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 Is it good to buy home this time or wait until it hits recession?

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Posted on 02-19-16 3:56 PM     Reply [Subscribe]
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Any finance,economics expert could you suggest on this.
 
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collegefootballrocks
Posted on 02-19-16 4:23 PM     [Snapshot: 49]     Reply [Subscribe]
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do not have much idea but aruharu (experts) ko kura sundaa house price might go down soon..but again, dont trust me completely
 
Posted on 02-19-16 4:23 PM     [Snapshot: 40]     Reply [Subscribe]
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purely speaking about home buying in regards to finance/economic....house is always a good thing in a long term. Build equity, deduct mortgage interest and property tax for filing taxes, fixed payment....so in time you salary will go up but your payment remains the same. So the way i look at it.....first is location and your 10-15 year plan.
 
Posted on 02-19-16 5:09 PM     [Snapshot: 92]     Reply [Subscribe]
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@santa, yes even it's seller's market i am saying you should buy now because house price is not going down any time soon for sure. Even though it's seller's market, rates are extremely cheap. Remember back in the days (prior 2009) rates were >5% now it's lesser than 4% for 30 years.
Well you can argue saying 'what the heck it's just 1%' but when you calculate the total interest pay between 4% and 5% for 30 years for 400K loan then it would be around 100K.

Also if you ask me, paying for rent for your apartment is nothing but throwing your money in the gutter. Not only you are gaining no equity but amount you pay for for the rent is already taxed money. So you already adding 25% on top of the rent unknowingly. On contrary to that, paying for your house seems large amount of money but you are gaining equity and interest you pay for the house is tax deductible. Also no one will kick you out of your house or increase your mortgage where as in apartment you see increase in rent every lease term.

 
Posted on 02-19-16 5:38 PM     [Snapshot: 139]     Reply [Subscribe]
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Thanks everybody for the the concrete details. You guys great.
 
Posted on 02-19-16 8:47 PM     [Snapshot: 286]     Reply [Subscribe]
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Santa lil helperjiu --- deduct mortgage interest ---- yo maile kaile bujhina ..... 100% tirera tax ma whatever percent one saves (15%-32%) kasari ramro deal bhayo?

without mortgage interest: 100 khaltima rakhera 30 tirda, hathma 70 baki huncha
with mortgage interest: 100 tirne, khaltima 0, tax bharne and hathma 30 auch ... yo 40 ghata lagena ra?

 
Posted on 02-25-16 11:42 AM     [Snapshot: 817]     Reply [Subscribe]
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I have no idea what you've just said....but thanks for commenting on my response.
 
Posted on 02-25-16 12:57 PM     [Snapshot: 903]     Reply [Subscribe]
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Depending on the location ,old house/ new construction and so on but again like people said houses prices are not gonna go down anytime soon. Also, Mortgage rate is falling every week.
If you are in Texas, I would def. recommend considering.
 
Posted on 02-25-16 3:49 PM     [Snapshot: 1040]     Reply [Subscribe]
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There won't be a real estate market crash like 2008 this time, even if we go to another recession.

I expect home prices to go up again beginning April and come down by November. This would be a good time to buy (before Summer peak) since price hasn't peaked yet and rates are relatively low. If FED keeps on increasing the rate, you will end up paying same thing per month even when the real estate market has cooled down by November.


 
Posted on 02-25-16 4:34 PM     [Snapshot: 1081]     Reply [Subscribe]
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property tax + mortgage insurance (maintenance when m.i. no longer needed)+ home insurance = my apartment rent
Even if(when) you own the house outright, you will still be paying monthly "fees/taxes", which are equal to apartment rent, to stay in your own home.

So this notion that you are throwing money in apartment is completely false. You are throwing away that money regardless. Buying a house is an added expense. It does not replace your apartment expense.




 
Posted on 02-26-16 10:54 AM     [Snapshot: 1282]     Reply [Subscribe]
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@ dctroll - tax/fees/maintenance will always be their!!! you pay taxes on food!!! you maintain your car!!!
apartments never build equity. house builds equity.
you never own apt. you own house.
you never finish paying off you apt. you will finish paying off your home if you choose to.
assuming its a average size house and it's payed off compared to $1000/month rent
your rent in 3 years will always be higher than maintenance/fees/tax for the house in 3 years.
And finally
know the difference between "owing and being owned", because "when u owe, you are owned".






 
Posted on 02-26-16 2:03 PM     [Snapshot: 1351]     Reply [Subscribe]
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@santa lil helper. sounds like you don't have much idea about buying vs rent.

http://www.realtor.com/mortgage/tools/rent-or-buy-calculator/

plug in the number and see what will cost you the most in the short term as well as the long term.
you need to understand that how much is going out of your pocket that will never come back when it comes to buying vs rent.



 
Posted on 02-26-16 4:00 PM     [Snapshot: 1408]     Reply [Subscribe]
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@ dolphin......i do rental investment across the country. i have 5 properties right now. two of them PAID OFF by renters like yourself. Three of them BEING PAID OFF by renters you like yourself. Renters like yourself are paying my mortgage(s), car payment, and vacations.
And I did live in Apt in my college years.

So yes dolphin......i really don't have much idea about paying vs rent!!!
YOU need to understand that how much is going out of your pocket that will never come back when it comes to buying vs rent.

don't talk unless you've done it.
You become a player by playing the game, not studying the game!!!!
 
Posted on 02-26-16 4:40 PM     [Snapshot: 1439]     Reply [Subscribe]
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prove it bitch
tired of your yapping and shit

let 'em buy or rent who gives a damn fool
Last edited: 26-Feb-16 04:40 PM

 
Posted on 02-29-16 11:40 AM     [Snapshot: 1722]     Reply [Subscribe]
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@ user01 -

really!!!
did you read the thread? what is the thread about? the thread is not about how you feel about my yapping and shit.....it's about "Is it good to buy home this time or wait until it hits recession? Did you even tried to answer the question or contribute to it? I did!!
If you're tired of my yapping and shit....then go to a different thread....it not that hard...it's just a click-click away!!
Were you born stupid or you just trying real hard to be stupid?


 
Posted on 02-29-16 12:08 PM     [Snapshot: 1744]     Reply [Subscribe]
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santa lil helper. Please don't feed the troll like user01.
It seems like you have some experiences on real state, do you have experience buying a land only? I want to explore more on this. Buying a land is something which is ignored many times. So just curious if you are thinking about it.
 
Posted on 02-29-16 12:28 PM     [Snapshot: 1750]     Reply [Subscribe]
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@ sajhamitra - sorry i don't have any experience in land buying.....although i do have a lot of interest. i get all loads of ads in my mails for acres and acres of land for like 20-30k. seem like a great deal to me.....but i haven't really drove in to it fully. but from the small research I've done in the past:
- you have to maintain the land
- if people wonder into you land and get hurt.....they can sue u - big turn off!!!
- you can stike up a deal with farmer to have them harvest and maintain the land....kinda like land loan - big plus

hope this helps

 
Posted on 02-29-16 12:38 PM     [Snapshot: 1778]     Reply [Subscribe]
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"if people wonder into you land and get hurt.....they can sue u - big turn off!!!" ...oh snap.. Love sue country 'murica
 
Posted on 02-29-16 2:21 PM     [Snapshot: 1824]     Reply [Subscribe]
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@Santa lil helper. In response to your reply to me:
Line 1: *there not their
Line 5: *paid not payed

First, I would be weary of any advice from a person who makes mistakes like these.

Now, I didn't say whether someone should or should not buy a house. I was just making a point that the mortgage is not a replacement to apartment rent. That's all. If someone can afford the added expense, good for them.

Regarding maintenance, you don't maintain your apartment. If anything goes wrong, the apartment owner takes care of it. In addition to that, renter's insurance is much cheaper than homeowner's insurance.

This argument that mortgage stays the same while rent increases is false. Rent does increase. But so does the property tax on the house.

I also don't understand this mindset of building equity. What does that even mean? The statement is based on so many variables that I laugh when I hear this. The most important one: Economy. What are you going to do when another recession hits; you have build up this "equity" that you love so much, and now you lost your job. Home foreclosed. Or you don't lose your job but the value of your house is now half of what you took out a mortgage for. What are you going to do?

Lastly, I think it is you who doesn't understand the concept of "owing or being owned" as you like to call it. If I live in an apartment I "owe" the apartment until the lease expires. If I am in a mortgage, I "owe" the bank mortgage for another 15 or 30 years regardless. If something were to happen you owe the bank no matter what. But with apartment, you are free as soon as your lease is up. I would argue that you are "owned" by the bank.

Buying a home is a decision for each individual. It makes sense for some. To really get into the specifics if buying a home is right for you, you should do some research on your own. One specific issue I consider is whether putting that extra expense of mortgage and the initial down payment into a 401(k) instead of buying a home. That way the money appraises 5-7% every year. And you have a nice cushion when you retire. When you are 70 and on a fixed retirement income, the increased property tax, maintenance etc. are going to take a toll financially. You will be paying the same amount in these expenses as someone would pay to live in an apartment, except you are paying to stay in your own home. Yes, you will be a "owner" of a house. A house you can pass on to your kids, while you live miserably trying to catch up on medical bills.

Santa lil helper, you have expressed your view and so have others including me. There is no need to get all riled up about it. Relax "bro".



 
Posted on 02-29-16 3:30 PM     [Snapshot: 1883]     Reply [Subscribe]
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@ dctroll - thanks for grammer/spelling correction.....Ah blame dis on da US edumacation.

I like thank Jim Rohn: "Formal Education will give you a living; Self-education will make you fortune".

anywho.....people can choose to take what i say as a advice or not or just an opinion. Not my call. But what i wrote is not an opinion, it is a fact what is working for me. Doesn't mean it'll work for everyone. I'm doing it. Yes true you can do 401k which i have.....and that too will tank, which it did. but nothing feels better than people paying me to live my life and funding my retirement. oh and let's not forgot you can claim the rental properties on your taxes since it's considered a business.....like property tax, tax on mortgage, maintenance, etc.

Oh and yes ur mortgage (the money u owe the bank) stays the same considering it's fixed interest. Property tax and Insurance will change year to year. If you don't believe me.....just go look at ur mortgage statement!!!
 
Posted on 02-29-16 3:35 PM     [Snapshot: 1890]     Reply [Subscribe]
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@ Sajamitra

That is one reason why if you do venture to doing investment property.....put each home under it's own LLC....that way you're protect and if you lose in court....they can only come after that one property.
 



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