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Wish We Could Buy A House...
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ArmyOfBabies
Growing older but not up
Member since 7/07 4427 total posts
Name:
Jeri
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Wish We Could Buy A House...
There are so many houses for sale and the prices are so low! I wish we could buy a house now, even without a down payment on up to a $325,000 house, we'd be paying less for the mortgage than we pay in rent!
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Posted 9/10/08 11:31 AM  |
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MrsPorkChop
Twinning!!
Member since 5/05 9941 total posts
Name:
Missy
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Re: Wish We Could Buy A House...
you cant compare mortgage to rent though...with the mortgage you can deduct interest on your taxes so you get some of that $ back in a refund..
also when you sell the house youll get back- hoepfully what you paid- so its "almost" like living for free for all the years you are in the house..as opposed to rent, where money is just poof gone.
try to think of it that way.
it is a great time to buy- interest rates are favorable and house prices are decent,
if you have good credit, you dont need 20% down...
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| Posted 9/10/08 12:15 PM |
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MarathonKnitter
HAPPY
Member since 2/07 17374 total posts
Name:
EMBRACING CHANGE
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Re: Wish We Could Buy A House...
Posted by ArmyOfBabies
There are so many houses for sale and the prices are so low! I wish we could buy a house now, even without a down payment on up to a $325,000 house, we'd be paying less for the mortgage than we pay in rent!
wanna buy my house????
looking to sell for less that 325,000
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| Posted 9/10/08 12:36 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Wish We Could Buy A House...
You also have to factor in closing costs, taxes, insurance, any maintenance, higher household bills, etc.
It is a great time to buy though! Are you looking into it?
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| Posted 9/10/08 1:28 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Wish We Could Buy A House...
Posted by MrsPorkChop
you cant compare mortgage to rent though...with the mortgage you can deduct interest on your taxes so you get some of that $ back in a refund..
also when you sell the house youll get back- hoepfully what you paid- so its "almost" like living for free for all the years you are in the house..as opposed to rent, where money is just poof gone.
try to think of it that way.
it is a great time to buy- interest rates are favorable and house prices are decent,
if you have good credit, you dont need 20% down...
Mortgage interest is deductible - it's not a credit. It's used to decrease your adjusted gross income for tax purposes. It's not credited to your tax refund. It's not really like living for free (or even close to it). You don't get it back dollar for dollar or even close to it.
Houses also come with property taxes, which in this area are ridiculous.
Houses also come with upkeep obligations, which can be both time-consuming and expensive.
I'm a homeowner and I think it was a good choice for us... but I don't think home ownership is as advantageous as it is sometimes painted to be. In many urban and suburband areas, sometimes it is financially smarter to rent instead of buy. Obviously, everyone's situation is different.
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| Posted 9/10/08 1:42 PM |
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