There is always a good feeling when you own your own home,no one can evict you as long as you can pay the tax and upkeep.
If you do not overextend and buy a modest home,modest relative to your income /networth,all the expenses of maintaining a home do not keep you awake at night or cause you to take out a loan and you do not see yourself moving to a different city or state,or retirement home any time soon,then do it.
With property ownership comes responsibility and additional expenses,it is more than just mortgage,property tax and homeowner insurance.
How about martial law?
you have t o know the neighborhood and you let brokers and friends etc know you are looking,and read newspaper ads etc,it takes time.
buying real estate is not like buying stocks,you cant just call your broker and sell it when the market is open !
and the commission is not $5.95 up to 5000 shares !
and there is property tax,maintenance whether it is occupied or empty.
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Originally Posted by rsot  That is one good approach as long as you do the proper checks for roommates |
if you can put up with non family member using bathroom,their friends visiting and their daily habits !
In some society,you can do quite well,renting an apt and subletting rooms.
Some apts come with enclosed balcony,partition them into 2 rooms,one as living room and one as bedroom for yourself .
Then have the living room /foyer as the common living room for all when they have quests.
Shared bathroom and kitchen,bring your own toilet paper.
You may need more than one fridge,preferably a freezer and a fridge/
During Mardi Gras,Heritage Festival in NEWS ORLEANS,you can rent out your house and apartment easily for $1-5k,go out of town or stay with your friends/
house on the Mardi Gras parade route,apts in or near French Qtr are much sought after
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Originally Posted by Sunspot144 2 of 2 roommates that subletted charged my new roommate more than they were paying for rent... lol. They made a couple hundred over summer break.
I walked into one of them holding onto his wanker and his personal britafilter in the living room. Turned around and walked back out. |
Do they run up your water/electric/gas bills?
It depends on your age ,house is a lot of work and money.
In good days,you need some one to mow your lawn,your water bill is higher.
You pay property tax and if it is a subdivision,annual maintenance fee.
As the house age so do the homeowner,the roof needs to be replaced,check your insurance policy,what is the deductible ,if it is based on a certain percentage of the market value of your house,you could end up paying the whole roof yourself,backyard fence is not covered,so you pay,the fence will rot after 10-15 years.
What about the garage door,after 10-15 years,you may need a new door opener.
water heater last -15 years,time to get a new one if you never flush it,what about A.C,furnace ,electrical wiring?
OH,the water pipes which go from your kitchen and bathroom to the street is your responsibility,if they go bust,you pay a few thousand dollars,so better insure it,4.99 a month..
cinch bugs on your lawn,wasp ,rats,squirrels ,bats in your attic,call the specialist.
and lets not talk about water leakage and mold and mildew,insurance co has special rules on such.
and there are fire ants,ants,wasp,birds,rats,mole,rabbits,squirrels,m ocking birds,sparrows,snakes,frogs,toads,lizards.
I found a baby red eared slider turtle today,lets see if it survives in my homemade water tank?
Now I wish I am just a renter.
dont forget plumber /electrician could charge a fee for coming to your house and charge overtime pay on weekend.
Also the allure of making a killing when you sell your house may not come true in some areas,milenials/yuppies prefer to stay in the city now ,they can ditch their cars or just keep one car not two,take public transportation to work and enjoy fine dining and entertainment ,and big houses in the suburbs become hard to sell
as middle class expands,the idea of homeownership wil become more popular,
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Originally Posted by rsot But is the middle class expanding or the lower class expanding? |
HE IS asking about Africa,I WOULD Think most of the population have no place to go but UP !!!!!!!!!!!!!!!
Do you know cocoa market?2 Countries in Africa which are responsible for 60% of all the cocoa in the world are now raising prices to boost the income of their farmers,they were living on $3 a day.
THEY ARE adding $400 per ton levy to help the farmers live a better life.
A good apt building with 4 units and minimum outdoor maintenance.in a middle class neighborhood.
It should produce enough income to pay the mortgage,insurance and someone to fix./replace what ever goes wrong,unless you like to do it yourself.
A house does not make good rental,too much can go wrong,it is good for the tenant but not the landlord,unless he plans to flip it someday!
THis is an old thread,you are in US,your banker would tell you what theyneed to see and your realtor broker will help you
Re: rent vs mortgage 
