I want to stop trowing away money by renting.
However I am about 80% sure that in 2-3 years I will move to Alaska.
Is it worth it to buy a house for just a few years? Will I even be building equity instead of interest and covering the closing costs at that time frame? What are my options here?
rent can be fixated to a budget, but purchasing a house relies on your ability to cooperate with the memestream and convince the house to be sold
> Buy a house for 100k
> Water heater breaks! ($500), underground septic tank you didn't existed bursts! ($750), black mold discovered! ($600), ect.
> Market tanks or neighborhood turns bad
> House loses -40% of it's value, now worth 60k but you still owe the bank 100k
> You prepare to move, but no one will buy the house!
> You get desperate
> 2 days before you move you settle for a shit lowbar offer of $40k because you don't want to be involved with this money pit any longer
Change the numbers around if you want, but this situation happens every fucking day. I've seen it. I used to do carpet, and would get hired by guys who flip houses, and when we would sit around drinking beers after a job they would laugh so hard they cried telling me these stories.
> Bad business if you're temporarily buying a house
> Great business if you're buying discounted houses
The short answer is no. It's almost always better to rent if you are staying somewhere for just a few years.
I buy about 20 houses a year. No. Do not buy one. Especially if you are moving.
>I want to stop trowing away money by renting.
this meme needs to die.
you don't throw money away on rent any more than on ownership of a house.
If you can qualify for a house, and you expect the housing market to be the same or grow in 2-3 years when you move, then just get Int-only arm. You will pay a fraction of regular payments and take the equity when you come out.Bad side is if housing market crashes, you lose equity and are now underwater.
Give me one solid reason
>> 2 days before you move you settle for a shit lowbar offer of $40k because you don't want to be involved with this money pit any longer
Assuming 5% deposit, he'd be out of pocket $5k + 2 years of mortgage repayments. Then he can just walk away and let the bank absorb the loss. You're suggesting his only option is to take a $60k hit? Pretty moronic.
>Is it worth it to buy a house for just a few years?
Maybe - can you rent it out? Will rent cover mortgage + maintenance and other expenses? If so, why not?
I bought a house, lived in it for 4 months, then moved country. Now the rent I receive from the house I own pays rent for the place I currently live in. It's basically a house swap. If anything goes wrong with the house I own, it's a tax deduction. If anything goes wrong with my current place, it's not my problem.
The (very) general rule is that it doesn't make sense to buy unless you stay at least 5 years
i gave you one solid reason: ownership has it's own costs that are in cases even exceed rent.
Yeah leasing it out is an option once I move, I hadn't thought of that. I'm looking to buy something rural though so I don't know how willing people will be to rent.
Isn't renting more expensive anyway? My bank's mortgage calculations for a $120,000 property all gave me monthly mortgage payments significantly lower than the $960 a month I pay for my shitbox apartment.
Rent is not throwing money away.
Go over the numbers.
Mortgage
Taxes
Insurance Maintenance
HOA fees.
Even if you play the game just right you only come out a little ahead with a house purchase.
One tip. The people that really win the housing game are those that buy a home when the economy is in the shitter.
Property is theft
Who this
Calculate the interest on your mortgage + house insurance + home owner's association fees+ property taxes + repairs, and you'll be "throwing away" more money than your rent. Actually sit down and do the math.
This guy gets it. (And a bunch of other people ITT)
>Isn't renting more expensive anyway?
Assuming you rent out your place, it will help off-set the rent payment you will owe. I dunno m8.
Also, mortgage is only 1 piece of the puzzle. You've got property tax, maintenance, insurance, HOA etc.
I can rent a 2 bedroom condo where I'm at for $1200pm... or I can buy and the mortgage is about $800pm... but then I have to add a $250 HOA, $80 property tax, maintenance, insurances etc... it works out almost the same - except I'm out of pocket a 20% downpayment if I buy
Well I would not want to lease it out and live with normies, at least not until I've moved.
Even if it basically evens out you're still building equity. Wouldn't it be better to be building equity than just renting?
> Renting out a house from a different country
People this stupid actually exist?
what?
>Alaska is a different country
>Property management services don't exist
You have to be 18 to post on this site.
Ah, yes, that must be why real estate is extremely lucrative and everyone on Veeky Forums thinks renting is a Jewish scam. Because landlords are losing $500 a month for every apartment rented.
>Well I would not want to lease it out and live with normies
... if you lease it out, you don't live with the people... it becomes their home you twat
>> Renting out a house from a different country
>People this stupid actually exist?
I guess?
indeed at least in my country right now it's very much true. it all depends on p/r ratio and the type of home and how long you plan to live in it and how you do the mortgage.
but it is very much the case. landlords bleed money out the ass. i tried to explain this to my brother who wants to buy house. the end was he agreed it doesn't make sense financially but he wants to own his residence so i better fuck off.
I misread your post, no need to be an asshole.
Topkek bro. Im shitposting from 1 of 2 shithole money pits. Tree murdered my garage a few weeks ago and it is curently raining on my osb shelves... kill me.
Also, any tips for doing my oen carpet?
Tips? I have 2 shitholes and hate this already
People rent on dirt roads all the time in kansas. Actually preferd most of the time
Chuckled
I only lose $50 a month from my$
$10,000 shithole you fag
Lol. Tell him to call you and apologize when he is fixing pipes at 2am ona school night