Quote:
Originally Posted by MightyDog
1) Interest rates may not go down to any significant degree for quite awhile.
2) Often owners will not raise rent (or only slightly) in order to keep solid tenants. That's always better than sitting for months with no $$ coming in while waiting for a new one.
3) Renter may make a different decision about rent vs buy in the future if condition change.
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We are currently renting a small home for $1950 a month. We have to pay electric and wifi. Our social security checks pay for all plus plenty to spare for food and necessities. Our money is sitting collecting interest. We understand this can not be a forever situation. We know the cost of living will eventually go up.
We are watching the housing market carefully and looking for a home that will provide us with equity on day one. Deals are out there! We found a few but passed because they were not our ideal. When we find THAT ONE, we will pounce on it. If it needs remodeling, we are okay with that.
We went through every floor plan of new construction homes and there is not one we would not have to change to fit our comfort level. For us, buying a preowned will be cheaper long term. (No bond, lower taxes, low maintenance, etc) We are hoping the money we earn in interest will significantly help cover the cost of remodeling.
Everyone has to crunch their own numbers. In this housing market, It is a gamble whichever path you choose. We are waiting for a golden opportunity that keeps us at the lowest risk. There is a saying, 'good things come to those wait." Will it work for us? Or, are we being penny wise and pound foolish? Only time will tell.