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Or do you rent. Which do you think makes sense in the current real estate ... Stackers' Lounge forum

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    kentrg's Avatar
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    Are you a home owner?

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    Or do you rent. Which do you think makes sense in the current real estate market if you were looking?

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    Re: Are you a home owner?

    Well I used to be a homeowner when I was married, but long story short the house was my exhusband's to keep.

    Now I rent, because in my area buying a house would be very difficult because the average 2 bedroom house is $200,000 and that's the low end...then tack on high property taxes and horrendous homeowners insurance (which is the true killer). There has been a big hit to the housing market in FL, for the 2nd year in a row more people are moving out of FL than moving in. Can't blame them either, if it wasn't for my child custody arrangement I'd be moving to NC where I can buy a 3 bedroom house for $117k.

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    Re: Are you a home owner?

    There are many mitigating factors to this. I just built a new custom home. And I think I did it at the right time. Good price and good rate. Now your seeing rates creeping back up and what that means is home values are going down. (rates up = value down). Same when rates go down values go up. I think it is still a good time to buy. Rates are still relatively low and the value of real estate is low. Another thing to remember is real estate hasn't depreciated for 30 years.

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    Re: Are you a home owner?

    If you are looking to buy for investment appreciation, don't. Real Estate will barely net appreciation above inflation for the next 5-10 years until all this subprime mess and overspeculation in many markets works its way through the system. In most places, the market is still too close to a peak level to make it a good buy for investment purposes.

    If you are purchasing because you want to own vs. rent, then it depends on what you can reasonably afford. If you don't think you can (or want) to be in the house for at least 4-6 years (the amount of time I think you'll have to be in it before there is any kind of reasonable appreciation to consider selling again and breaking even with closing costs, realtor fees, etc) then continue to rent.

    As an investment, Real Estate is going to be a dog for a while. It had a good run. It will definitely come back, but not any time soon. There are other asset classes out there right now with a much higher upside, and a lot less downside.

    If you are in a position with lots of cash, however, there can be some good money made picking up some foreclosures and "forced sale" opportunities. You just need to be aware of what you are doing and know that you may have to hold onto the property for 24-36 months before it can be sold at a reasonable profit.

    Gaaaaaaaaah. worktalk in the cafe twice in 10 minutes.
    If I knew where I was going, I might already be there. -- Cross Canadian Ragweed.

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    Re: Are you a home owner?

    Quote Originally Posted by TanBucsFan
    Well I used to be a homeowner when I was married, but long story short the house was my exhusband's to keep.

    Now I rent, because in my area buying a house would be very difficult because the average 2 bedroom house is $200,000 and that's the low end...then tack on high property taxes and horrendous homeowners insurance (which is the true killer). There has been a big hit to the housing market in FL, for the 2nd year in a row more people are moving out of FL than moving in. Can't blame them either, if it wasn't for my child custody arrangement I'd be moving to NC where I can buy a 3 bedroom house for $117k.
    CRIKEY! A 2 bed where i live is Ł200k, which is about $400K!!

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    Re: Are you a home owner?

    Quote Originally Posted by barrythebadger
    CRIKEY! A 2 bed where i live is Ł200k, which is about $400K!!
    CRIKEY!!! That bloody well sucks!!!


    lol

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    Re: Are you a home owner?

    Oh yeah, its definitely a regional question right now as to whether or not it makes sense.

    In my area, definitely. Rates are low (6-7% for 30 yr fixed. Yes, that is still low) and prices are reasonable. Avg. 3 BR house, 2,000-2,500 sq ft. $175,000-$200,000. Some places you can get a starter home in a Vinyl Palace development for $145,000. Usually those are 2-3 BR nothing specials, but they are good homes, have AC and are new. You can also have your flavor of McMansion for anywhere from $300,000-$450,000. Townhomes are in the $100,000-$150,000 range.

    Farther north, its a 30-50% price increase, depending on how close to DC you get. Northern VA a 3BR will run $600,000, Vinyl Palace $400,000, Townhome $350-$600k. I wouldn't buy up there right now, unless I was planning to live there for 5-6 years.
    If I knew where I was going, I might already be there. -- Cross Canadian Ragweed.

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    Re: Are you a home owner?

    Quote Originally Posted by TanBucsFan
    CRIKEY!!! That bloody well sucks!!!


    lol
    Tell me about it! My 3 bed semi cost Ł225k. Luckily now it's worth about Ł250-270k!

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    Re: Are you a home owner?

    Man the asking price for some of the townhouses around here is ridiculous!!! The big push right now is apartment complexes going condo and they're not doing well that way either. They're putting up townhomes and condos everywhere starting prices at $200k for a 2 bedroom townhouse, they're crazy. That's not on the beach either, if you go onto the beach you're looking at $500,000 for a small 2 bedroom.

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    Re: Are you a home owner?

    um... nothing there...???

    I have a house in North Jersey... TAXES are like 8K year... sux... but still love my home..
    kre8berry

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    Re: Are you a home owner?

    This is the house I just built (but mine has tan siding and brown brick)
    Attached Images Attached Images

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    Re: Are you a home owner?

    try again
    Attached Images Attached Images

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    Re: Are you a home owner?

    Quote Originally Posted by cubfan1247
    try again
    3rd Time's the charm!

    Nice gaff though!

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    Re: Are you a home owner?

    Quote Originally Posted by barrythebadger
    3rd Time's the charm!

    Nice gaff though!
    WTF is a daff? Speak English! lol

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    Re: Are you a home owner?

    Owned this house since I was 21...my dad let us just take over the payments and says it's the only house he sold that he didn't make money on, hehe

    *~Sheila~*
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