Posted by Rod Speed on July 5, 2006, 7:00 pm
> Mike T. wrote
>> Unless your house or apartment is over-sized for your needs,
>> then the housing cost will be roughly equal. That is, if your
>> rent is currently $1500/month (for example), then your total
>> mortgage payment (including taxes) will be about $1500/month.
> Not where I live (Central Florida). House
> prices have gotten way ahead of rents.
> Consider a $300,000 home in Orlando:
> $60K down - opportunity cost @5% $250 / month
> $240K 30 year mortgage @7% $1597 / month
> Homeowners insurance - fire & casualty $135 /
> month - and no windstorm coverage!
> Taxes on $240K assessed value w/$25K homestead
> deduction - 15 mils $269 / month
> That's $2221 a month.
> You can rent a $300K home here for $1750 a month
> or less - and have no worries about maintenance or
> your home being destroyed by the next hurricane.
And while the $2.2K per month isnt going to change
all that much in 30 years if you finance it properly,
you are absolutely guaranteed that the rent will be
a hell of a lot higher than that by that time.
And anyone with a clue in a hurricane prone area
chooses a house that will survive a hurricane fine.
Posted by Travis Jordan on July 5, 2006, 7:05 pm
Rod Speed wrote:
> And anyone with a clue in a hurricane prone area
> chooses a house that will survive a hurricane fine.
Unfortunately, that is not an easy thing to do hereabouts.
Posted by Tom on July 5, 2006, 7:46 pm
Thank you all for your comments..
I did not think about inflation of rental property rates (as compared
to decreasing interest payments).
I think it all comes down to how long I want to stay in the same
place.. spread out the 7% closing costs to make sense buying..
Posted by Rod Speed on July 5, 2006, 8:03 pm
> Rod Speed wrote
>> And anyone with a clue in a hurricane prone area
>> chooses a house that will survive a hurricane fine.
> Unfortunately, that is not an easy thing to do hereabouts.
Oh bullshit.
Posted by Travis Jordan on July 5, 2006, 10:05 pm
Rod Speed wrote:
> > Rod Speed wrote
> > > And anyone with a clue in a hurricane prone area
> > > chooses a house that will survive a hurricane fine.
> > Unfortunately, that is not an easy thing to do hereabouts.
> Oh bullshit.
Well, Mr. S, now we find ourselves in disagreement again. Big surprise
there.
I've lived in Florida for over 50 years, have owned eight homes and have
updated the last two to take advantage of insurance wind mitigation
credits. I have relatives who own businesses in the construction trade
and am well versed on the Florida Building code and its implemention (or
lack thereof) around the state. You on the other hand....
It must be great to be you....sniping at others from afar about so many
things that you know so little about.
Have a nice day.
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>> Unless your house or apartment is over-sized for your needs,
>> then the housing cost will be roughly equal. That is, if your
>> rent is currently $1500/month (for example), then your total
>> mortgage payment (including taxes) will be about $1500/month.
> Not where I live (Central Florida). House
> prices have gotten way ahead of rents.
> Consider a $300,000 home in Orlando:
> $60K down - opportunity cost @5% $250 / month
> $240K 30 year mortgage @7% $1597 / month
> Homeowners insurance - fire & casualty $135 /
> month - and no windstorm coverage!
> Taxes on $240K assessed value w/$25K homestead
> deduction - 15 mils $269 / month
> That's $2221 a month.
> You can rent a $300K home here for $1750 a month
> or less - and have no worries about maintenance or
> your home being destroyed by the next hurricane.