Frugal Village Forums banner

1 - 6 of 6 Posts

·
Registered
Joined
·
5,276 Posts
Discussion Starter · #1 ·
Hi everyone, it's been a long time since my last post but we have been very busy paying off all credit cards and piling money into our savings account for a house. We also put about $4500 into our cars to keep from adding another loan. We started getting very serious last September. We paid off almost $14,000.00 on credit cards and medical bills. We now only have my car payment and our reward is we are getting ready to close on a house. We have been looking to buy land and build for the last 4 or 5 years but building is just not an option around here. The oil/gas boom totally pushed buying land out of the picture, so we decided to buy an existing home. Adding this new debt is something we can live with. NO MORE RENTING SOMEONE ELSE'S MONEY PIT.
 

·
Registered
Joined
·
2,100 Posts
yes when you are renting you are just helping some one else i know from experience before i married the second time i own a home it was paid for so i sold it fixed up his home guess what i got in divorce more bills so i rented for few years then bought another house wasn't satified sold it rented for several years and two years ago bought a new mobil home now having make payments i look back now see how things could have been different but hindsite is always clearer then foresite.
 

·
Super Moderator
Joined
·
2,001 Posts
I'm of the opposite belief, I would rather rent someone else's money pit than throw money into my own!! I don't have to pay property taxes (which keep going up), insurance is $75 a year instead of several husband, when anything goes wrong, I call the management company and they send someone to fix it, no cost to me. And if I decide I don't like it, I can move at the end of my lease.

I was looking at maybe buying something last year, but I would have needed to take out at least $40K out of my retirement for a down payment, which would have created a huge raise in income taxes, as well as what I pay for health insurance. You can't just compare mortgage payment to rent, there are a lot of hidden costs.

That being said, owning a home is a great idea for a lot of people, just not me right now.
 

·
Registered
Joined
·
423 Posts
I don't have to pay property taxes (which keep going up), insurance is $75 a year instead of several husband, when anything goes wrong, I call the management company and they send someone to fix it, no cost to me.
I was an investor/landlord from 1975 to 2014 when I sold my last property. I'm certain that you pay the property taxes, the insurance, and the repair & maintenance costs - plus a profit to the owner. But that doesn't mean that you should 'own', that decision is based on other factors.
 

·
Super Moderator
Joined
·
2,001 Posts
Last place I rented before this one was $595 a month. Condo fees (paid by owner) were about $570 a month. I don't think the owner was making much profit there!!

ETA - just noticed in my previous post, I meant to say several HUNDRED, not several husband!! I don't think you can pay any bills in husbands.
 
1 - 6 of 6 Posts
Top