YellowFever
New member
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Is this buy vs. rent calculator accurate to use?
- Thread starter YellowFever
- Start date
NEW -> Contingent Buyer Assistance Program
irvinehomeowner
Well-known member
Did you factor in tax savings?
As you said in #1, it really isn't a fair comparison, what is the rent on a 2b/2br place?
One of the big questions on buying vs. renting is stability. Do you plan to stay in Irvine long? Is your job nearby? Is your employment fairly safe? Do you plan on getting married?
As you said in #1, it really isn't a fair comparison, what is the rent on a 2b/2br place?
One of the big questions on buying vs. renting is stability. Do you plan to stay in Irvine long? Is your job nearby? Is your employment fairly safe? Do you plan on getting married?
YellowFever
New member
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YellowFever
New member
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Caserta Plan 1: 2 bed, 2 bath, 2 car garage, 1,165 sqft
Cadenza Plan 4: 2 bed, 2 bath, 2 car garage, 1,147 sqft @ $2,755 /month
Both are attached.
There is an ownership premium, particularly in higher demand markets like Irvine, otherwise everyone would buy a place and rent it out.
Cadenza Plan 4: 2 bed, 2 bath, 2 car garage, 1,147 sqft @ $2,755 /month
Both are attached.
There is an ownership premium, particularly in higher demand markets like Irvine, otherwise everyone would buy a place and rent it out.
it sounds to me that you are buying more than you need/want (a 2/2) as an "investment"
as you say, there are better investments for your situation (SINK, uncertain long-term job location). Do you really want the feeling of "being grounded"?
did you also consider your time spent on maintenance?
as you say, there are better investments for your situation (SINK, uncertain long-term job location). Do you really want the feeling of "being grounded"?
did you also consider your time spent on maintenance?
sgip
Well-known member
I used the calculator on my site:
www.loansbyjw.com then at the bottom look for "Rent vs Buy" under Calculators.
and tried to put in nearly the same data as you used. We ask about your savings rate (2%, well above the national average) and I lowered the appreciation to 2% versus 4. Trees no longer grow to the sky. The "cost of selling" was listed at 10% - high, but you never know when it comes to seller concessions, repairs, and commissions.
What it showed was a $12,000 benefit to owning versus renting. Is that enough to buy versus rent? Who can tell?
www.loansbyjw.com then at the bottom look for "Rent vs Buy" under Calculators.
and tried to put in nearly the same data as you used. We ask about your savings rate (2%, well above the national average) and I lowered the appreciation to 2% versus 4. Trees no longer grow to the sky. The "cost of selling" was listed at 10% - high, but you never know when it comes to seller concessions, repairs, and commissions.
What it showed was a $12,000 benefit to owning versus renting. Is that enough to buy versus rent? Who can tell?
YellowFever
New member
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paperboyNC
New member
I wouldn't buy right now in SoCal if I were moving. I bought because mortgage rates and prices were a lot lower 18 months ago.
nosuchreality
Well-known member
SoCal is largely distorted however that means nothing for buy versus rent. The whole calculation boils down to one number. That number is simple, in the time you plan on staying, will the house appreciate more than your selling costs.
That leverage cuts both ways.
That leverage cuts both ways.
adventurous
New member
I refinance(d) every year. The best rate was a few months ago. I did re-fi at 2.625% over 15 years, fixed. The last year rates were not that good.paperboyNC said: