nikkas still paying rent over a mortgage is crazy in 2025

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Sir Richard Spirit

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Ezekiel 25:17 said:
Unless I'm mistaken can't you refinance the house for a lower interest rate? I'd definitely buy right now. But buyers definitely need to take into account repairs.
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You can refinance. But why? Build your equity and pay the insurance. Unless rates drop that extra $100 won’t make or break you.
OneManGang said:
Even with a FHA loan you’re coming out of pocket for over 2 grand easily for a 350k dollar home. Good luck finding a decent house for below that
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Here’s a home about 30 minutes from Chicago. It’s one of the safest neighborhoods in the area. Has everything from retail to dining.

This is decent to me. I would throw all the junk out and begin to fix it up. I’m not a handyman, but I can do enough to get this up to par for my family.

Within 5 years the house would drastically different.

FHA loan with 3% down with be like $7,000 since the home is $259,000. Within 10 years, the home would be worth $350,000. Most banks and mortgage companies have down payment assistance. They even give you extra for using a preferred real estate agent. None of this is hard.

This is a win. This is how real estate should be explained..
 
Still Benefited

Still Benefited

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Buying a home when you could be putting money away to leave the country:mjlol:?


We laugh at that:respect:

Now paying a car payment on a nice van or rv to live out of is a smart move if you are able. It will allow you to save your money faster.


Once they start 3d printing project buildings to keep us all in. We will see how much these overpriced houses are worth
 
xXOGLEGENDXx

xXOGLEGENDXx

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It all depends on your situation.
The #1 argument for "owning" a home is the equity you build. But you really don't start building real significant equity until you are about halfway into your typical 30 year mortgage.

Renting can work out better for some because people underestimate the costs of maintaining your home. A lot of factors can affect this like location, age of home, type of home etc. Those costs can add up. A renter does not have to pay those costs and can use the money saved to invest for themselves and end up with more money.

So in the long run, is "owning" a home the better choice for the average person, yes. But renting can have it's benefits to put you in a much better position for the future.

And by the way "owning" is in parenthesis because you never really OWN a home.
 
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Umoja

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Most people don't have a choice.

In the UK it is a source of frustration that people can't get approved for a mortgage where the monthly payments are far less than what they're currently paying in rent.
 
Ezekiel 25:17

Ezekiel 25:17

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Sir Richard Spirit said:
You can refinance. But why? Build your equity and pay the insurance. Unless rates drop that extra $100 won’t make or break you.





Here’s a home about 30 minutes from Chicago. It’s one of the safest neighborhoods in the area. Has everything from retail to dining.

This is decent to me. I would throw all the junk out and begin to fix it up. I’m not a handyman, but I can do enough to get this up to par for my family.

Within 5 years the house would drastically different.

FHA loans with 3% down with be like $7,000 since the home is $259,000. Within 10 years, the home is would $350,000. Most banks and mortgage companies have down payment assistance. They even give you extra for using a preferred real estate agent. None of this is hard.

This is a win. This is how real estate should be explained..
Click to expand...


I play around with the Redfin Calculator. From 6.8% to 3% is like an extra $500/month in your pockets. Imagine what you can do with that extra $500 investment wise.


 
Hater Eraser

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That California Lifestyle ...
OP :

tyNd4j.gif
 
OneManGang

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Sir Richard Spirit said:
You can refinance. But why? Build your equity and pay the insurance. Unless rates drop that extra $100 won’t make or break you.





Here’s a home about 30 minutes from Chicago. It’s one of the safest neighborhoods in the area. Has everything from retail to dining.

This is decent to me. I would throw all the junk out and begin to fix it up. I’m not a handyman, but I can do enough to get this up to par for my family.

Within 5 years the house would drastically different.

FHA loan with 3% down with be like $7,000 since the home is $259,000. Within 10 years, the home would be worth $350,000. Most banks and mortgage companies have down payment assistance. They even give you extra for using a preferred real estate agent. None of this is hard.

This is a win. This is how real estate should be explained..
Click to expand...
This home was built in 1963. Id be very wary of this buy due to that. The maintenance horror stories I’ve heard :damn:

This easily could turn into a money pit situation and for a lot of ppl already low on funds when purchasing a house, it’s not worth it
 
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I can say as a homeowner this is a severe oversimplification. On top of a mortgage, you have to pay for upkeep, property taxes, I just had to come out about 6k for basement repairs and 10k for an updated water heating unit. The cost of a decent house in my area is around 600k. Everyone doesn't have it like that. If you have a roof over your head renting or owning it's a blessing
 
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