Quote:
Originally Posted by cured13
Just compare the bills: one year renting 2beds 1 washroom (all in) vs one year of owning that house
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Mortgage: $788
Water:$26 (includes waste disposal)
Taxes (built into the mortgage payment)
Electric: Paid $137 last month in the heat of the summer
As far building equity.... My house was bought for 100k, the house across the street from me built in 69 (mine built in 89) sold for 130k cash. Last "estimate" according to Zillow puts my house in the $137k today and with the addition of all things the city is putting in (Amphitheater, Train system, and shopping district), it should only improve.
That said, I didn't buy my house for what it will be worth 10/15/20 years from now. I bought it for the market it is in, that my rent is basically controlled by me, and when I'm paying the bills.... I have something at the end.
As for rent, they are putting new apartments at the end of my block (right next to the train station that is already up and running), 1b/1B starting at the 9-1000/month. Same goes for where my sister used to live. (lets not even get into the fact there is no renters insurance in that price or doggy fees for pets)
Sure we have to mow the lawn and change our own air filters and light bulbs, but rent by and large seems to be a great deal for those renting the place out.
PS Zillow estimates we could rent our house today for $1250/month, which even that seems low consider what renting an apartment costs locally.