The news today said that 1 in 6 Americans currently owe mortgages that are worth more than the value of their home. YIKES.
I've always wanted to own a house, but I've stuck with renting based on my relocation history due to job growth. But I currently pay rent that is more than some people's house payment?!! $885 for a one bedroom apt, 911 square feet.
So which is worst? lol. Every month when I write the rent check at my desk, I hit the Clean Up icon on my computer (see Site Issues forum), it sounds like a little toilet flushing, and that's what I think my money is doing when I give it to the apt complex.
But you are also paying for convenience of no home repairs(they do add up). Plus granted you can't really say it is yours or claim tax deductions....or let your fur friends go wild or the kids or...well okay you are kinda flushing your money...but like I said you do have the 1 perk.
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May your troubles be less,may your blessings be more,and may nothing but happiness come through your door
That is scary. We consolidated our bills with our mortgage and it pushed it right up there. Its about 30k less than what my home appraises for. We have gotten to the point where if we are not going to live in this house for ever its not worth it to invest any more upgrades in it. My house is almost 40 years old, but rather than buying my house someone could just get a new one built for a few thousand more. That worries me a bit. I would like to move one day.
Renting does make more sense for someone that moves around. The prices they charge are too high though. Eight years ago I lived in a one bedroom apartment and paid $525 a month. I think it was about 900 square feet. Since then the prices have went up atleast $300.
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I just saved money on my Mental Insurance by switching to Psycho!
The news today said that 1 in 6 Americans currently owe mortgages that are worth more than the value of their home..
Well we bought this house when the market was "normal". We had it appraised by several different companies and then went to the city and had them appraise it. So with all that we paid only $1000.00 difference(higher). I actually did not buy this property for the house...I wanted the land. 3 "lots" of land..the bottom floor of house developed but top floor unfinished but upgradable. So lots of potential and yes I will probably live in this house forever unless I win the lottery.
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May your troubles be less,may your blessings be more,and may nothing but happiness come through your door
Thank God mine is finally paid for. Now it needs new roof, new gutters, new windows, and a new heating system. Gable is right, when you own your home, the work and expense never ends.
I bought my first home only two years ago. I'm glad for the investment but I actually miss renting. True, I lived in a tiny apartment in a big apartment complex, but someone else shoveled my snow and cut the grass! We even had repairmen on site who changed my light bulbs if you can believe that! I really miss having that help.
