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Discussion: The only thing worse than home ownership

in: KFish; KFish > 2017-04-11

Apr 11, 2017 7:51 PM # 
Mr Wonderful:
is living in an apartment.

That is personal preference: apartment living never suited me. Your mileage may vary!

Also it's an inflationary hedge - when we left Whitmore Lake, for example, our mortgage, all in (P+I+T+I) was under $900 month. Then we get a tax refund on the I part, which is mostly enough for normal repairs. And then: two car garage, basement, etc. Rent is likely to continue upwards over time, while other than the T part increasing, home ownership is relatively cheaper thanks to inflation.
Apr 11, 2017 8:03 PM # 
We will consider both options when moving to Pitt, but if we plan to be there 3 years or less it will be a tossup as to which is the better option
Apr 11, 2017 8:03 PM # 
But I now know to look for things like a 40 year old furnace when looking at a house
Apr 12, 2017 1:55 PM # 
Mr Wonderful:
Three years could be tight with 6% gone for commission plus closing costs etc, ignoring any mortgage deduction.

On the other hand, we lived in our five-year starter house for ~13 years.
Apr 12, 2017 2:05 PM # 
It will probably also depend what Sydney finds for work. I think I will start with an apartment/condo/rental/storage unit to not rush the process, see what she finds and if she likes it, and then decide what our longer term plan might be.

adulting :/

This discussion thread is closed.