all on you. There's no guarentee that property values will rise they can fall.

It's nice to have a place to call all your own. You can do what you want, almost.

Again it depends on how responsible you are.

Thanks for the input. The house is being built now so hopefully things won't fall apart too soon or God-forbid have any ready-made defects! I guess I'm just worried that my relative might be getting in over their head a bit. I don't mind pulling in my fair share to live there I'm just worried that a few months after moving in they might jack up the rent and/or ask me to help pay for the other expenses such as repairs, etc. That's what I'm worried about the most. When you're in an apartment the landlord has to do all that for you but in a house, it's a different ballgame. I dunno, yes I'm being "helped" but I just hope that I won't be later asked to pay more and more and then have no ownership, equity, etc. Hope that makes sense.

It is a risk. A lot of times people don't stick to their word. There's always a written contract route, I understand there are some forms at office supply stores that can deal with house issues, if not, you can have some kind of agreement written up and have it notarized.

At quick look I saw these at Office Depot

Socrates Media Residential Lease Forms

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Reply #6 posted 10/01/15 12:16pm

SeventeenDayze

morningsong said:

SeventeenDayze said:

Thanks for the input. The house is being built now so hopefully things won't fall apart too soon or God-forbid have any ready-made defects! I guess I'm just worried that my relative might be getting in over their head a bit. I don't mind pulling in my fair share to live there I'm just worried that a few months after moving in they might jack up the rent and/or ask me to help pay for the other expenses such as repairs, etc. That's what I'm worried about the most. When you're in an apartment the landlord has to do all that for you but in a house, it's a different ballgame. I dunno, yes I'm being "helped" but I just hope that I won't be later asked to pay more and more and then have no ownership, equity, etc. Hope that makes sense.

It is a risk. A lot of times people don't stick to their word. There's always a written contract route, I understand there are some forms at office supply stores that can deal with house issues, if not, you can have some kind of agreement written up and have it notarized.

At quick look I saw these at Office Depot

Socrates Media Residential Lease Forms

Thanks. They said before that we could do a lease but they haven't mentioned it since then. I'm kind of afraid to bring it up though. Based on my relative's personality, I wouldn't put it past them to be like, "Yeah but the situation NOW is XYZ....I dunno, I love them but they don't always respect feelings or see reciprocity in things....hard to describe, it's like dealing with two personalities sometimes.

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Reply #7 posted 10/01/15 12:19pm

RodeoSchro

I believe you should own the last house you intend to live in. Up until that, do whatever gives you the most flexibility, and allows you to save the most money. Because, you want to own the last house you intend to live in outright.

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Reply #8 posted 10/01/15 12:25pm

SeventeenDayze

RodeoSchro said:

I believe you should own the last house you intend to live in. Up until that, do whatever gives you the most flexibility, and allows you to save the most money. Because, you want to own the last house you intend to live in outright.

Thanks but I'm not following you on this one...but I might understand what you're saying. You're saying that if the person's intention is to put down roots they should make every intention on owning the house right? Not just having it a while and then selling? Please clarify....My other concern is that my relative is well into their 60s too and is working a contract job that might not be extended at the end of this year...

[Edited 10/1/15 12:27pm]

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Reply #9 posted 10/01/15 12:51pm

RodeoSchro

SeventeenDayze said:

RodeoSchro said:

I believe you should own the last house you intend to live in. Up until that, do whatever gives you the most flexibility, and allows you to save the most money. Because, you want to own the last house you intend to live in outright.

Thanks but I'm not following you on this one...but I might understand what you're saying. You're saying that if the person's intention is to put down roots they should make every intention on owning the house right? Not just having it a while and then selling? Please clarify....My other concern is that my relative is well into their 60s too and is working a contract job that might not be extended at the end of this year...

[Edited 10/1/15 12:27pm]



Kind of. What I'm saying is that the only time I think home ownership should be definite is when you are living in the last house you intend to live in; i.e. the home you want to live in until you die or go to a retirement center, etc. And yes - most people move many times, so for most the decision of "this is my last house" isn't made until most people are in their 60's.

Up until then, feel free to rent OR own. If you can knock out a mortgage, great. You can use the equity to help pay for that last house. If your budget is tight, renting is probabl a cheaper option; hopefully one that will let you put some money away for that future home purchase.

I believe that if you DO buy a home, it's best to finance it with a 15-year mortgage. The payment won't be substantially higher than a 30-year mortgage, and you'll be paid off in half the time. If you want to buy a house, use the RodeoSchro Work-It-Backwards Method to figure out how much to spend:

1. What is the most I can comfortably afford to pay monthly for the combination of my mortgage, taxes and insurance?
2. What principal amount would return that payment using a 15-year repayment schedule?
3. That's the maximum price of housing that you should take on

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Reply #10 posted 10/01/15 1:12pm

SeventeenDayze

RodeoSchro said:

SeventeenDayze said:

Thanks but I'm not following you on this one...but I might understand what you're saying. You're saying that if the person's intention is to put down roots they should make every intention on owning the house right? Not just having it a while and then selling? Please clarify....My other concern is that my relative is well into their 60s too and is working a contract job that might not be extended at the end of this year...

[Edited 10/1/15 12:27pm]



Kind of. What I'm saying is that the only time I think home ownership should be definite is when you are living in the last house you intend to live in; i.e. the home you want to live in until you die or go to a retirement center, etc. And yes - most people move many times, so for most the decision of "this is my last house" isn't made until most people are in their 60's.

Up until then, feel free to rent OR own. If you can knock out a mortgage, great. You can use the equity to help pay for that last house. If your budget is tight, renting is probabl a cheaper option; hopefully one that will let you put some money away for that future home purchase.

I believe that if you DO buy a home, it's best to finance it with a 15-year mortgage. The payment won't be substantially higher than a 30-year mortgage, and you'll be paid off in half the time. If you want to buy a house, use the RodeoSchro Work-It-Backwards Method to figure out how much to spend:

1. What is the most I can comfortably afford to pay monthly for the combination of my mortgage, taxes and insurance?
2. What principal amount would return that payment using a 15-year repayment schedule?
3. That's the maximum price of housing that you should take on

I see. But is it wise for someone in their 60s to take on a mortgage, especially a long term one? I have no idea how long my relative's mortgate will be but most likely it's 30 years...I dunno, I think I'm just worried that this will fall through. When they were married back in the early 2000s they had to do a "short sell" of the house that was shared with them despite having a dual income. I still don't know what happened in that situation but it seems that if they couldn't handle a house with another person with a 2nd income how could they handle a house with their income?

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Reply #11 posted 10/01/15 1:23pm

morningsong

SeventeenDayze said:

morningsong said:

It is a risk. A lot of times people don't stick to their word. There's always a written contract route, I understand there are some forms at office supply stores that can deal with house issues, if not, you can have some kind of agreement written up and have it notarized.

At quick look I saw these at Office Depot

Socrates Media Residential Lease Forms

Thanks. They said before that we could do a lease but they haven't mentioned it since then. I'm kind of afraid to bring it up though. Based on my relative's personality, I wouldn't put it past them to be like, "Yeah but the situation NOW is XYZ....I dunno, I love them but they don't always respect feelings or see reciprocity in things....hard to describe, it's like dealing with two personalities sometimes.

I'm suggesting these forms for your personal use and protection, not for whatever your relative's is doing, but who knows prehaps they can use it also.


There are all kinds available, not just leasing. Maybe when you look you'll find one that will fit your needs or maybe one that comes close and you can use it to draft one that is more personalized for you and your relative to sign and notarize. People actually do this all the time. Keeps the peace, somewhat.


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Reply #12 posted 10/01/15 2:10pm

SeventeenDayze

morningsong said:

SeventeenDayze said:

Thanks. They said before that we could do a lease but they haven't mentioned it since then. I'm kind of afraid to bring it up though. Based on my relative's personality, I wouldn't put it past them to be like, "Yeah but the situation NOW is XYZ....I dunno, I love them but they don't always respect feelings or see reciprocity in things....hard to describe, it's like dealing with two personalities sometimes.

I'm suggesting these forms for your personal use and protection, not for whatever your relative's is doing, but who knows prehaps they can use it also.


There are all kinds available, not just leasing. Maybe when you look you'll find one that will fit your needs or maybe one that comes close and you can use it to draft one that is more personalized for you and your relative to sign and notarize. People actually do this all the time. Keeps the peace, somewhat.


For my personal use and protection? Do you mean that in the sense that we'd both be signing it for my own good? I guess I just misunderstood what you said about "not for whatever your relative is doing but who knows perhaps they can use it also"

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Reply #13 posted 10/01/15 2:28pm

morningsong

SeventeenDayze said:



morningsong said:




SeventeenDayze said:



Thanks. They said before that we could do a lease but they haven't mentioned it since then. I'm kind of afraid to bring it up though. Based on my relative's personality, I wouldn't put it past them to be like, "Yeah but the situation NOW is XYZ....I dunno, I love them but they don't always respect feelings or see reciprocity in things....hard to describe, it's like dealing with two personalities sometimes.



I'm suggesting these forms for your personal use and protection, not for whatever your relative's is doing, but who knows prehaps they can use it also.


There are all kinds available, not just leasing. Maybe when you look you'll find one that will fit your needs or maybe one that comes close and you can use it to draft one that is more personalized for you and your relative to sign and notarize. People actually do this all the time. Keeps the peace, somewhat.




For my personal use and protection? Do you mean that in the sense that we'd both be signing it for my own good? I guess I just misunderstood what you said about "not for whatever your relative is doing but who knows perhaps they can use it also"






I meant that I was not suggesting this for your relatve to use in buying a house. Since you are expressing concerns for your wellbeing then I was only addressing that since I know nothing about you relative or what their intentions are. Nothing more nothing less.
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Reply #14 posted 10/01/15 2:48pm

SeventeenDayze

morningsong said:

SeventeenDayze said:

For my personal use and protection? Do you mean that in the sense that we'd both be signing it for my own good? I guess I just misunderstood what you said about "not for whatever your relative is doing but who knows perhaps they can use it also"

I meant that I was not suggesting this for your relatve to use in buying a house. Since you are expressing concerns for your wellbeing then I was only addressing that since I know nothing about you relative or what their intentions are. Nothing more nothing less.

Right. It's already understood they're not using that form to buy the house smile That's what the mortgage is for smile Thanks for the form though!

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Reply #15 posted 10/01/15 7:35pm

prittypriss

Another thing to keep in mind is that when you rent an apartment, they can increase the rent every year, unless it's a rent-controlled apartment. I bought a house in February, and my house payment is over $300 less than my rent was. My last apartment they would raise the rent by $40 to $80 every year. I found that I was paying the most for my apartment than anyone else living in my building, and they were all exactly the same. And they charged me over $6000 when I moved out because they were trying to say I had broken the lease, which I had told them I was moving out the beginning of the month but that I would pay rent through the middle of the month when my lease was up and I had given them 2 months notice. Also, they told me that if I painted, they would charge me $125 to repaint the apartment. What they neglected to tell me was that was per wall. Then they said there was a small spot on the toilet that I had not cleaned, and when I saw the picture, it was an extremely small smudge. They also charged me for cleaning the carpets, but when I moved in, they said they were really embarrassed by the carpet and would make sure someone came over to clean it. However, the lady never put that on the checklist when I moved in and they never showed up to clean it. I didn't think anything of it until they tried to charge me for the condition of the carpet (which it was old and dirty when I moved in). I spent two days cleaning that apartment after I moved out, because I had heard the stories of how they did. I had another neighbor that moved out without giving notice, and I saw an eviction sign on her door, when I went to pick up a package from the apartment manager, I told her they had moved out. She said, "I'll show them, I'll charge them for everything I can."

.

Also, with an apartment, you have someone living above you or below you, and you have to deal with any noises or other carryings on. I have two children, they were 13 and 10 when I lived in the apartment and the downstairs neighbor would complain about any noise, whatsoever. She even called the cops one time when I was vaccuuming around 6:30 pm (after work). She always called the cops when she heard any noise, but always waited until the office closed. Eventually the landlord threatened to evict us both, because I was angry that she kept calling the cops (once when I wasn't even home - the neighbor that lived next door told me about it). My 10 year old panicked one day because she accidentally knocked over a chair and she was scared to death the downstairs lady would call the cops, so she begged to go down and apologize. I let her do that.

.

Then I had been in a car wreck, had a ruptured spleen and was in the hospital for over a week, and the day I got home from the hospital, with the kids, the downstairs neighbor started in. My daughter asked if she could go next door and play with her friend, so I let her. What she did was get her friend and ask her to go downstairs with her because she was afraid to go by herself, and my daughter told the downstairs lady that her mom had just gotten home from the hospital after having been in a car wreck and her mom was still in a lot of pain and asked her to please just leave us alone until her mom healed all the way. The lady told my daughter, "Oh boohoo, cry me a river. Be quiet up there or I will call the cops. I don't care how much pain your mom is in." I didn't find out until my next door neighbor told me about it - and she was downstairs visiting that neighbor when my daughter and her daughter showed up. The downstairs neighbor was a newly married 18 year old.

.

They ended up evicted because her husband put holes in the walls, went to the pool with a gun looking for his wife, who he insisted was out cheating on him, and thought my next door neighbor would know where she was. He went to the pool in his boxer's with his thingy hanging out in front of all these little kids. The landlord said at that moment she knew it was mostly the downstairs neighbor causing the problems, not me.

.

I will never rent again.

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Reply #16 posted 10/01/15 8:38pm

RodeoSchro

SeventeenDayze said:

RodeoSchro said:



Kind of. What I'm saying is that the only time I think home ownership should be definite is when you are living in the last house you intend to live in; i.e. the home you want to live in until you die or go to a retirement center, etc. And yes - most people move many times, so for most the decision of "this is my last house" isn't made until most people are in their 60's.

Up until then, feel free to rent OR own. If you can knock out a mortgage, great. You can use the equity to help pay for that last house. If your budget is tight, renting is probabl a cheaper option; hopefully one that will let you put some money away for that future home purchase.

I believe that if you DO buy a home, it's best to finance it with a 15-year mortgage. The payment won't be substantially higher than a 30-year mortgage, and you'll be paid off in half the time. If you want to buy a house, use the RodeoSchro Work-It-Backwards Method to figure out how much to spend:

1. What is the most I can comfortably afford to pay monthly for the combination of my mortgage, taxes and insurance?
2. What principal amount would return that payment using a 15-year repayment schedule?
3. That's the maximum price of housing that you should take on

I see. But is it wise for someone in their 60s to take on a mortgage, especially a long term one? I have no idea how long my relative's mortgate will be but most likely it's 30 years...I dunno, I think I'm just worried that this will fall through. When they were married back in the early 2000s they had to do a "short sell" of the house that was shared with them despite having a dual income. I still don't know what happened in that situation but it seems that if they couldn't handle a house with another person with a 2nd income how could they handle a house with their income?



I don't know what their situation is. I thought we were talking about you.

But sure - unless someone in their 60's intends to pay rent for the rest of their life, then they need to buy a house and pay it off as quickly as they can.

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Reply #17 posted 10/02/15 12:31am

SeventeenDayze

prittypriss said:

Another thing to keep in mind is that when you rent an apartment, they can increase the rent every year, unless it's a rent-controlled apartment. I bought a house in February, and my house payment is over $300 less than my rent was. My last apartment they would raise the rent by $40 to $80 every year. I found that I was paying the most for my apartment than anyone else living in my building, and they were all exactly the same. And they charged me over $6000 when I moved out because they were trying to say I had broken the lease, which I had told them I was moving out the beginning of the month but that I would pay rent through the middle of the month when my lease was up and I had given them 2 months notice. Also, they told me that if I painted, they would charge me $125 to repaint the apartment. What they neglected to tell me was that was per wall. Then they said there was a small spot on the toilet that I had not cleaned, and when I saw the picture, it was an extremely small smudge. They also charged me for cleaning the carpets, but when I moved in, they said they were really embarrassed by the carpet and would make sure someone came over to clean it. However, the lady never put that on the checklist when I moved in and they never showed up to clean it. I didn't think anything of it until they tried to charge me for the condition of the carpet (which it was old and dirty when I moved in). I spent two days cleaning that apartment after I moved out, because I had heard the stories of how they did. I had another neighbor that moved out without giving notice, and I saw an eviction sign on her door, when I went to pick up a package from the apartment manager, I told her they had moved out. She said, "I'll show them, I'll charge them for everything I can."

.

Also, with an apartment, you have someone living above you or below you, and you have to deal with any noises or other carryings on. I have two children, they were 13 and 10 when I lived in the apartment and the downstairs neighbor would complain about any noise, whatsoever. She even called the cops one time when I was vaccuuming around 6:30 pm (after work). She always called the cops when she heard any noise, but always waited until the office closed. Eventually the landlord threatened to evict us both, because I was angry that she kept calling the cops (once when I wasn't even home - the neighbor that lived next door told me about it). My 10 year old panicked one day because she accidentally knocked over a chair and she was scared to death the downstairs lady would call the cops, so she begged to go down and apologize. I let her do that.

.

Then I had been in a car wreck, had a ruptured spleen and was in the hospital for over a week, and the day I got home from the hospital, with the kids, the downstairs neighbor started in. My daughter asked if she could go next door and play with her friend, so I let her. What she did was get her friend and ask her to go downstairs with her because she was afraid to go by herself, and my daughter told the downstairs lady that her mom had just gotten home from the hospital after having been in a car wreck and her mom was still in a lot of pain and asked her to please just leave us alone until her mom healed all the way. The lady told my daughter, "Oh boohoo, cry me a river. Be quiet up there or I will call the cops. I don't care how much pain your mom is in." I didn't find out until my next door neighbor told me about it - and she was downstairs visiting that neighbor when my daughter and her daughter showed up. The downstairs neighbor was a newly married 18 year old.

.

They ended up evicted because her husband put holes in the walls, went to the pool with a gun looking for his wife, who he insisted was out cheating on him, and thought my next door neighbor would know where she was. He went to the pool in his boxer's with his thingy hanging out in front of all these little kids. The landlord said at that moment she knew it was mostly the downstairs neighbor causing the problems, not me.

.

I will never rent again.

Hi. I'm so sorry you had that experience. Sounds like you had a neighbor from hell. Wow, your apartments went up that much on rent every year? That's insane! But, you make a good point about how rental hikes are expected with each renewal. I was talking to someone else on the phone earlier today and they were talking about how the prices of rent are sky high now and it's getting harder to find an affordable place to live. It seems that rent is going higher and higher but conditions aren't improving along with those price hikes.

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Reply #18 posted 10/02/15 12:32am

SeventeenDayze

RodeoSchro said:

SeventeenDayze said:

I see. But is it wise for someone in their 60s to take on a mortgage, especially a long term one? I have no idea how long my relative's mortgate will be but most likely it's 30 years...I dunno, I think I'm just worried that this will fall through. When they were married back in the early 2000s they had to do a "short sell" of the house that was shared with them despite having a dual income. I still don't know what happened in that situation but it seems that if they couldn't handle a house with another person with a 2nd income how could they handle a house with their income?



I don't know what their situation is. I thought we were talking about you.

But sure - unless someone in their 60's intends to pay rent for the rest of their life, then they need to buy a house and pay it off as quickly as they can.

We're talking about both them and me since their actions affect me directly/indirectly.

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Reply #19 posted 10/02/15 8:45am

Cinny

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Until your mortgage is paid off, the bank owns (part of) it. But you can still sell off the part you own if you need to. For me, it's more about choosing a location you can commit to staying at. I have been RENTING at the same apartment for over half a decade though.

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Reply #20 posted 10/02/15 9:21am

SeventeenDayze

Cinny said:

Until your mortgage is paid off, the bank owns (part of) it. But you can still sell off the part you own if you need to. For me, it's more about choosing a location you can commit to staying at. I have been RENTING at the same apartment for over half a decade though.

Yeah, that's true and neighborhoods always change, don't they? It doesn't always happen overnight but they eventually do change, grow, decline, etc.

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Reply #21 posted 10/02/15 9:25am

Cinny

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SeventeenDayze said:

Cinny said:

Until your mortgage is paid off, the bank owns (part of) it. But you can still sell off the part you own if you need to. For me, it's more about choosing a location you can commit to staying at. I have been RENTING at the same apartment for over half a decade though.

Yeah, that's true and neighborhoods always change, don't they? It doesn't always happen overnight but they eventually do change, grow, decline, etc.

Yes, but I think as long as it is close to resources that are unlikely to change (malls or hospitals zoned for commercial or medical use).

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Reply #22 posted 10/02/15 9:30am

SeventeenDayze

Cinny said:

SeventeenDayze said:

Yeah, that's true and neighborhoods always change, don't they? It doesn't always happen overnight but they eventually do change, grow, decline, etc.

Yes, but I think as long as it is close to resources that are unlikely to change (malls or hospitals zoned for commercial or medical use).

Well, yeah. I think neighborhoods that are kind of "off and away" have potential to change a bit more as there is gentrification in inner city areas and suburbs are now becoming places where inner city transplants are heading to escape rising rents. Probably the best/worst example of a city experiencing this is D.C.

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Reply #23 posted 10/02/15 9:33am

morningsong

SeventeenDayze said:

morningsong said:

SeventeenDayze said: I meant that I was not suggesting this for your relatve to use in buying a house. Since you are expressing concerns for your wellbeing then I was only addressing that since I know nothing about you relative or what their intentions are. Nothing more nothing less.

Right. It's already understood they're not using that form to buy the house smile That's what the mortgage is for smile Thanks for the form though!

That is not necessarily true. There are many ways of legally acquiring property, which is why office supply stores have a ton of premade forms just for us regular folks to use.

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Reply #24 posted 10/02/15 9:35am

Cinny

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SeventeenDayze said:

Cinny said:

Yes, but I think as long as it is close to resources that are unlikely to change (malls or hospitals zoned for commercial or medical use).

Well, yeah. I think neighborhoods that are kind of "off and away" have potential to change a bit more as there is gentrification in inner city areas and suburbs are now becoming places where inner city transplants are heading to escape rising rents. Probably the best/worst example of a city experiencing this is D.C.

My city has a few avenues that stay strong because they are linked to the freeway. You know what I mean?

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Reply #25 posted 10/02/15 10:42am

SeventeenDayze

morningsong said:

SeventeenDayze said:

Right. It's already understood they're not using that form to buy the house smile That's what the mortgage is for smile Thanks for the form though!

That is not necessarily true. There are many ways of legally acquiring property, which is why office supply stores have a ton of premade forms just for us regular folks to use.

Okay thanks smile

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Reply #26 posted 10/02/15 10:43am

SeventeenDayze

Cinny said:

SeventeenDayze said:

Well, yeah. I think neighborhoods that are kind of "off and away" have potential to change a bit more as there is gentrification in inner city areas and suburbs are now becoming places where inner city transplants are heading to escape rising rents. Probably the best/worst example of a city experiencing this is D.C.

My city has a few avenues that stay strong because they are linked to the freeway. You know what I mean?

Which city?

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Reply #27 posted 10/02/15 11:53am

Cinny

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SeventeenDayze said:

Cinny said:

My city has a few avenues that stay strong because they are linked to the freeway. You know what I mean?

Which city?

There's a always a "main drag" in every city where most of the traffic is routed, and access to lots of resources.

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Reply #28 posted 10/02/15 12:10pm

SeventeenDayze

Cinny said:

SeventeenDayze said:

Which city?

There's a always a "main drag" in every city where most of the traffic is routed, and access to lots of resources.

Okie dokie, Cinny smile

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Reply #29 posted 10/10/15 8:31pm

SeventeenDayze

Can someone explain the "closing" procedure to me in plain English? Is it a bad idea to tell your apartment landlord you're moving out (and submitting the move out notice) before you have closed on the house?

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Forums > General Discussion > Renting v. Buying: What's Better?