|
Leperflesh posted:There is a tax consequence. If you sell the home you live in, I believe you can roll profits you made on that house into the price of the next house you buy, and not have to pay capital gains taxes on those profits.
|
#
?
Jan 10, 2011 23:08
|
|
|
|
| # ? Apr 25, 2024 05:31 |
|
|
There is an exclusion on the amount that you can gain that's very, very generous. The 1031 exchange is what lets you roll in profits on your house into another house without getting hit with it. The exclusion is $250k if you're single or $500k if not, so only basically rich people or those who got quite freakin' lucky (and/or have been very disciplined) will be affected by it these days. This is probably one of those areas of tax code that encouraged people to speculate upon real estate far more than should be considered sane - you can basically make $500k tax-free if you buy the right place and hold it for a while or flip it.gvibes posted:Why won't he be negotiating with the owner? Did he say it was a short sale?
|
|
#
?
Jan 11, 2011 02:49
|
|
|
Or they've owned it for 30 years. The last house I rented, the owners were in their 70s and had bought it when it was built in the 60s. For something like $18k.
|
|
#
?
Jan 11, 2011 07:45
|
|
|
Welllll, the guy said that he basically traded the house he bought in a college town for his sons for this house, so I don't know how that'd affect the sale price on public record.
|
|
#
?
Jan 12, 2011 06:56
|
|
|
Question: I bought my home with a VA loan. VA loans require an escrow account for property taxes. Bank of America bought my loan, and I loving hate them with a passion. They've screwed up every time the taxes are due. I called about closing the escrow account and managing it on my own, but they said because it is a VA loan, I have to have an escrow account. I asked if I could just keep 0 balance in it and do it myself. They said no, because then I would show an increasing negative balance in my account. Is there anything I can do to manage my own property taxes? Bank of America is a terrible bank and I hope they crumble. Or does anyone have any suggestions at all? Someone to complain to via snail mail? PS: No I don't want to sign up for your Merril Edge investments or your "free" checking, no matter how many ads you put up around your bloated website.
|
|
#
?
Jan 12, 2011 11:02
|
|
|
^^^ You'll need to refinance the loan and have at least 20% equity to get rid of escrow.
|
|
#
?
Jan 12, 2011 14:35
|
|
|
SlapActionJackson posted:^^^ You'll need to refinance the loan and have at least 20% equity to get rid of escrow. Are you sure you aren't thinking of PMI? We were required to have an escrow account and we put down 20% when we bought the house.
|
|
#
?
Jan 12, 2011 15:50
|
|
|
Yes. Most lenders will require escrow for loans with less than 20% equity but make it optional for loans with 20+%. Often, you need to pay a small escrow waiver fee, too (25bp is common). This is not something you can drop on an existing loan like PMI, it's in our out permanently at the time of closing.
|
|
#
?
Jan 12, 2011 16:08
|
|
|
After an hour on the phone, and getting the guy on the other end to agree with me that my BoA escrow was jacked, he's going to look into it more and call me back. Furthermore, I have a new issue: I called my county treasury department after, who showed a check cleared for ~3700 in taxes on 9/2/10. No other taxes paid for 2009. My BoA online statement says they sent out 3 checks to the treasury: 3/24/10 ~1700 7/16/10 ~1750 8/30/10 ~3700 Basically, BoA is claiming that they sent out 3 checks, the treasury department is claiming they only received one. I think I have literally found the problem with all my issues. Now, my next step is to wait for BoA to call me back - and have them pull up documentation that the first two checks sent out were cashed, because they were sure taken out of my escrow. Transaction numbers, check copies, something. If they can't, I expect that to be credited back into my account. If they can, then I take that information to the county treasury and say "here's proof checks from my account were cashed, find my money." Anyone have any suggestions/comments or dealt with something similar? How long did it take to get resolved?
|
|
#
?
Jan 12, 2011 16:26
|
|
|
A family friend who is dying of cancer is trying to sell her house valued at $525,000 and is willing to go as low as $400,000 to sell it quick and because we know her so well. It's in a good area but not in a place we ideally want to live so we'd probably be turning it around in about 1-2 years and re-selling it. My only concern would be what happens to the value of the house in that short a period of time. Would I have to be absolutely retarded not to take this offer up?
|
|
#
?
Jan 14, 2011 00:48
|
|
|
jerkstore77 posted:A family friend who is dying of cancer is trying to sell her house valued at $525,000 and is willing to go as low as $400,000 to sell it quick and because we know her so well. It's in a good area but not in a place we ideally want to live so we'd probably be turning it around in about 1-2 years and re-selling it. My only concern would be what happens to the value of the house in that short a period of time. I would pass. There's a ton of sunk costs in buying a home, and the market for 1/2 million dollar houses isn't what it was, especially if you're in a former boom area. I mean you could buy it and make some money at the end, but you could also be stuck in a house you can't unload in 2 years.
|
|
#
?
Jan 14, 2011 00:58
|
|
|
jerkstore77 posted:A family friend who is dying of cancer is trying to sell her house valued at $525,000 and is willing to go as low as $400,000 to sell it quick and because we know her so well. It's in a good area but not in a place we ideally want to live so we'd probably be turning it around in about 1-2 years and re-selling it. My only concern would be what happens to the value of the house in that short a period of time.
|
|
#
?
Jan 14, 2011 01:01
|
|
|
skipdogg posted:I would pass. There's a ton of sunk costs in buying a home, and the market for 1/2 million dollar houses isn't what it was, especially if you're in a former boom area. I mean you could buy it and make some money at the end, but you could also be stuck in a house you can't unload in 2 years. I'm not too worried about unloading it. It's in the SF Bay Area in a well desired location with no room for new development. quote:What makes this house worth $525,000? It's estimated based mostly on recent nearby home sales.
|
|
#
?
Jan 14, 2011 01:13
|
|
|
jerkstore77 posted:I'm not too worried about unloading it. It's in the SF Bay Area in a well desired location with no room for new development. I'm a bay area goon and fairly familiar with the various markets here, because I did a lot of research before I bought my house a year ago December. quote:It's estimated based mostly on recent nearby home sales. Critically: estimated by whom? You need a professional appraisal, not just a value from Zillow or something. You should never* plan to flip a property in 2 years unless you are making very substantial capital improvements to it which will increase its value. Because, remember, the seller pays 6% of the property's value just in comissions to the buyers' and sellers' agents. Add in additional costs of selling and you'd need to see the property appreciate by something like 8+% just to break even. $400k could easily be a huge bargain here, depending on condition and location. But it sounds like a really big risk of losing whatever discount you're getting to depreciation if you have such a short horizon for reselling. *OK almost never. There are special circumstances, but the more special the circumstance, the less likely you can get good advice from forum goons.
|
|
#
?
Jan 14, 2011 01:22
|
|
|
Is there a house selling megathread yet? My dad is looking to put the house on the market, and he wants to use some whatever website "forsalebyowner.com" or some such, and he (and I) don't know if any online site like that is useful, or credible.. I mean, what's the best way to list your house?
|
|
#
?
Jan 14, 2011 09:36
|
|
|
Turkeybone posted:Is there a house selling megathread yet? My dad is looking to put the house on the market, and he wants to use some whatever website "forsalebyowner.com" or some such, and he (and I) don't know if any online site like that is useful, or credible.. I mean, what's the best way to list your house? Would also appreciate such a thread. I just got transferred to another part of town and my drive has increased from 40 minutes to a minimum of 75 and on bad days 2 1/2 hours. I'm slightly underwater and really have to start getting creative (ie: renting, etc.). Collaborating with goons always seems to help give me insight! 
|
|
#
?
Jan 14, 2011 12:58
|
|
|
xaarman posted:After an hour on the phone, and getting the guy on the other end to agree with me that my BoA escrow was jacked, he's going to look into it more and call me back. Anyone?
|
|
#
?
Jan 14, 2011 15:28
|
|
|
Okay so my wife and I are starting to think seriously about buying a house. We spoke to a lender yesterday who mentioned the FHA 203k program. Anyone have any kind of experience with this? I know foreclosures can be really up and down with what you can get but this program seemed to allow major repairs to take place and roll in the cost into the loan. Plus, Bank of America seems to have a program with Home Depot where BoA will handle the 203k loan and has Home Depot contract out the repairs. I know we are only just starting (and I've read this entire thread and every link in the OP) but I'm looking for all the advice I can get.
|
|
#
?
Jan 14, 2011 20:00
|
|
|
xaarman posted:Anyone? I've never heard of an escrow company failing to make escrow payments and then lying about it. I doubt many people here have experience with such a thing. Seems like you're on the right track, though: they have to have proof somewhere that they actually made those payments, and if they don't either prove it or refund the money taken from your account, you need to talk to a lawyer. Thwomp posted:Okay so my wife and I are starting to think seriously about buying a house. We spoke to a lender yesterday who mentioned the FHA 203k program. Anyone have any kind of experience with this? When my wife and I were looking at foreclosures last year, we briefly considered doing something like this - there are some pretty "distressed" foreclosure properties out there, and we figured we could get a crazy discount this way. However, the dealbraker for us was having to keep renting our current place while starting mortgage payments on the new place, for an indefinite period until major repairs were completed. We realized that we could wind up in really serious financial trouble if we planned for two months and then it turned into six. If you have a situation where you can afford to live somewhere else while starting payments on the mortgage, though, it seems like a good way to pick up a bargain property and fix it up. My one worry would be that the amount being spent on repairs does not necessarily translate into an equivalent increase in property value. Some upgrades/fixes seem to add nicely to value (kitchen upgrades, hardwood floors, etc.), but probably there are some expensive repairs or upgrades that don't "pay themselves back" fully in property value.
|
|
#
?
Jan 14, 2011 21:51
|
|
|
My wife and I are currently living rent free (parents..for almost 3 years now) (also sweet god do we need to get out) so time isn't an issue while repairs are going on. We aren't looking at the program to significantly raise the value of the property. Of course, taking a foreclosure out of foreclosure status and making repairs will certainly do something to raise its value. However, we are looking for a great deal and this program seems designed to allow you to make improvements (energy efficiency increases, remodel kitchens/baths, repair "distressed" areas of the house to livable status) and still get a bargain. We'll be looking to stay in it for 10+ years (we despise moving). And lord knows my wife likes to put her own touch on a house so making repairs to a foreclosure to make it our own is really appealing. My concern is trying to work with BoA or Home Depot if something goes wrong with the repairs. I don't like the idea of trying to get a conflict resolved with two faceless corporate behemoths.
|
|
#
?
Jan 14, 2011 22:08
|
|
|
Home Depot contractors are among the worst, but they should minimally be insured and licensed which beats most craigslist guys. Have you considered buying a house that doesn't need escrowed repairs? I think that is the way to go if you are not doing the repairs yourself.
|
|
#
?
Jan 14, 2011 22:27
|
|
|
I think you should pursue 203k outside of BofA. I think most lenders that are willing to do an FHA loan (and that's pretty much all of them) would consider a 203k. But more importantly, you want to be free to select your own contractor. The contractor makes an estimate which is binding and then they get paid directly by the lender, so you won't have to deal with shady contractor bullshit regardless (in theory, anyway). But it seems like this is a good fit for you, since you're living rent-free and want to keep the house for a decade or more. One thing to be absolutely sure of, though: you decide what work will be done and exactly how it will be done in advance, and then you don't change your mind after work starts. The instant you start loving around with the plans, you rapidly inflate costs. If your wife is a hands-on micromanager type, she'll either be frustrated by being prevented from doing that, or she'll cause you to incur unreasonably huge expenses. If your wife wants to "put her own touch" on stuff, you should just buy the house and do the work yourself. It'll take longer and depending on the project it might be a lot of work, but you're living rent free and you'll get the house for cheaper, so you'll have the cashflow to do it. And you'll have the freedom to make customizations and personal touches to your hearts' content.
|
|
#
?
Jan 14, 2011 23:00
|
|
|
Looking for a little bit of advice on whether or not I should buy a home this year or not. 24 years old Gross income of 35k/year Live with parents ($200/month rent) $6,000 motorcycle debt (135/month) I was really hoping to purchase a home at the end of this year after saving up a bit of cash, however I've been questioning myself on what I should do first: pay off the motorcycle and then save up for a house so I'll be debt free, or continue to save up for a house and have ~$12,000 to use for a down payment and closing costs at the end of the year. The only reason I ask is because I'm worried about prices/rates hiking up next year if I decided to pay off the motorcycle first. My price range is around 80-90,000. My parents are in no hurry to shove me out the door, but I feel that as I'm approaching 25, its probably time to get my own place.
|
|
#
?
Jan 15, 2011 00:58
|
|
|
Auron posted:Looking for a little bit of advice on whether or not I should buy a home this year or not. You should move out and rent an apartment. Now let me justify that: first, you're (I assume) unmarried, and you're young enough that it seems unlikely to me that you've already solidified a career. But buying a house will tie you down for at least 8+ years to a location and an income. Buying a house is not so much a financial decision (it is one, of course, a huge one) but a life choice. Home ownership suits certain lifestyles and not others. Also, you seem to be concerned over amounts of money that seem pretty low to me. Then again, maybe you live in an area where you can buy a house for $80k? Otherwise, the payment on your bike should be irrelevant. Because some day you're going to need a new form of transportation and you'll still be owning your house. So you'd better be able to afford that! Prices might rise a little next year, but not enough to be worth considering as the most important factor. You've been paying $200/month in rent. That won't even cover your combined utilities bill at your new home, most likely. You need to establish for yourself that you can live on your income while actually supporting yourself, and that means rent, groceries, utilities, transportation, and so on. Do that for a year or two and then you'll have a much better (or any) idea how much you can actually afford to pay for a house. You'll also have some concept of what living arrangements you actually like. I've made some assumptions here so feel free to provide more details if I'm way off base. Leperflesh fucked around with this message at 01:10 on Jan 15, 2011 |
|
#
?
Jan 15, 2011 01:08
|
|
|
If you owe money on a motorcycle, you probably should not be buying a house. If you want to get your own place, rent. If home prices are that low, rentals should be pretty low as well.
|
|
#
?
Jan 15, 2011 01:08
|
|
|
Leperflesh posted:You should move out and rent an apartment. I have a pretty reliable paid for vehicle right now, but also a seperate savings account in which I throw $200/month into for vehicle repairs/eventual vehicle replacement. I have a pretty decent career right now that seems pretty safe and on the rise (technician fixing aircraft components). If I live in the city (Milwaukee), houses are relatively cheaper, and in decent neighborhoods. The suburbs in which I live now, prices are out of my range (between 150-200k for a similar house in the city). Thanks for the advice so far, keep it coming. edit: I forgot to throw in I will have a roomate most likely. Obviously I can't depend on that as income, but the price range I'm looking at seems reasonable for what I make. Auron fucked around with this message at 01:15 on Jan 15, 2011 |
|
#
?
Jan 15, 2011 01:13
|
|
|
So, OK... but why do you want to buy a house? What's the rationale there? Are you itching to settle down, do some gardening, maybe some carpentry? Are you married or planning to be? Kids? Do you need a big garage? The thing is, houses are lovely investments. If your only reason is that "rent is throwing money away", that's a common misperception. Over the last 100 years, after accounting for inflation, residential real estate has appreciated at something like three or four percent per year. You can do better with mutual funds. Meanwhile houses are ridiculously illiquid, have huge transactional costs (buying and selling), and big maintenance costs just to keep their value constant. It's not quite as bad as, say, buying a boat, but its much worse than, say, investing in artwork. And especially for the first few years, only a very small portion of your mortgage+taxes payment actually goes towards principal. If you can rent for like 10% less than your total mortgage payment, and put that 10% into a good investment, you'll come out ahead.
|
|
#
?
Jan 15, 2011 01:19
|
|
|
Reasons I want a house: -A lot more space -My own yard -Can pretty much be as loud as I want inside without worrying about disrupting the neighbors below/above/to the sides. -Garage -Decorate it the way I want -Last but not least, something to call my OWN. I'm aware houses are lousy investments, but I want a place to live that is my own. I do have a girlfriend of 5 years who I will probably end up marrying once she is done with school in the next couple years and on her career path.
|
|
#
?
Jan 15, 2011 02:01
|
|
|
Those are good reasons, as long as you temper them with the awareness that it's likely to be really expensive or even impossible to sell a house within a few years of buying it. Think realistically about whether you or your girlfriend might want or need to go elsewhere for good jobs, especially since she's just finishing school. Financially, for what it's worth, one of my criteria before I bought a house was making sure that I'd be able to handle expenses, repairs, mortgage, and beer and still be able to save a substantial amount each month. On that note, the motorcycle loan - it suggests that you've recently been overspending instead of saving, which is the same habit that can get you hosed if you have a mortgage. So how much extra are you saving each month beyond the vehicle account right now? If you have any uncertainties, just rent for a while. Don't worry about "missing the buyers' market" or some poo poo like that. Other opportunities will arise if you don't do it now.
|
|
#
?
Jan 15, 2011 02:23
|
|
|
Yeah I've had some pretty terrible spending habits that I've recently began to change (last September), thanks to reading some financial books and doing a lot of research. I have an entire budget setup and save an additional $700/month towards a house/paying off the bike (whatever I decide to do) on top of the $200/month that goes towards the vehicle account. One of the reasons for not renting either is because it will become harder to save for a house if I'm paying a large amount in rent, whereas right now I'm able to stockpile my cash.
|
|
#
?
Jan 15, 2011 02:35
|
|
|
Auron posted:Reasons I want a house: Aside from that last bullet, you can do all of that with renting a house instead of owning it. Do yourself a favor and de-romanticize home ownership. It sucks unless you have the resources to keep it going and are set it where you want to be. I purchased my home in 2005 and basically am now renting due to the decline in home values. The catch is, I also am saddled with a freaking huge debt obligation to go with the debt. If you have money burning a hole in your pocket that you think needs to go to something useful, go invest in some index funds and call it a day.
|
|
#
?
Jan 15, 2011 04:26
|
|
|
I've been getting pressure to look into buying a house from my parents because "it's a good time to buy." But I am constantly hearing contradictory reports, and can't really decipher the http://www.standardandpoors.com/home/en/us linked in the first post. Housing tracker seems to show that prices are the lowest now that they've been since 2006 (which is as far back as it goes) http://www.housingtracker.net/asking-prices/seattle-washington/ I see houses like this http://www.redfin.com/WA/Mountlake-Terrace/24203-58th-Pl-W-98043/home/2722210 listed in the Seattle area, which seem to be listed at pretty affordable prices. The other big argument I hear to buying is, rent is $1200 a month for me. That's a hell of a lot of money, but we are in a pretty good location. We are willing to deal with a worse commute to own a house, but if we are renting, location is far more important. If we had to, we could also rent out a room or two to friends / family in the area if we bought a house to bring our monthly payments down. I am open to farther exploring house buying if the time truly is right, but cash wise I've still got like 3 years left on my $500 monthly student loan, my girlfriend is in college still, and I wouldn't really be able to put anything meaningful down for a down payment. If the market were static and not as crazy as it is, my plan was to wait about 4 years until I pay off my student loan and get some cash saved for the 10-20% down payment, and my girlfriend graduates and gets a job.
|
|
#
?
Jan 15, 2011 04:52
|
|
|
I have a 401k from previous job that I rolled over into an IRA. Can I borrow from the IRA toward my down payment as a first time home buyer without any penalty? A google search tells me I can because of some tax breaks enacted in 1997 but I'm really dumb with this stuff and won't get to talk to my lender until next week.
|
|
#
?
Jan 15, 2011 06:55
|
|
|
Auron posted:Reasons I want a house: As someone that just bought a house about a year ago, let me give you a counterpoint to your reasons. 1- Space. You can find a large apartment or rental home easily. Space isn't a reason to buy a house. 2- You're own yard. Yards suck. Every weekend I have to spend 2 or 3 hours doing loving yardwork. It sucks balls. I much rather spend that time doing something else. You can either kiss every Saturday morning goodbye or pay someone to do it for you. Yards are totally overrated. Think about what you need a yard for, then weigh it against the bullshit that comes with it. Mowing, fertilizing, raking up leafs, it goes on and on. 3- Somewhat valid, but you can't get obnoxiously loud. City noise ordinances still count unless you're in the country somewhere with no one close by. Playing loud music at 3AM will still get the cops called on you. 4- Garage? Some apartments and Rental homes have garages. It's not a reason to buy a house. 5- You can decorate many apartments and homes how you want as long as you return them to the way they were when you moved in. 6- Something to call your OWN? You mean something to chain you down. Homes take away tons of options in life. Better job in another state available? Guess what you have a house that might not sell. There's a thousand other reasons not to buy a house right now. You're 25 years old. DON'T DO IT. I love my house, it's in a great neighborhood, has every feature I want, and it's in a fantastic location but if I had to do this all over again, I much rather rent a house in this neighborhood than be tied down to this 30 year mortgage. Don't try the 'THROWING MY MONEY AWAY ON RENT' argument either. You know how much money I've 'thrown away' this year on property taxes and mortgage interest? Over 11,000 dollars. All those closing costs and fees last year when I bought the place? About 6K. Guess what, that's money 'thrown away' as well. That's not equity in my house. Don't forget the 6% in fees when/if I ever sell the place. That's money out of my pocket as well. I would say out close to 17K in total housing expenses in the last year or so, maybe 3K of that translates into paid equity in my home.
|
|
#
?
Jan 15, 2011 07:03
|
|
|
Thanks for the advice everyone...I think I might just pay off my bike in April and find a nice apartment at the end of the year with a garage.
|
|
#
?
Jan 15, 2011 08:01
|
|
|
You pay property taxes whether you rent or buy, your landlord isn't covering them for free out of the kindness of his heart- they are included in your rent. The same is probably true of mortgage interest, though that obviously depends on your landlords situation.
|
|
#
?
Jan 15, 2011 10:13
|
|
|
I should mention that even if you're rich as hell and your location more or less cemented renting is almost certainly the correct answer as someone unmarried. Mark Zuckerberg rents his place in Palo Alto even though he could afford to buy a house nearly every day (even at incredibly expensive Palo Alto prices) for a few years straight. There should be no shame in renting IMO. There are a great deal of headaches associated with houses and marriage. I made the mistake of thinking I'd be forever single (although everyone I knew thought it was completely reasonable given who I am and all) and that bit me pretty hard on top of the housing crash. If you're such a boring person as to be setting your sights on a house as a 20-something, I'd suggest focusing more upon your career and general investing (the principles matter in the long run), not jumping into real estate like it's some foolproof "investment." What worked for our parents' generation is almost guaranteed to not work for us. Chainclaw posted:If the market were static and not as crazy as it is, my plan was to wait about 4 years until I pay off my student loan and get some cash saved for the 10-20% down payment, and my girlfriend graduates and gets a job. Houses are a time and money sink for a trade-off of freedoms.
|
|
#
?
Jan 15, 2011 10:38
|
|
|
Leperflesh posted:I've never heard of an escrow company failing to make escrow payments and then lying about it. I doubt many people here have experience with such a thing. Seems like you're on the right track, though: they have to have proof somewhere that they actually made those payments, and if they don't either prove it or refund the money taken from your account, you need to talk to a lawyer. Each of the checks were returned to BoA (but not listed on the tax information page,) so they credited it back to my account. Now I had a ton of money left over after taxes were due, so they issued me a refund check, which came from said escrow account. When I originally called and asked why they were sending me a check, they said it was standard practice to refund extra money not needed for that tax year. What I failed to do was actually call my county to verify that my taxes were paid (and I am going to start doing from here on out.) Moving on, the country treasurer then sent BoA a bill for my taxes plus interest, which BoA paid. However, it put my escrow account in the hole because of the refund check that was sent out. Next problem I had was I paid the interest on them screwing up. BoA countered with they only paid the bill that was sent to them. Fair enough - I can't argue that. When I get back home (I'm away for work) I can go to the county treasurers office and get a sheet a sheet that says what the taxes were and what the interest was from lack of payment, and they will reimburse me. It's only $139.XX, a far cry from the ~$3700 I was dealing with before, so I'm debating if I should even press it. This has been a lovely 5 month battle. Finally, they removed a stupid "reserve fund" 50 dollar build up that they had tacked on to my mortgage for no apparent reason. xaarman fucked around with this message at 15:00 on Jan 15, 2011 |
|
#
?
Jan 15, 2011 14:28
|
|
|
As someone who bought at 23 (a year and several months ago) I can't help but caution others from buying too young. While I live in a nice part of NYC and I really can't complain at all about my neighborhood, I already regret it since I am no longer able to just up and move around to different areas each year. While my job is stable and I can pay bills just fine right now, I don't think I could make ends meet if the person renting out my 2nd bedroom left, or if my Co-Op raised the maintenance fees sharply. It also sucks that I need the roommate's money to make ends meet because I often wish I could have the place to myself. Lastly while I like what I do and I have no worries about being fired or laid off having this overwhelming financial obligation means that I can't venture out and try something else, since I can't risk the mortgage, especially since Dad cosigned on it. What makes me feel especially trapped is that an attempt to refinance backfired in the worst possible way, with the appraisal coming back way low, and now I think I'm underwater.
|
|
#
?
Jan 15, 2011 18:12
|
|
|
|
| # ? Apr 25, 2024 05:31 |
|
|
greasyhands posted:You pay property taxes whether you rent or buy, your landlord isn't covering them for free out of the kindness of his heart- they are included in your rent. The same is probably true of mortgage interest, though that obviously depends on your landlords situation. Yes, but they are upfront costs that are included in rent. When people talk about "throwing away money" on rent, they typically just compare rent to mortgage payments and forget all of the other costs that skipdogg mentioned. Closing costs are also NOT something that are usually included in rent and they are substantial unless you actually stay in one place for 10 years or so.
|
|
#
?
Jan 15, 2011 19:48
|
|
