that Rent v. Buy post from earlier this week? I need to have a read through. DH and I are very close to signing a contract on a co-op and I'm having second thoughts. Like maybe we should just rent for a few years to save money for a house . . . what was the verdict?
AwaitingAugust
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i must've skipped that post but here's my opinion:
it really depends on what the monthly maintenance is vs. how much it would cost to rent a place.
if you can rent for $1000, and a co-op's maintenance would be $800, then you might want to just rent.
they say that you 'make back' the money you've spent on interest & closing fees in about 5 years ... if you don't want to own it for that long, don't buy it. If you do (or if you'll rent it out afterwards), then buy
HTH
little j
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google a rent v buy calculator! that helped us a lot in making decisions!
good luckkkk!!!!
little j
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Posted by AwaitingAugust
i must've skipped that post but here's my opinion:
it really depends on what the monthly maintenance is vs. how much it would cost to rent a place.
if you can rent for $1000, and a co-op's maintenance would be $800, then you might want to just rent.
they say that you 'make back' the money you've spent on interest & closing fees in about 5 years ... if you don't want to own it for that long, don't buy it. If you do (or if you'll rent it out afterwards), then buy
HTH
it depends the size of the mortgage. if its a moderately priced place, you might be able to 'break even' sooner. or if its a longer timeframe to 'break even' make sure that you feel comfortable living there (and maybe beginning to raise a family there).
hth
CappyGirl
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Thanks ladies. We would only be there for, hopefully, 5 years. I did rent v. buy calculator and we save close to $40K renting. I currently own my co-op and am in the process of selling - I'm taking a hit on the sale and then there are all the closing costs, lawyer fees, realtor fees, etc. You're lucky if you break even!! Which I'm not. I don't want to go through all this again in just a few short years.
LittleJ - are you guys planning on staying in your place for a while. Help
luckycouple05
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I start good threads!
CappyGirl
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Posted by luckycouple05
I start good threads!
I found it and read through it!!
little j
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Posted by CappyGirl
Thanks ladies. We would only be there for, hopefully, 5 years. I did rent v. buy calculator and we save close to $40K renting. I currently own my co-op and am in the process of selling - I'm taking a hit on the sale and then there are all the closing costs, lawyer fees, realtor fees, etc. You're lucky if you break even!! Which I'm not. I don't want to go through all this again in just a few short years.
LittleJ - are you guys planning on staying in your place for a while. Help
not really. but we bought a more affordable place (1.5 bedroom), so based on the calculator we SHOULD break even in about 3 years. which i think is good timing.
yeah, all the damn fees are ridiculous! unless you are ready to move to a place to LIVE IN FOR A LOONNNNG TIME, i would probably rent for a while until you can find something you guys love.
