Should I sell my house anons? I can barely make my payment. I hate my job. I'm trapped with this mortgage. I've only paid 8,000 into the principal since I've owned the house. Rest is being eaten up by escrow and interest.
Is owning a house a meme or do I just need to tough it out? Renting seems to be much more appealing.
oh christ user...pay attention to the markets, another giant crash is immenant, sell now while u can, renting is the only choice in this current state.
Rent. A mortgage seems cheaper from the outside but then the gas bill and property tax show up...
>Buying into boomer meme housemarket just before crash
Jesus man
Not worth buying when houses cost 20x median annual household income
Are you retarded?
I've owned the house a few years now
Moght not be worth the transactional costs to sell even if you wouldnt buy again
The numbers will tell you what to do.
What's your current equity stake?
What's your mortgage right now?
How does that compare to rent on an equivalent home?
If you sold, how much would you net after all fees?
How much value increase have you received over the years if any?
Are you planning on moving to a different city in the next few years?
You have to do the apples-to-apples comparison.
An intelligent post on Jow Forums? Gtfo
>What's your current equity stake?
I don't know?
>What's your mortgage right now?
high enough i can barely pay on it
>How does that compare to rent on an equivalent home?
>If you sold, how much would you net after all fees?
I don't know. I would be happy just breaking even which im sure i would do. House is in good as shape as when i bought it
>How much value increase have you received over the years if any?
>Are you planning on moving to a different city in the next few years?
I would like to move, i hate my life. maybe a change would be good
A financial illiterate on Jow Forums? Now this is more like it. Please to sell your house at a loss and put it all into chainlink sir
Well owning a house you can barely afford is most definitely a meme.
Do you not get mortgage statements? These things should be listed. Also, you can look up recent comparable sales in your area to get a rough idea of what the place is worth.
You need to do your homework, user. I do real estate on the side, so I can help you figure it out, but only if I have something to work with.
Generally, though, you have to be prepared for the right answer to be "stay put". Many housing markets in the US favor owning.
I pay $551.43 a month.
PRINCIPAL BALANCE
$72,371.74
LOAN AMOUNT
$78,850.00
CURRENT INTEREST RATE
4.375%
MATURITY DATE
10/01/2044
Ok, now we're getting somewhere. So, next question: if you were to rent an equivalent place, what would the rent be?
Correlated question: what would your house rent out for? About 7-800 a month? The numbers actually look decent to keep the house but convert it to a rental unit. Then you could move to a cheaper place and pocket a couple hundred a month plus principal paydown.
That's fucking it?
You privileged mother fucker I'm paying 1k$ per month rent for a 1bed apartment in a boring shithole because mexicans took all the cheap housing.
How the mother FUCK did you get a house for 100k?
Most times it's better to buy than rent in the long run but I'm of the opinion the housing market is overvalued and will crash soon. I would get out now, but I'm also just a guy on the internet.
NYCfag here. I pay $2,500/mo for a 1br in the city. OP probably lives North Dakota.
I live in a shit hole town no one wants to live in. I also make $15.00 an hour and live alone.
Get the fuck out of the market now OP. Australia and Canada are collapsing now with Australia technically in a recession now. Take the loss because you will be much better off when the economy goes belly up soon enough. You'll feel a whole lot better with renter protection laws overstaying your welcome like a large chunk of the population when shit hits the fan.
Can you have direct sunlight on your balls without anyone calling the police?
>So, next question: if you were to rent an equivalent place, what would the rent be?
I dont want an equivalent place. Its a three bedroom and i live alone. i dont need all these rooms.
>Correlated question: what would your house rent out for? About 7-800 a month?
yeah
>The numbers actually look decent to keep the house but convert it to a rental unit. Then you could move to a cheaper place and pocket a couple hundred a month plus principal paydown.
That's really smart and I've never thought of it. Only issue I guess would be,renters tend to be shit. They bitch and moan about the most minor of things and since it isn't there home, they don't care for it properly.
>Can you have direct sunlight on your balls without anyone calling the police?
While holding an assault rifle and a big gulp at the same time?
That's what a rental management company is for. Bssides you don't actually want it so how does that affect you?
>can barely afford 550/mo
I don't think the house is your problem lad. Also you have three room rent one out and problem solved
I dont want to have to deal with someone calling me bitching about things or them not paying or moving out and wrecking the place
>Also you have three room rent one out and problem solved
I like being alone. I'm a anti social Jow Forums neckbeard. do you think i want to be around people?
>I dont want an equivalent place.
You are missing the point. I'm trying to evaluate your local market and these numbers are important. But, if the rent is in the 750 range, then that's enough to describe things.
>That's really smart and I've never thought of it. Only issue I guess would be,renters
Yes, you have a lot of options when holding real estate. But yes, renters can be a pain, but they will slowly buy you a house and put money in your pocket each month. And as says, definitely get a management company. Also, don't worry too much about "renters wrecking the place", it's often a meme and can be mitigated by proper candidate vetting. The largest single cost to a landlord is vacancy, remember that.
Or just as good, do a house-hack like suggests.
This guy is honest and I enjoy reading his posts because it's helping me get advice for considerations of buying a house later this year and basically being him, but not wanting to feel like I'm throwing money away by renting and still not having the freedom of a garage and driveway.
Is it worth selling now if I have paid off the mortgage? The taxes are about $400 a month, although Im renting a room to a friend that might bail depending how things are going with his girl. I've gained about 20 grand in value according to estimates, but put in 30 grand of windows, so I wouldn't really "profit" if I sold. I can sell without capital gains tax in July. I live in Columbus, OH if that makes a difference.
A rough conservative estimate is sale costing 10% of the value
Fuck me, $400 a month, are you sure about that number? Not $400 a year?
I don't think you'd get ahead if you sold, but here's something to consider. If you're F&C, take out another mortgage on the place, just enough so that your renter covers that cost. And take that money and put it into either another place OR into something like VTSAX and start to work the spread. Unless you're on the verge of retirement, you should always have debt associated with your primary residence.
maybe ill look into renting. that would be really cool. if I could still have the house and have someone else pay for it
>Unless you're on the verge of retirement, you should always have debt associated with your primary residence.
Why not just buy a house and pay it off asap?
Yeah, I regret paying off the mortgage so fast. I let my family push me into the Ramsey "Only good debt is no debt" meme. Its a 3br house on a quarter acre lot in an area with decent schools, so the taxes are about $400 a month. I'm weighing my options since the house is good on paper all things considered, but having lived in it for about 2 years I just don't like the house layout or the area of the city. Trying to figure out if the financial benefits are worth staying in a place I just don't like.
/thread
If you own a home in this market and you're in trouble, it's like a guy in perfectly calm seas who can't control his boat.
Get out now. Major crash guaranteed in 3 years or less.
I predict Trump is re-elected and about 6 months after that, we're going to see the biggest collapse since the great depression.
You must live in absolute nowhere.
I live near Atlanta and a doublewide trailer on a small lot is going for $200k.
>You must live in absolute nowhere.
yeah, its a nothing to do town. And people are always like, man, must be nice to live so cheap.
But people don't understand what that is. They see a 550 mortgage payment and think, man, thats cheap. But they are looking at it with their salary. I make like 33 grand a year gross income. Not a lot of money.
It's all about the numbers. Your income will work a lot harder if you invest it in something like an index fund at around 9% than put into your tax-deductible mortgage at 4%. Plus it's much riskier since the bank will never give you that extra mortgage money back if you should lose your job, whereas Vanguard will gladly transfer the cash over if you need it. Even if you only owe a penny, the bank can start foreclosure if they don't get that last payment. And, best case scenario, you'll be debt free faster too (assuming you believe that having for example 100k in Vanguard and 100k in mortgage debt is "debt free equivalent")
Yea, Dave is not who you should be listening to anymore. But, man, 400 a month on a place that's only worth 100k or so is super-steep. That is a big negative, but if you do decide to rent, an upside is that it'll probably rent fast because of the school district. Personally, I do not like high holding costs.
Well, it was valued at 195K when I bought and now is potentially about 220K. Are reverse mortgages worth getting?
>Are reverse mortgages worth getting?
Oh sweet, barbequed Jesus, no! I've heard so many bad things. First off, they will grossly undervalue your home when giving you the mortgage. Secondly, often there's a clause that states if you move out of the home for any reason, they assume ownership. It's way better to rent the place out for income since you maintain ownership of the asset.
Based
Kikes are crashing the economy this year. Get out by fall.
No way Trump wins anyway given his betrayal of his base anyways.
Just a honest neckbeard trying to become slightly less miserable
The Jews 100% will ensure Trump wins. They need divisiveness and the left was winning too much. If one side wins then that side actually gets to impose their own policies, (((they))) need us yelling at each other indefinitely, they can't have one side win.
LOL pretty close to mine.
I'm thinking of selling before the next crash. I got in early and got a house in the SF bay before the crazy prices. I owe 160k and the house is estimated to be worth 650-700k. Is it worth selling? I'm stuck here due to my job and the rent being so high, I'm probably going to pay more if I sell and started renting.
Dunno, kikes would prefer full shitlib control so they can complete the transform america into a deracinated shopping mall to avoid pic related
>is it worth selling the SF bubble
nigger u crazy? sell before fall, it should take you at most 7 days to sell it anyways
If I sell, the cheapest rent I can find is 3 times my normal mortgage payment. I'm going to burn up through my sale funds pretty quickly unless I move out.
>intentionally living in ground zero shitlib
do I have to elaborate?
Move to Seattle or Austin. If you're in tech you know their is an Exodus of start ups and opertunity for you there. Plus the market is a lot better and those cities are pretty livable
I normally don't like you fuckboys moving in from the coasts, but seriously consider getting a job in Dallas, TX, OKC or Tulsa, OK, or NW Arkansas.
For 300 grand you can get a very nice 3000 sq/ft house (or a 2000 square foot house and 40 acres if you want a small farm) and be set for life. Take a decent job making 85-125k and you're 110% set.
>opertunity
Seattle is probably better. Austin is too close to nonwhite hordes. City is probably not even majority white.
Wtf? You have to pay 400$ in taxes per month? How fucking cucked are ppl in the us.
its a jewish redistribution program to pay for nonwhite gibs
yang is our solution; finally whites will get gibs too
People who are worried about buying houses high before "the crash," well it depends how bad the crash is. In 2008 there was a credit squeeze and asset prices dropped, but the next crash is probably going to be more like an inflationary spiral. Interest rates in the US are still record low, and the government is reaching record $1 trillion deficits, so the money supply has ballooned. Technological innovation has slowed down, so increased in per worker productivity won't be able to mask inflation as it has in the past. This is great if you have a leveraged investment in something with actual scarcity like real estate.
So now is a great time to buy a house, interest rates are historically low still, its just not as good as a time than 2 years ago, which wasn't as good as a time 2 years before that. If there is another "mild" crash like 2008 just wait it out. Make sure you have a couple years worth of emergency funds to cover the mortgage so you don't loose it. If there is a big crash and a currency crisis then you get free house essentially. If there is no crash you get gains on nearly free 5-10x leverage. Its a win win.
In the long run the dollar will lose against anything with real scarcity. And you can get easy leverage on real estate so its almost always a good investment. The system is rigged for real estate.
Seems reasonable.
Sickening shit
>2019
>falling for the housing meme
Unless you have enough money to buy a home you're retarded. Stop giving all your money to banks
>loan amount 78k
Do you live in Detroit or something? Here in Canada (Quebec) you can't get anything decent below 250 000$ unless you buy something in the middle of nowhere
B-b-but I was told buying was the adult thing to do and to stop paying my landlord's mortgage
>No way Trump wins anyway given his betrayal of his base anyways
The base has no choice but to re-elect him. Unless Yang manages to win the dem nomination
Now you are just giving all your money to the bankers.
>551.43 a month.
Stupid mother fucker. Hard to find a place to rent that cheap.
1. I live in a low income town. I dont live in New York. I live in the middle of no where.
2. I make 15.00 an hour. When you make 1800 dollars a month, losing 551 to mortgage is a lot. not counting electric bill, utility bill and all the other bills
Base is more than capable of staying home. See McCain/Romney.
bump
Why not rent out the house? Get a room mate?
im too anti social to tolerate a roommate. rent out the house is an option, but i dont know that ill do it
Find someone else who's anti-social? You can always give it a go.
>''Antisocial home-owner is looking for a roommate.''
You might just get a perfect candidate.
Reminds me of the shit town I used to live in, is it Longview?
In any case, I live in a large city myself and it's just the same shit except with more job opportunities and more places to never go shopping at. Average mortage here is $1.4k/mo plus expensive utility costs for a 2 bed townhouse.
owning a home may be better or worse than renting depending on its location
if the home is in a good neighborhood of a desirable city with a strong economy then you probably should try to keep it
if the home is in a flyover shithole with little prospect of capital growth you are probably better off renting and investing more havily in the stock market
another thing you could consider depending on your loan size is if you can rent out the home so that it pays for itself while you live elsewhere, giving the best of both options
Seems like the best options so far are
1.Sell the house
2.Move to an apartment and rent
3.Get a roommate
4. An hero
Yeah you probably live in some shithole where just getting a minimum wage job is an accomplishment. If you struggle to pay $550 a month you cant be making much more than $8 an hour kek
>owning a house
You didn't bought a house. You bought a loan.
Also for christ sake stop buying boomer bags.
1. An hero
2. Sell
3. Move
4. Roommate
>fixed the order
I make 15.00 an hour. About 1850 a month after ((((they)))) take everything out.
1850- 550 =1300 for the entire month.
This. Housing market's already started to shit itself in Australia. US and Canada aren't far behind
this
But the NewDayUSA commercial asks, "Why rent, when you can buy?"
You'd be better renting and using the savings to protect your assets by buying silver though Rosland Capital
Also, imagine being stuck in one place. ONE fucking place and the only way to leave is to go through the entire, painful process of selling/buying and paying huge fees in the process.
lol you cant afford 500/mo. what the literal fuck.