Is it worth buying a home if I don't plan on procreating and there won't be anyone to inherit it? Doing some math on what money I have, how much I need, what loans I can get, and keeping monthly installments under 30% of my total pay, I get the following: >if I rent for life it will cost me X per month >if i buy, it will cost me 2x for month, for 30 years. >after i buy a home and live in it for 2x30 years (60 years), i will have saved money >i am 30 year old right now >if i buy property, when i am 91 years old, i will have started saving money from my purchase
Doesn't really seem that great of an idea. I also lose the mobility of just changing what I rent, or if it needs repair to just move to a new place instead of repairing. I would avoid the risk of rent prices going up, but walk into the risk of having to pay for repairs, or being static in a bad neighborhood with dropping property prices so I can't trade it to get out. Really, I don't think its worth it to buy a home for yourself, its only worth it for the next generation, of which I don't plan to produce.
obviously depends on the rent to buy ratio but you seem to account for most things from a private person's standpoint. there are a few other factors from a commerical point of view like leverage
Sebastian Wood
why is buy 2x a month? where i live buying is cheaper than renting per month. it really depends on the location. for example i doubt a house in the center of paris is going to lose value, it will most likely gain overtime, but a house in the huge united states in some random suburb? i doubt its going to gain any appreciation imo it will slowly lose value. what i want to say is there is no correct answer to your question because it all depends on the location and rent to buy ratios
Owen Thomas
im in the same mindset but even if I had a child why the fuck buy
I know harvard had a calculator whether you should buy or rent
most of the time rent is the correct choice.
Youre gonna die anyway, why the fuck you gonna make your life hard and be "house poor"
Cause every other fucking dumbbass is doing it too? Fuck that.
Imma rent till I die or if I make enough of this crypto to flip properties.
Only point to properties is to flip. If you make enough money, rent is just the price of life.
Neets get scared of renting cause they think their money is just going into a hole.
It is if you buy. No worries as a renter to fixing things, security, etc.
This isnt 1970 anymore people, let the rich own the homes, I really dont gaf about cars or homes. Shitty assets on avg
Grayson Perez
If you buy in a good area the appreciation of the property value should easily net you 6 figures in 10-20 years, so your calculations are off
Blake Thompson
The apartment I rent is 500 units of money per month. To buy an apartment like it (slightly larger), I will need to pay 1000 units of money per month, for 360 months. I've done the calculator for a few banks, and with a few apartments that I saw listed for both rent/sale, and its usually like that. Monthly installment to buy with a bank loan is 2x monthly pay to rent.
Gavin White
as long as you consider the house is going to be appreciate even if only 0.5% a year in most scenarios buying is the better option because of leverage.
Jaxson Ross
thats crazy where do you live? if i can rent for 500 with a mortgage i would probably be paying around 400 for the same place
Jacob Martin
Sofia, Bulgaria. I am talking about the nicer (not elite, but nicer) parts of town. I don't want to live in a slum and drive 1 hour to work every morning.
