Quote (Nearin @ May 6 2015 11:57pm)

Dont you just hate when a thread gets locked while you are responding?

Quote (dragoneth @ May 6 2015 10:05pm)

wouldnt know
i got my post in :ph34r:

Quote (KoJ @ May 6 2015 04:02pm)

another friendly reminder that Mothers Day is coming up.

you can save the its a commercial holiday stuff, i don't care if you buy flowers or not. Get something nice, do something nice, or flat out just spend some time with the one that pushed you our her hooha or had her gut cut open so you could be here.

http://i.imgur.com/lbGDHpT.jpg

Quote (DonaldBalbu @ May 6 2015 10:06pm)

Well I'll call my mom since she lives across the atlantic ocean.

Quote (dirTyMan @ May 7 2015 12:06am)

im doing desert treasure

Quote (badasses @ May 6 2015 09:19pm)

don't wanna drag this out too long but

you don't just show up and put 1200/month versus 1200/month in rent and suddenly own a home, you actually need down payment

so let's assume you're buying like a 400k property and you need 20% down, that's 80k, then based on mortgage rates you'll incur additional costs over the years on top of taxes and maintenance costs

also more likely than not your monthly mortgage payment will be higher than what a typical renter would pay for rent

the renter invests the extra cash in an incredibly safe investment portfolio with a modest return of say like 5-6% and they'd come out to be pretty even

of course this all depends on mortgage rates (low now, and market returns - very unpredictable)

the advantage of the buyer is you are essentially forced to save your money that you'd otherwise spend if you're renting, but if you don't splurge the additional cash it's not always a "renting is a waste of money" scenario

if you guys actually want to see math here's a sample link: http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/a-financial-comparison-of-home-ownership-and-renting/article11952272/?from=11952313

there's also an article that explains it in more detail : http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/would-you-be-better-off-financially-renting-or-buying-a-home/article11952313/

there's also plenty more sources that you can easily find when you google renting vs owning

but it's not as black and white as you guys might think

Quote (DonaldBalbu @ May 6 2015 10:06pm)

Well I'll call my mom since she lives across the atlantic ocean.

Quote (Caedus @ May 7 2015 01:09am)

I could write an essay on my issues with that Globe and Mail piece but there's no use. Will say this, no it's not black and white I could envision scenarios where it is better to rent but fundamentally the argument for renting is based on very weak premises, as well as debateable concepts regarding the realities of home ownership, renting, and investing.

Quote (Nearin @ May 6 2015 10:11pm)

His core premiss still stand though, you Have to rent until you have the initial capital for a down payment.

Quote (Nearin @ May 7 2015 01:11am)

His core premiss still stand though, you Have to rent until you have the initial capital for a down payment.