There's an interactive device in this post which will tell you whether renting is smarter than buying at this time.
Realtors may try to disable it. (On the other hand, it's a NYSlimes interactive. Background calculations are invisible...)
In brief, if you're looking for a modest home and pay Wisconsin-level real-estate taxes, and you're not renting the Taj Mahal at this time...
You may be better off continuing to rent.
Hmmmmm.
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2 comments:
I ran my own house in it. I had to triple the prop tax from the default. (My price paid is about 60% of its valuation, due to foreclosure.) The maintenance and repair costs seemed awfully low at .5% each. Taking a standard $200,000 home, that would be $1,000 a piece per year, give or take. A $20,000 roof would take up 3/4's of those dollars (amortorizing it over expected life), and you are looking at replacing that at minimum every 20 years. Of course, any landlord (or accountant who has a lot of landlord clients) would tell you that maintenance, repair, and remodeling are very difficult to recover.
I ran it, using my current appraised value and the current typical rent for the kind of apartment I had before I bought the house, and fiddling the tax rate until I got as closeas possible to this year's bill. It affirmed that I did a very good job buying. I wonder if I should try it again with the real 18-years-ago numbers and see if it urpses...........
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