Posted by Rod Speed on July 5, 2006, 11:11 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.
Yep, you never manage to get it right for long.
> 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.
Irrelevant to whether its perfectly feasible to do hurricane proof houses there.
<reams of your puerile shit any 2 year old could leave for dead flushed where it
belongs>
Posted by Vic Smith on July 5, 2006, 10:09 pm
wrote:
>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.
Crazy, isn't it? I vacation in St. Pete every year, and once thought
about owning down there. But what I've seen recently is that I can
rent a nice condo quite reasonably for when I get the Florida urge.
The off-season vacancy is really high due to building/buying
speculation. Looked like about half the gulf-front condos were
shuttered when I was there last October.
--Vic
Posted by imran on July 5, 2006, 9:24 am
Tom wrote:
> My wife and I are debating whether we should buy a house / condo /
> townhome or just rent for a longer period..
> We have been renting for over 5 years now.. and getting close to being
> bored living in apartments..
> BUT, when I do calculations, it never seems to make financial sense to
> buy a house..
> On a ~ 200k house inside / close to the loop, one pays ~ 3k / yr or
> higher in taxes plus at around 6% mortgage, the interest alone is ~
> $12k / yr. So an expense of $ 15k per year.. (I am keeping the
> principal repayment out of this as this is applied towards reducing the
> loan amount and so not an expense)
> Minus.. the interest deduction from one's income.. Roughly $4k saving
> (at a 33% tax bracket)
> So recurring expenses of about $ 11k. ($15k minus $4k) (plus
> maintenance costs if in a condo/ townhome..et al)
> I am keeping the one time closing cost out of this for now..
> So in effect.. Rougly, I am talking about paying $1000 per month even
> when I own a home..
> I agree that this comes with the potential benefit of appreciation..
> If I rent, I will be paying $1k / month towards rent..
> If I own a home, I will be paying $1k / month towards interest /
> property taxes..
> Now if I add in the one time closing costs into the picture, ~ $15k..
> then it does not make sense for me buy a home unless I plan to stay
> there for at least 3 - 5 years..
> So.. I am requesting advise from all existing homeowners..
> Why not rent a great place for $1.5k / month with all amenities taken
> care of by the apartment folks rather than own and pay more?
>
>
> I appreciate any and all comments.. Thank you..
>
>
> Tom
Posted by imran on July 5, 2006, 9:29 am
Tom wrote:
> My wife and I are debating whether we should buy a house / condo /
> townhome or just rent for a longer period..
> We have been renting for over 5 years now.. and getting close to being
> bored living in apartments..
> BUT, when I do calculations, it never seems to make financial sense to
> buy a house..
> On a ~ 200k house inside / close to the loop, one pays ~ 3k / yr or
> higher in taxes plus at around 6% mortgage, the interest alone is ~
> $12k / yr. So an expense of $ 15k per year.. (I am keeping the
> principal repayment out of this as this is applied towards reducing the
> loan amount and so not an expense)
> Minus.. the interest deduction from one's income.. Roughly $4k saving
> (at a 33% tax bracket)
> So recurring expenses of about $ 11k. ($15k minus $4k) (plus
> maintenance costs if in a condo/ townhome..et al)
> I am keeping the one time closing cost out of this for now..
> So in effect.. Rougly, I am talking about paying $1000 per month even
> when I own a home..
> I agree that this comes with the potential benefit of appreciation..
> If I rent, I will be paying $1k / month towards rent..
> If I own a home, I will be paying $1k / month towards interest /
> property taxes..
> Now if I add in the one time closing costs into the picture, ~ $15k..
> then it does not make sense for me buy a home unless I plan to stay
> there for at least 3 - 5 years..
> So.. I am requesting advise from all existing homeowners..
> Why not rent a great place for $1.5k / month with all amenities taken
> care of by the apartment folks rather than own and pay more?
>
>
> I appreciate any and all comments.. Thank you..
>
>
> Tom
Posted by Vic Smith on July 5, 2006, 6:54 pm
>My wife and I are debating whether we should buy a house / condo /
>townhome or just rent for a longer period..
>We have been renting for over 5 years now.. and getting close to being
>bored living in apartments..
Close to getting bored?
None of your numbers are solid.
Get concrete numbers and determine the length of time you *know* you
will be in the area.
You mention ~200k for a house in the "loop."
Is that realistic? Last I looked the median house in the U.S. was
$215k.
Do you have or plan to have kids?
Do you have the downstroke?
Do you have secure employment?
Assuming home prices have increased in your area as they have in much
of the country, the arguments you'll hear from homeowners who bought
more than a couple years ago are essentially worthless.
That was then, this is now. It's an entirely different market.
What are your first-time homeowner co-workers/friends doing?
You'll get your best advice/knowledge from them. They are local to
you, and often in the same financial circumstances as you.
--Vic
>>> 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.