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Buy vs Rent calculator
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  1. #1
    vrrrrrrrrrrrooooooom Administrator bugzy's Avatar
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    SoCalEuro Member TOYr32's Avatar
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    Re: Buy vs Rent calculator

    Its a pretty neat scenario . . . except it doesn't factor in living space, neighborhood, school ratings. I think these have a factor along with cost. I do like how it includes renovations and other fees (some like HOA do not apply).

    I've always had that debate on why I purchased a home, now we have to pay for maintenance, where as the apartment was free. Yard work, etc is a hassle, and don't get me started on property tax. But No I live in a nice culdesac with great neighbors, near a nice private school, facing the hills.

    Each will always have it's positives, but I still am an avid believer that renters shouldn't get a tax break (sorry)
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  5. #3
    SoCalEuro Member mike's Avatar
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    Re: Buy vs Rent calculator

    Yeah, I don't subscribe to that myth of homeownership being better anymore. After 7 years, my house is worth less then half what I paid. It would be worth more but my HOA dues are $340 a month, im on my FOURTH management company, hoa board has been recallled twice, were getting nailed for a special assesment, my hoa lost one lawsuit for failing to pay a vendor, may loose another and filed chapter 11. I put it up for sale, but the b uyer has to be all cash since my hoa is in trouble no bank will loan money on the property. I has been forsale for 7 months, I have had two cash offers, the bank pissed off both of them. I will sit until its foreclosed on at this point and take the hit on my credit.

    When you do the "rent vs buy" calculator you have to think of a few things that are left out. Upkeep and stuff you wouldn't pay if you rented. Stuff like taxes, landscapers, broken HVAC equipment, new roof, exterior paint, plumbing, etc have to be counted in. You, as most people now now, if the market crashes, your stuck. Divorce? Job offer out of state? Loss of income? No hope of getting rid of it easily or quickly.

    They both have their pros and cons. Personally im going back to renting and handing over a check every month. I would rather take my excess cash and invest it and have it some what liquid then be tied up in a house at this point. My portfolio has climbed back way quicker then I thought while housing is going to take another dip.
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  6. #4
    Northwestern Ambassador Administrator madajb's Avatar
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    Re: Buy vs Rent calculator

    Quote Originally Posted by mike View Post
    When you do the "rent vs buy" calculator you have to think of a few things that are left out. Upkeep and stuff you wouldn't pay if you rented. Stuff like taxes, landscapers, broken HVAC equipment, new roof, exterior paint, plumbing, etc have to be counted in.
    The calculator does have that, it's just hidden in the "advanced" section.

    They both have their pros and cons. Personally im going back to renting and handing over a check every month. I would rather take my excess cash and invest it and have it some what liquid then be tied up in a house at this point. My portfolio has climbed back way quicker then I thought while housing is going to take another dip.
    Depends on many factors, it's true.
    For me, it's not a financial calculation so much as an emotional one.

    I like owning my own little slice of property. In an apartment, you never get that sense of "master of all I survey".
    (Which in my case, is the front hallway, the laundry room and a bathroom. heh)

    -ajb



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    Re: Buy vs Rent calculator

    Agreed with madajb.

    I pay 25$ less per month now with my mortgage and HOA combined as I did rent. But I always had to have a roommate. In my case... way better to own!
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  8. #6
    The Italian Job Moderator FunkTron's Avatar
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    Re: Buy vs Rent calculator

    Quote Originally Posted by VWaGoGo View Post
    Agreed with madajb.

    I pay 25$ less per month now with my mortgage and HOA combined as I did rent. But I always had to have a roommate. In my case... way better to own!
    That's cuz the situation you bought yourself into is awesome. Congrats again.
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  9. #7
    SoCalEuro Member mitssn's Avatar
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    Re: Buy vs Rent calculator

    Where is the "Live with your mom forever vs. rent vs. buy" calculator?

  10. #8
    vrrrrrrrrrrrooooooom Administrator bugzy's Avatar
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    Re: Buy vs Rent calculator

    I'm waiting for my tax return this year
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  11. #9
    The Italian Job Moderator FunkTron's Avatar
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    Re: Buy vs Rent calculator

    Quote Originally Posted by mitssn View Post
    Where is the "Live with your mom forever vs. rent vs. buy" calculator?
    better yet would be the "bought a condo at 21 while in college and sold it at the prime of the market to pay off medical expenses and move home and pay only one mortgage for a handicapped parent vs rent vs rebuy" calculator?
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  12. #10
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    Re: Buy vs Rent calculator

    Quote Originally Posted by VWaGoGo View Post
    Agreed with madajb.

    I pay 25$ less per month now with my mortgage and HOA combined as I did rent. But I always had to have a roommate. In my case... way better to own!
    Need to factor in maintenance/repairs.

  13. #11
    vrrrrrrrrrrrooooooom Administrator bugzy's Avatar
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    Re: Buy vs Rent calculator

    Quote Originally Posted by Paul View Post
    Need to factor in maintenance/repairs.
    Definitely have to factor those in. I dont think you can write it off, if its for your own residence. But if its a rental, you can write it off.
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  14. #12
    SoCalEuro Member TOYr32's Avatar
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    Re: Buy vs Rent calculator

    Quote Originally Posted by bugzy View Post
    Definitely have to factor those in. I dont think you can write it off, if its for your own residence. But if its a rental, you can write it off.
    If it's a rental you have to be within a certain tax bracket to write off maintenance expenses right away. Otherwise you have to keep that info until you sell it.
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  15. #13
    vrrrrrrrrrrrooooooom Administrator bugzy's Avatar
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    Re: Buy vs Rent calculator

    Quote Originally Posted by TOYr32 View Post
    If it's a rental you have to be within a certain tax bracket to write off maintenance expenses right away. Otherwise you have to keep that info until you sell it.
    good to know
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  16. #14
    SoCalEuro Member mike's Avatar
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    Re: Buy vs Rent calculator

    Quote Originally Posted by madajb View Post
    The calculator does have that, it's just hidden in the "advanced" section.



    Depends on many factors, it's true.
    For me, it's not a financial calculation so much as an emotional one.

    I like owning my own little slice of property. In an apartment, you never get that sense of "master of all I survey".
    (Which in my case, is the front hallway, the laundry room and a bathroom. heh)

    -ajb
    Oh, I'm with you on that one. Next place I buy will mean I'm not going anywhere, and hopefully a chunk of land with it. i want my 40 acres and a mule. I just think the rat race of "you have to buy NOW or you will never be able too" of owning a home in the suburbs is HIGHLY overrated
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