What’s your mortgage payments / interest rate?

[NoBacon]

I have some friends who have staggeringly high monthly payments to keep, it freaks me out so much.

It’s better to rent than have your entire net worth pinned on an asset that could be worth half as much at any point at random.

 

[The Shah of Iran]

I own my flat outright but between factor bills and insurance it's like paying rent anyway. I bought 10 years ago in the centre of a city that has gone to absolute shit and at worst estimate (and i mean being ruthless hard on judging it) the value is 60% higher.

You are talking war/disease before the value of your property will be cut in half because that's how high demand is. It might stagnate and renting might be make more sense temporarily, but long term the smart play is to bite the bullet and pay the mortgage.

 

[NoBacon]

I own my flat outright but between factor bills and insurance it's like paying rent anyway. I bought 10 years ago in the centre of a city that has gone to absolute shit and at worst estimate (and i mean being ruthless hard on judging it) the value is 60% higher.

You are talking war/disease before the value of your property will be cut in half because that's how high demand is. It might stagnate and renting might be make more sense temporarily, but long term the smart play is to bite the bullet and pay the mortgage.

If you bought at the peak recently, it can absolutely drop significantly in value. There’s no reason to think 2008 won’t happen again, or worse.

It’s all about when you buy.

 

[cachorro]

My mortgage payments all in are a bit over 2400. To rent a similar sized house in a neighborhood lacking in diversity like mine in my city would be substantially over $3000

Edit: Just did a search and the cheapest comparable I could find for rent was $3900

 

[NoBacon]

My mortgage payments all in are a bit over 2400. To rent a similar sized house in a neighborhood lacking in diversity like mine in my city would be substantially over $3000

Getting the down payment and paying today’s prices with the risk factor is worth that 600 extra for the flexibility to wait and see what happens imo.

 

[cachorro]

Getting the down payment and paying today’s prices with the risk factor is worth that 600 extra for the flexibility to wait and see what happens imo.

Oh no doubt. I bought at an incredibly lucky time and my area is super affected by this fugazi ass housing market so I'm not going to pretend that buying a house now is a good idea. When the market stabilizes I believe rent prices will be much closer to my mortgage payment.

 

[soulbrotherman#1]

I buy houses for 10 grand and live in the dilapidation like a nomad until it gets too bad

 

[aRTie02150]

I buy houses for 10 grand and live in the dilapidation like a nomad until it gets too bad

That's a good strategy.

 

[WifeStoreWill]

3.15%

 

[TheNanaDook]

2.5%, literally refinanced the week of the bottom. Bought the house in the mid $300ks, it's now showing in the upper $500ks. The only thing that fawkin sucks is that my state/county re-evaluates property taxes pretty frequently, so they jacked up my escrow. Still, I'm staying here until I die or until there's more than 5% niggers in my neighborhood.