SDC no worries at all… and yes I WAS TERRIFIED to plunk so much coin down on what would be a depreciating asset.
Perry Perry Perry… I am a landlord myself and the last thing I am gonna do is lie to my own landlord. Yes most people would do that but I am a pretty big believer in karma….”It is a little to late for the landlord to due anything about it”… well it all depends on the landlord correct?
I don’t mean to nitpick but….yes for the “average” renter I would agree with you… I am not average though.
Anyways guys again, this is my case and mine only, yes I did/do realize imminent depreciation AND putting my hard earned money ALL IN! Yet, I also was ready to commit to a 15 year occupancy based on the schools, size of my family, and financing terms. Yes Perry you are right the buydown is nothing but a prepayment but buydowns make sense if you are going to occupy longer then 48 months.
So here is the moral… If you can afford it, if it is long term, if you know what you are getting yourself into, if it is something that you feel will be better for yourself, your family, your pets, and even your live in mother in law, if you acknowledge that renting would most likely save you money over buying, and you are okay with all of that…as I was/am then well… find the house and buy it.
The answer for most all people would be no to many of the if’s above.
Some areas are much more out of whack than others.
I don’t like renting either. However, I look at it as though I am paying myself to rent (through the depreciation I would be seeing if I owned right now).
