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I've read the multiple threads on here and on WCI on buying vs renting but I'm still on the fence. I don't want to add more debt to my student loans.
I'm currently finishing first year in my residency in a small city, and renting a house for $1000 per month, which is higher than the average cost. My landlord wants to raise the rent by 15%, but will probably negotiate down to 10%. He states that he's giving partner and I a good deal because he saw a similar house being priced for $1500 (that place is still not rented), and if we weren't such good tenants, that's how much he would increase the rent by. The average around here is $800-900.
We've been good tenants - fixed up the place here and there, landscaping, always pay on time, and partner even helped him fix up his own place. We did look at renting again, but we have a dog, which complicates things, and the rental market does not have as many options as buying. We can likely find a place for $900 a month, but it will take more time.
Houses in this area are about $135k. There is currently one we are considering that was completely renovated so I am hoping it will require little upkeep. The housing market in this area favors buyers. We will mostly likely will stay here for the next 3 years. I definitely don't want to be spending more money per month on housing costs. Also, not sure how much of a hassle it is to buy a house with mortgage paperwork and the like. I am okay with potentially losing money when I sell the house if I am on an attending's salary.
Have those of you that have bought your own place felt it's been worth it? What things should I be considering when looking at houses in the area?
I'm just not sure if buying a house will give more peace of mind than renting.
it that even legal?Thanks for all the advice. Will be looking at rentals first, and if cannot find something, will probably go for the mortgage. Landlord wants 50% rent increase now, so won't be staying here regardless.
Assuming it's not in NYC, landlords can charge whatever they want.it that even legal?
I checked. It's legal to raise the rent however much they want. He has no current cause for eviction but he can raise the rent however much he wants, then if you don't pay it, they can evict you. It's things like this that really turn me off renting. I am still going for the renting first option, though currently nothing is panning out.
Thanks for creating an account just to spam your crappy house buying company. You can go now.Well if you want to buy a house that can be a very good investment in a long run, also if you wan to sell that house that can be easy especially if you go to investor sites like BrandonBuysDallas since they buy houses.
drunk and angry landlord - I vote against staying there!Thanks for the replies and the link to the other thread.
It's partly financial reasons and tired of dealing with landlords. My partner would have the time, but you're right on that we don't have extra money for down payment. We also do some (small) home repairs. The place we're looking at is more expensive than other houses in the area but has new HVAC, new appliances, completely remodeled, etc. You're right in that I don't want to deal with unexpected repairs, but I was thinking paying slightly more for a place that has just remodeled would be worth not having to replace anything for a few years.
I was looking at the NY times buy vs rent that was suggested in the other thread, and because housing cost is around 90-120k around here, rent should be 750 or less to make renting more profitable. I hear you on seller's vs buyer's market and while I'm not keen on sitting on a house that doesn't sell for a few months, I'm okay taking a 10-20k loss on attending salary when selling the house to have more peace of mind (ex AC was promised for 2 months now by landlord, but hasn't been done yet, and the 15% rent increase I suspect is largely because he knows I'm a doctor and thinks doctor = $$$). There are other issues with the landlord (he's around the house almost every day, gets drunk and angry on occasion) that are causing me to lean more towards buying.
I'm just not sure if buying a house will give more peace of mind than renting.
So how is buying less out of pocket?
You don't get how if you buy a house at say $200K, spend I don't know, $30,000 over 3 years additionally, and sell for even say $200K, that you potentially are more ahead than if you had spent $1500 a month for 3 years on rent?
You don't have to make money to end up spending less money.
You don't get how if you buy a house at say $200K, spend I don't know, $30,000 over 3 years additionally, and sell for even say $200K, that you potentially are more ahead than if you had spent $1500 a month for 3 years on rent?
You don't have to make money to end up spending less money.
I will say that the defining line of"short term" vs "long term" varies depending on market conditions.If you buy, you have a down payment, you have the mortgage, the escrow, and all the maintenance, the appliances, the landscaping. . . .
Short term buying is more expensive than renting. It just is. People who don't believe that are using very primitive means of analyzing costs.
Long term, buying does many things that promote wealth building, but I firmly people should buy houses when they are ready to buy a house. Not when the market is ready, or their friend or family member thinks so. You need to have flexibility in your finances to absorb the costs of ownership, and planning ahead for the appreciation to cover the costs of owning the house.
I've read the multiple threads on here and on WCI on buying vs renting but I'm still on the fence. I don't want to add more debt to my student loans.
I'm currently finishing first year in my residency in a small city, and renting a house for $1000 per month, which is higher than the average cost. My landlord wants to raise the rent by 15%, but will probably negotiate down to 10%. He states that he's giving partner and I a good deal because he saw a similar house being priced for $1500 (that place is still not rented), and if we weren't such good tenants, that's how much he would increase the rent by. The average around here is $800-900.
We've been good tenants - fixed up the place here and there, landscaping, always pay on time, and partner even helped him fix up his own place. We did look at renting again, but we have a dog, which complicates things, and the rental market does not have as many options as buying. We can likely find a place for $900 a month, but it will take more time.
Houses in this area are about $135k. There is currently one we are considering that was completely renovated so I am hoping it will require little upkeep. The housing market in this area favors buyers. We will mostly likely will stay here for the next 3 years. I definitely don't want to be spending more money per month on housing costs. Also, not sure how much of a hassle it is to buy a house with mortgage paperwork and the like. I am okay with potentially losing money when I sell the house if I am on an attending's salary.
Have those of you that have bought your own place felt it's been worth it? What things should I be considering when looking at houses in the area?