Originally posted by ricketyclik
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Should I buy a house, and if so how much should I spend?
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Why does a bank robber rob banks?
So why not rent, KH? Sure the financial outlay over the 15 years is in favor of ownership, but if you're not intending to keep the asset, I'm not sure I understand buying over renting. You could buy the place in Florida, and use that as an income generating asset. Buying in CT is buying very, very expensive land.Scouse Git (2) La Fayette Adam Smith Solomwi and Loinburger will not be forgotten.
"Remember the night we broke the windows in this old house? This is what I wished for..."
2015 APOLYTON FANTASY FOOTBALL CHAMPION!
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Sadly, Ben has now described the situation more accurately than anybody other than pchang.
There are a couple of reasons not to just continue renting, Ben:
The rental market is relatively thin, so my choices are limited
If I run according to plan (stay at job in the area for 15 years) then buying is a relatively smart idea given deductibility of interest payments and property taxes
There is a generally good case to be made for hedging your housing risk by owning some amount of real estate (though I agree that it should represent more like my likely place of residence over the rest of my lifetime e.g. 30% northeast and 70% Florida)
The downsides are a loss of mobility (if I move back to a job in the city in 3 years then this is a bad choice) and general likelihood that I will consume more housing if I buy than otherwise (dropping my overall savings rate). Plus the hassle of owning property.12-17-10 Mohamed Bouazizi NEVER FORGET
Stadtluft Macht Frei
Killing it is the new killing it
Ultima Ratio Regum
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The rental market is relatively thin, so my choices are limited
If I run according to plan (stay at job in the area for 15 years) then buying is a relatively smart idea given deductibility of interest payments and property taxes
There is a generally good case to be made for hedging your housing risk by owning some amount of real estate (though I agree that it should represent more like my likely place of residence over the rest of my lifetime e.g. 30% northeast and 70% Florida)
The downsides are a loss of mobility (if I move back to a job in the city in 3 years then this is a bad choice) and general likelihood that I will consume more housing if I buy than otherwise (dropping my overall savings rate). Plus the hassle of owning property.Scouse Git (2) La Fayette Adam Smith Solomwi and Loinburger will not be forgotten.
"Remember the night we broke the windows in this old house? This is what I wished for..."
2015 APOLYTON FANTASY FOOTBALL CHAMPION!
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Originally posted by KrazyHorse View PostSadly, Ben has now described the situation more accurately than anybody other than pchang.
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Originally posted by Aeson View PostYou're very mean to insinuate that he could genuinely not know what's in his own best interest about this subject matter and thus need the advice of random people on the internet about how many millions he should spend on a house.Socrates: "Good is That at which all things aim, If one knows what the good is, one will always do what is good." Brian: "Romanes eunt domus"
GW 2013: "and juistin bieber is gay with me and we have 10 kids we live in u.s.a in the white house with obama"
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The question is not really relevant in the long run. You know what you should do KH."I am sick and tired of people who say that if you debate and you disagree with this administration somehow you're not patriotic. We should stand up and say we are Americans and we have a right to debate and disagree with any administration." - Hillary Clinton, 2003
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Originally posted by Aeson View PostYou're very mean to insinuate that he could genuinely not know what's in his own best interest about this subject matter
I'm looking for two sets of things:
Practical advice on rent/own, financing, taxes
Humor
These both seem to be in short supply in this thread.12-17-10 Mohamed Bouazizi NEVER FORGET
Stadtluft Macht Frei
Killing it is the new killing it
Ultima Ratio Regum
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As for financing... Just hire a good mortgage broker. Make sure he doesn't get commissions or kickbacks from any lenders and that he only gets paid via a fee from you. Alternatively there are some websites which allow consumers to compare mortgage offers and options but those typically push certain lenders and don't include all the options available.Try http://wordforge.net/index.php for discussion and debate.
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I can't think of any good jokes about houses.
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Originally posted by KrazyHorse View PostI'm looking for two sets of things:
Practical advice on rent/own, financing, taxes
Humor
These both seem to be in short supply in this thread.
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Originally posted by Dinner View PostAs for financing... Just hire a good mortgage broker. Make sure he doesn't get commissions or kickbacks from any lenders and that he only gets paid via a fee from you. Alternatively there are some websites which allow consumers to compare mortgage offers and options but those typically push certain lenders and don't include all the options available.
Unless I'm missing something else, the most important choice I can see making is an ARM vs a 30y fixed. And given what I've told you guys thus far, one of those two things would cost me hundreds of thousands of dollars vs the other. This is hundreds of times more important than what mortgage broker I choose.12-17-10 Mohamed Bouazizi NEVER FORGET
Stadtluft Macht Frei
Killing it is the new killing it
Ultima Ratio Regum
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