Great resources, thank you so much. Maybe the happy medium is getting a town home or condo, something like that? Maybe thats something to look at. And no I havent looked into the process of buying a home and mortgages and all that because it isnt confirmed that I am getting a home vs renting. It's all up in the air still, so these are good questions to ask and to think about nowthe reason i'm asking about repairpeople is you have to think about that when buying a home. You can't just look at the monthly mortgage payment and say "I can do that". You'll have maintenance, lawn care, etc. Homes do need TLC and you will be spending money above mortgage and utilities so you'll have to have savings. It's often recommended to save 1% of the house value every year so it's there when the repair is needed. I've known people that didn't do this and then they had to make choices about what repairs to do, and what not. That's not a good way to go. If you can do maintenance yourself, you'll save money (but spend time). Tradeoffs.Great questions and good things to think about. I guess I was going to call repairpeople for a home where things go wrong. I do think renting is throwing away money, is that a wrong thought process to have? Rent near me is about 1200-1300 for something halfway decent. Not sure on average home prices. Job is stable, salary is 47k, nothing amazing but its there. I actually read that short book years ago. Printed it out and read it, but I will read it again, thank you!
When you rent and something goes wrong, the landlord has to pay to fix it, not you. Couple years ago our heater went out (I rent). The landlords wound up paying $10,000 from what I was told by the repairmen. I didn't have to come up with that because I rent. That sort of thing.
You'll have to compare what your housing costs would be compared to mortgage. Do you know what a mortgage might be, especially now that interest rates are much higher than a few years ago?
Is renting throwing away money? No, not always. it depends like most things in life. Even Ramit Sethi (the I Will Teach You to Be Rich guy) has promoted renting over house buying:
https://www.iwillteachyoutoberich.com/r ... t-a-waste/
https://www.google.com/search?client=fi ... ethi+rents
You should look at some rent vs buy calculators online and read JL Collins 5 part post on real estate:
https://jlcollinsnh.com/2012/03/15/how- ... le-part-i/
Statistics: Posted by Randyman — Thu Jun 06, 2024 9:22 pm — Replies 31 — Views 1572