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 Post subject: Owning Property.
PostPosted: Sat Sep 29, 2007 12:20 am 
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I'm pretty sure that right now given the way I'm going and the way that housing prices are going(even though the bubble is due to pop any day now, seriously guys any day now) I'm not going to be able to afford a house without major assistance from banks and my parents.

My parents paid of their house in four years... FOUR FUCKING YEARS!
Sure my parents have told me that they ate nothing but soup for those four years, but still even scrimping and eating nothing but Instant Noodles for a decade it'd still take a long time to pay for a house.

Is it worth buying property anymore or is it easier to just Rent and wait for my parents to die so I can take their house(they think I'm morbid for thinking like that out loud for some reason), if I take their house I get the bonus prize of having to look after my older disabled brother for the rest of his life, because the money from the house sale would probably have paid for looking after him for a good decade or so, so I'd have to consider that as well.

So my question is: Is it worth buying a house?

Actor.

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 Post subject: This is rather rambly and noncoherent
PostPosted: Sat Sep 29, 2007 8:29 am 
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actor_au wrote:
So my question is: Is it worth buying a house?

Yes and no. As usual there are advantages and disadvantages to both buying and renting.

With renting a place, you've only got somewhere to live for as long as your contract lasts. Once it expires, you're as likely to have to find a new place to live as staying with your current location. If you persist in renting throughout your lifetime, you will likely have spent enough to buy at least one home, perhaps more. Renting has its good points tho, maintaining the place is up to the landlord, some bills are the landlord's problem as well, such as water rates, tho that's apparently being changed. :/

Buying a place of your own leaves you as the person who has to pay all the bills and maintain the place. However, it also allows you to change the place however you like... Take out that load bearing wall between the kitchen and the bathroom, add more windows to the toilet, whatever (I think apartments may be a bit more restrictive in that respect tho, they'll still let you repaint the walls hot pink tho).

Heh, and that's when financing your new dive comes into it. Yes, loans are probably getting more expensive now, $400k @ 7%pa variable (or thereabouts) now vs $21k @6%pa variable (in the 1970s) and ballooning out to 18% in the 1980s. That's how much houses have risen in value around here in nearly 40 years. Oh, and remember, when you're buying a house, that's not all you're buying, you're buying a giant fucking debt too, so remember to shop around for that and get the cheapest deal you can (while not compromising the security of your loan. Yay low doc loans and shady loan companies :/). The banks and lenders are as much after you as you are after them.


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 Post subject:
PostPosted: Sat Sep 29, 2007 8:42 am 
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It'll take forever to pay off a house
You can pay rent forever and never own anything

So if you can afford the payments on a house you might as well get the house.


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PostPosted: Sat Sep 29, 2007 4:30 pm 
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It also relates to how sedentary you think you're going to be. If you think in two years time you're going to change cities/countries/live in a dirty hippie commune, well then there's no real point, is there?

On the other hand, if you're going to be stationary for about 10 years, then just think of the mortgage as paying rent on the same place for the entire time, then getting to own it at the end. Also, technically you can still sell the place, even if you have a mortgage, and chose a new one if you don't like the original very much.

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 Post subject:
PostPosted: Sun Sep 30, 2007 5:29 am 
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 Post subject:
PostPosted: Sun Sep 30, 2007 11:18 am 
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It's only worth it if you don't live in it.

The set up we have in my place is that the house is owned by my roommates mother. The Mother owns like 8 houses around London. She is a mortgage broker. We are responsible as a group for shelling out $1050 a month. That works out to $350 for all three of us. Now 350 for a place like this is pretty sweet. Most likely I would be paying $500 for my room with other people. That $1050 would be $1500 for anyone else. You pay over premium on the debt so as not to get assraped, and to pay it off faster. Pocket the profit. Win.

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 Post subject:
PostPosted: Wed Oct 03, 2007 6:15 am 
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Interesting question, one I had thought about myself. I asked my old man for his opinion, which follows:
Money-wise: take the apartment's price (x). If you would invest this price how much would you get per month (y)?. The monthly rent for the same apartment (z).

If y>z, it's better to rent. My dad told me it's almost always is.
You also need to remember that a house cost you money even after you finished paying for it (wear and tear). I was told that it averages at 2.5% of the house's cost you need to spend every year.
Also, by the time you'll own your house you'll be too old to enjoy it :-?.

Psychology-wise, it's a trade-off between stability and flexibility.

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 Post subject:
PostPosted: Sun Oct 07, 2007 12:12 pm 
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I'd say it depends on your situation whether you should rent or buy. Ask yourself what do you want from the space (now and long-term, since houses tend to be long-term solutions), how long do you plan to live there, how much can you afford to spend, etc. Also, there are other options to consider than just houses, such as condos where all that pesky maintenance is taken care of for you, but you still own the place, or multiple-family dwellings where you live in half and rent out the other half as an apartment to help pay for it, or any number of other options.

Michael and I chose to buy a house because we needed office space for the business. We needed more room to work and live than most apartments in the area offered, and it seemed like we could buy a house for less money than it would take to rent an apartment AND an office space, so we did. Yes, maintenance is a pain, and having an insanely high mortgage rate until we can refinance is even more so, but I feel like it was worth it because it's a lot more comfortable and secure. We plan to do some remodelling and some redecorating as we can manage to get financing for it, then sell our place after several years and move on to somewhere else. Even though the market sucks so there's little chance the sale will be profitable, at least we stand to get SOME of our money back selling, while rent money would just be gone forever.


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 Post subject:
PostPosted: Mon Oct 08, 2007 7:14 am 
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We (my wife, her family, and I) bought a house for a number of reasons.
- My wife and I hated (really and truly hated) dealing with a landlord who was decpetive at every turn since day one.
- We wanted our kids to have their own place without having to worry about moving and such.
- My mother in law wanted some stability for her kids
- My sis in law needed a place to go
- More security for the family having a house than having everyone go to the four winds renting in apartments.
- the total cost of everyone renting would about cover whatever the mortgage is

All in all, I like owning the house better than renting from someone else.

there ar emore reasons, but my laziness is kicking in and. ...

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 Post subject: Re: This is rather rambly and noncoherent
PostPosted: Fri Nov 09, 2007 9:27 pm 
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Vass wrote:
(I think apartments may be a bit more restrictive in that respect tho, they'll still let you repaint the walls hot pink tho).


That depends on where you are and how your landlord feels about it, actually. I've managed to find nice landlords that have let me paint (or not paint) my apartments however I like in all the places I've lived, but most of my friends ended up living with the off-white walls they were given, because they weren't allowed to paint. Right now my living room is blue and orange, and I love it, but that's a luxury of my having taken the time to find a good apartment that also had flexible, forgiving landlords. And I'm probably going to be required to paint it back to a more neutral shade when we eventually move out of here.

A house can offer a lot of things an apartment can't. Stability, privacy (assuming you have a freestanding house that shares no walls with another), freedom to make whatever changes you like, and generally a decent amount of property surrounding the house itself that can be turned into gardens or rock formations or whatever. A house gives you freedom from anyone having a right to intrude on your business (assuming you aren't breaking any laws). The value of your house increases with any improvement you make to it.

A rental, if you take the time to find a perfect one, can be just as good as a house. It's possible to get an entire house to yourself, and have the privacy and outdoor-space. If you find good landlords willing to write a lease that favours the tenant staying put, it can give you stability. But you will still have a landlord with the right to poke into your business to some degree, and any improvements you make to the place will simply pass on to whomever rents it after you.

Personally I will keep renting until I know where I'd like to settle for some reasonable stretch of time, then I'd like to get a house.

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 Post subject:
PostPosted: Tue Jan 29, 2008 2:08 pm 
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Even though you'll be too old to enjoy it, your grandkid will be just old enough to really appreciate a mortgage-free property.


For me, the difference is a yard. How are you supposed to have a victory garden in a flat?

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