bstern

Location

New York, NY

Member Since

September 15, 2009

Rent or Buy in a Metropolitan City

Posted in Property on May 7th 2011

Sorry, it is too late to edit your topic.

For the past few years I have lived in big cities. Growing up in the subs, I don't see myself leaving the city. Should I consider buying or is renting the way to go?

Marina
Commented on May 16th 2011

@bstern A lot of people thinking renting is waste of money if you can afford to buy, but personally I feel like the non-commitment is worth it.

Have you moved around a bit (even if it is from city to city)? What were you reasons for moving?

I also live in a big city, but am hesitant to commit to an apartment because of the constant changes the city makes. A nice neighborhood one day, can be an undesirable one in a few years. I also am not ready to commit to the upkeep of an apartment.

I recently talked to a homeowner who said that after purchasing his home a multitude of unexpected events i.e severe weather, pipes breaking etc set him back financially.

At the end of the day, if it is a commitment you can afford and want to make I say go for it. BUT if you can't imagine yourself in the same place in 10-20 years I would forgo.

Sorry, it is too late to edit your comment.

Add your comment

Other Posts You Might Like

keleeemo started a discussion in Property on Mar 8th 2012

Can delinquent property taxes come out of your paycheck?

Avelloe started a discussion in Property on Oct 28th 2011

President Obama's mortgage plan from an Independent mortgage professional's point of view

There seems to be so much political ranting from the left and from the right these days it seems that "truth" gets lost in the arguements. I am not a Democrat or a Republican but a card carrying conservative Independent. That being said we as Americans need to quit taking what opinions talking heads on cable TV give to us and start doing our own research. In this particular instance I agree with Obama and his administration. The facts are that these loans that would be available for rate reduction are already on the books of FNMA and FHLMC (thus the taxpayers) and are current. Allowing them to refinance to today's rates without an appraisal is the right thing to do. This helps the borrowers out there who have done the RIGHT thing in this housing mess and would pump billions of additional disposable income into the economy. Also note that GNMA (FHA and VA loans) have had a similar program in place for decades, it is called a streamline. Taking that knowledge into account with the fact that banks and bankers WOULD NOT be required to hold on to the loans (they would just revert back to FNMA and FHLMC at lower monthly payments)and knowing how successful similar programs are and have been for a long time I can't for the life of me figure out why those who truly want to protect the taxpayer's investments and spur the economy on would be against such a program... Unless it's for purely political purposes. Read more

Sorry, it is too late to edit your topic.