buy a 150k condo or rent for $600/month...

[worldwidekid]

<!-- / icon and title --><!-- message -->mid 20's, not married.... which is the better option???

 

[kingbill]

Buy...its like saving money...

 

[worldwidekid]

yea.. but...lets say i buy a condo and take a loan out for 150k... then i'm paying $1100 a month for the loan... so then i sell the condo in 5 years for lets say 170k... then i pay off the loan and put the 20k towards a house loan that will be even more... but lets say i rent a nice place for 600/month and in 5 years buy a house. i will have saved 30k from 1100 vs 600 a month... 30k > 20k

 

[oldirtyku]

Does the 1100 a month payment just interest only?

If not then u also get the money in equity in the house...

 

[worldwidekid]

Does the 1100 a month payment just interest only?

If not then u also get the money in equity in the house...

$1100 would be the monthly loan payment.

 

[DonMelchor]

wipe before taking a shit or after... which is better??

 

[JustMe]

You forgot to include the tax deduction you get for paying a mortgage.

 

[Holysmoke+]

600 for rent or 1100 for P & I? you have to also add taxes insurance and condo fees plus you pay for all repairs and upkeep then run the major risk of noone wanting to buy it and it depreciating.

sounds like 600 is a steal

 

[fhmesq44]

You won't save the $500 difference, you will spend all or most of it on other random shit.

 

[hippieki11er]

Just curious, where is this condo and what's the sq ftg?

 

[WVU]

you forgot to add escrow when you buy, taxes insurance, HO assoc fees.

At this point in time $600 rent is better. Revisit the topic after one year lease ends. It is likely the condo will be cheaper

 

[Pups]

If you are looking for capital gains, don't buy a condo. Buy a home with at least 3 bedrooms and 2 baths in a stable neighborhood in a city with stable to growing employment. Very few condos appreciate, if at all, at the same rate as houses.

 

[Holysmoke+]

You won't save the $500 difference, you will spend all or most of it on other random shit.

great logic hno:

 

[fhmesq44]

great logic hno:

That isn't logic, it is realism.

 

[muff-diver]

wipe before taking a shit or after... which is better??

Before. It's easier and less messy. Tuff to get the skid marks out though.