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Started By
Message
RENTING =/= THROWING MONEY AWAY!
Posted on 2/2/09 at 2:21 pm
Posted on 2/2/09 at 2:21 pm
Can this get a sticky?? Please!
I'm a novice on this board, but even myself can grasp this.
Way too many threads about this in the past few weeks. I'm guesing the influx of cheap(er) housing and lower rates has got people itching...
I'm a novice on this board, but even myself can grasp this.
Way too many threads about this in the past few weeks. I'm guesing the influx of cheap(er) housing and lower rates has got people itching...
7
Posted on 2/2/09 at 2:31 pm to Golfer
The people who have the renting=throwing money away engrained in their heads are just arrogant. We should just let them live in their little world of "hoping" the economy will "change."
Posted on 2/2/09 at 2:33 pm to Golfer
i'm starting to come over to this side of the line. i have always thought that if i am paying $1100 a month rent, then I might as well pay $1600 a month and build up equity and then i'd get my money back when I sell. now I am thinking that with a downpayment, insurance costs, mortgage that what i would pay renting for a few years wouldn't equal to the interest i'd be paying on the mortgage plus all additional costs to own.
Posted on 2/2/09 at 2:36 pm to CE Tiger
Not to mention, the percentage of principal you will be getting back when you sell is not going to be a pretty number.
Posted on 2/2/09 at 2:38 pm to LSUtoOmaha
also, everyone always forgets about the dirty little maintenance cost to owning a house. If your A/C goes out, you get to fix it. If you have a roof leak that destroys a wall, you get to fix it. If a pipe bursts, you get to fix it. If you get termites, you get to fix it. The list goes on, and most of that shite is not covered by insurance.
Posted on 2/2/09 at 2:39 pm to LSUtoOmaha
Right. People don't seem to understand that paying mortgage interest is just as much "throwing money away" as renting.
I blame the fricking Tax Code. If I were benevolent dictator for a day one of the first things I'd do (after passing the No Fat Chicks Act of 2009) would be to scrap the mortgage interest deduction.
I blame the fricking Tax Code. If I were benevolent dictator for a day one of the first things I'd do (after passing the No Fat Chicks Act of 2009) would be to scrap the mortgage interest deduction.
Posted on 2/2/09 at 2:43 pm to Cold Cous Cous
quote:
after passing the No Fat Chicks Act of 2009
Mr. President, I would like to co-sponsor then add in a couple of amendments related to less pigs/pork.
Posted on 2/2/09 at 2:43 pm to Cold Cous Cous
Several of the tax prof blogs I read have been advocating that recently. Some take a little further, and talk about killing depreciation deductions for all RE.
Posted on 2/2/09 at 2:47 pm to Golfer
(no message)
This post was edited on 2/2/09 at 11:31 pm
Posted on 2/2/09 at 2:47 pm to kfizzle85
quote:Several? Damn, brah, how many blogs do you read in a day? It has to be 50+.
Several of the tax prof blogs
I will say that tax prof blog is good and I read it about once a week.
Posted on 2/2/09 at 2:49 pm to kfizzle85
I'm of the mind that renting does = throwing money away... except for some cases.
If you know you are going to be in the same area long term, buy a house and pay it off.
No payment for monthly living = SECURITY. Way more security than renting.
If you know you are going to be in the same area long term, buy a house and pay it off.
No payment for monthly living = SECURITY. Way more security than renting.
Posted on 2/2/09 at 2:53 pm to kfizzle85
quote:
Several of the tax prof blogs I read have been advocating that recently. Some take a little further, and talk about killing depreciation deductions for all RE.
Plus, it's fool's gold. In a lot of cases the itemized deductions are just a little higher than the standard deduction. But people seem to think that it's on top of the standardized deduction, or something like that. While in reality the first $10K or whatever in interest gives you no tax benefit at all.
Posted on 2/2/09 at 2:59 pm to Cold Cous Cous
Yeah I read a ton, no lie. I usually let the tax ones build up a little in my reader because they're usually not quite as time sensitive.
I've got my greader broken into categories: new (like a suspense acct), Accounting, Finance, Economics, News, NOLa, Tax, Sports, Tech, Google (which I should really move to tech), Food, and Misc. Right now all of those total up to 144 subscriptions. There's a decently steady increase of about 5 new ones a month I'd say. I just stumbled over a ton of econ/fin stuff purely focused on EU countries and emerging markets a few weeks ago.
I've got my greader broken into categories: new (like a suspense acct), Accounting, Finance, Economics, News, NOLa, Tax, Sports, Tech, Google (which I should really move to tech), Food, and Misc. Right now all of those total up to 144 subscriptions. There's a decently steady increase of about 5 new ones a month I'd say. I just stumbled over a ton of econ/fin stuff purely focused on EU countries and emerging markets a few weeks ago.
Posted on 2/2/09 at 3:01 pm to Golfer
Posted on 2/2/09 at 3:05 pm to Tiger JJ
quote:
new blog post
Yeah but that's about Seattle. No one lives there.
Posted on 2/2/09 at 3:08 pm to Meauxjeaux
quote:
If you know you are going to be in the same area long term, buy a house and pay it off.
I would submit that it is fundamentally impossible to know such a thing.
Posted on 2/2/09 at 3:13 pm to Tiger JJ
I would submit that you, personally, are about 50x more mobile than the average denizen of South LA.
Posted on 2/2/09 at 3:17 pm to Cold Cous Cous
quote:
50x more mobile than the average denizen of South LA.
Agreed. The fiancee will not live anywhere outside of about a 7 parish area...
Posted on 2/2/09 at 3:20 pm to Cold Cous Cous
quote:
I would submit that you
My BLAW teacher uses this phrase incessantly, and it drives me crazy. JUST SAY WHAT YOU'RE GOING TO SAY, frick.
(not directed at either of you, just to be clear.)
Posted on 2/2/09 at 3:21 pm to kfizzle85
I would submit that you are overreacting a bit.
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