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The New "What did you do with your Z today" (with off topic replies) XV

Originally Posted by JARblue ( Click to show/hide ) Mortgage vs rent is the better choice in almost every scenario if your budget allows for it and you plan to

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The New "What did you do with your Z today" (with off topic replies) XV The New "What did you do with your Z today" (with off topic replies) XV
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Old 10-30-2014, 07:05 AM   #11 (permalink)
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Originally Posted by JARblue View Post
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Mortgage vs rent is the better choice in almost every scenario if your budget allows for it and you plan to live there at least 5 years. The loans are typically front loaded to pay off the interest, so the longer you stay the more you pay towards principal, building equity. At $1000/mon in rent, you lose $60K in 5 years. You're going to be hard pressed to buy a house and take that much of a loss in the same period of time. I know the numbers are more complicated, but the simple fact is renting has 0 chance for equity. The people that lose their a$$ on housing are typically people who are living above their means and bought a house they couldn't afford (no thanks to the banks selling those loans).


Also, we live in Austin. Housing in Austin is different from housing elsewhere. There was virtually no effect on the market in Austin when the $hit hit the fan a few years ago. I know because we purchased our house in March 2009. It is nearly always a seller's market here. I can't wait to sell our house. I'm not looking forward to buying lol
well the whole rent/own debate is arguable... i mean if i had a portfolio of equal value of the house i could more than likely make a cash-flow that would cover both rent and living expenses. but in canadia we have a div tax credit for canadia companies and such... but it's all about your current situation and what makes the most financial sense.

everyone has a unique situation and it all depends what you value and such... for me i opt'd for a car (albeit a sports car) over a downpayment for a condo because it may happen that a job opens up and i need to move to a new city and the car is mobile!

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Originally Posted by Gadgetech View Post
We refi'd from a 30 to a 15 about 5 years ago...best thing ever. Paid off more in the first 18 months than we paid off in the first 5 years of the 30 year. Interest rates were higher in the early 2000s as well which made a difference.

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the power of compounding! but yea my parents told me how in the 90's they had to finance a house around 15%... i'm like credit card rate?!?!?!? good on you for taking a much more aggressive regime to pay off the loan. you'll be debt free in no time!

little disclosure i am working in the financial industry so i do have a bit more insight towards this magical math thing... must be an asian thing... maybe...






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