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Post Reply Rent is going up.
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Posted 5/14/17
I wished I bought my condo or another 10 something years ago because my mortgage would almost be paid off. My rent went from 1200 to 1600 a month for one bedroom/one bath and I knew I had to make a change.

Now for about $400 less a month (thought I am paying more towards the principle) I just about doubled my square footage, added a bedroom (renting it out) and half a bathroom.

Anyone else looking to buy to avoid the renting traps?

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Posted 5/14/17 , edited 5/14/17
we had enough of renting since 2013

our mortgage payment will go up each year due to the increase in house value ($30-$50 increase or so)

house value increase = property tax increase + house insurance increase = escrow increase = increase house payment

the increase is still a lot lower than rent though
eldos1 
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Posted 5/14/17
I am in Colorado and you should see what happened to the rent after the "Green Rush" hit. Rents went up on 17%. Many landlords un knowingly have had there rental houses converted to grow houses and now many have severe mold problems in the walls. Not so good if you are the next renter or they try to sell the house.
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34 / M / outer wall, level...
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Posted 5/14/17
meh, i live in goverment houseing. 224 rent including utlitites.
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Posted 5/14/17

dulun18 wrote:

mortgage payment will go up each year due to the increase in house value ($30-$50 increase or so)

house value increase = property tax increase + house insurance increase = escrow increase = increase house payment


^
Yep, I'm with you here.

Posted 5/14/17
The mortgage is already paid off on one house. The other is just kind of there for the time being.
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Posted 5/14/17 , edited 5/21/17
You must live in a big city or commiefornia. Rent around here is like $700 for 1 bedroom 1 bath and a kitchen at a nice apartment building. I'm paying like $500/month for everything.
Posted 5/14/17

Rujikin wrote:

You must live in a big city or commiefornia. Rent around here is like $700 for 1 bedroom 1 bath and a kitchen at a nice apartment building. I'm paying like $500/month for everything.


Most of the East Coast is riddled with significantly high rent. Maryland? You'd be lucky to get a $700 apartment (friend lived in Southern Maryland in a studio apartment for $700 a month/utilities included - it was jacked up to $1400 a month after they moved to South Carolina). I lived in the same area, nice townhouse for $1,700 a month. Grandparents lived in a two bedroom house (small, small house) for $1,100 a month. My one bedroom in Kansas City, Missouri was $960 a month (plus a minimum of $200 per month renter's insurance or else you'd be evicted - so $1,160). The last was a "bigger city" - but the point was that it was in the Midwest.

Further away from either coast you get, remove the city, and you're paying dirt cheap rent. My one bedroom in Kansas City was considered "upscale" (electric appliances, free local and Starbucks coffee, gym, and all that nonsense). Two bedrooms are closer to around $1,300+ (without the renter's insurance) in Kansas City, MO.

That's why I just buy when I'm looking on either coast. House in Florida wasn't too pricey considering that it's on an island. Here, it was reasonably priced too (mid 200's).
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Posted 5/14/17

Glimus wrote:

I wished I bought my condo or another 10 something years ago because my mortgage would almost be paid off. My rent went from 1200 to 1600 a month for one bedroom/one bath and I knew I had to make a change.

Now for about $400 less a month (thought I am paying more towards the principle) I just about doubled my square footage, added a bedroom (renting it out) and half a bathroom.

Anyone else looking to buy to avoid the renting traps?



When you do your taxes make sure you check and see if you can lower your overall tax basis since you rent part of your home out. May be able to claim depreciation since you are basically using it as an income property. Might save you a little on property taxes.
Posted 5/14/17
My home once i retire i plan on traveling the states.

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Posted 5/14/17 , edited 5/21/17
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33 / F / Somewhere...
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Posted 5/14/17 , edited 5/14/17
Rent has gotten pretty ridiculous. Where I live has a relatively low cost of living, wages haven't increased, but rent has gone up around 20-25%. We're going to buy next year.
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Posted 5/14/17 , edited 5/14/17
I've been wanting to get my own place for awhile now, so I started doing some lowkey apartment searching.However, the average renting price where I live is really high,so I've about given up already.
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Hoosierville
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Posted 5/14/17

ninjitsuko wrote:


Rujikin wrote:

You must live in a big city or commiefornia. Rent around here is like $700 for 1 bedroom 1 bath and a kitchen at a nice apartment building. I'm paying like $500/month for everything.


Most of the East Coast is riddled with significantly high rent. Maryland? You'd be lucky to get a $700 apartment (friend lived in Southern Maryland in a studio apartment for $700 a month/utilities included - it was jacked up to $1400 a month after they moved to South Carolina). I lived in the same area, nice townhouse for $1,700 a month. Grandparents lived in a two bedroom house (small, small house) for $1,100 a month. My one bedroom in Kansas City, Missouri was $960 a month (plus a minimum of $200 per month renter's insurance or else you'd be evicted - so $1,160). The last was a "bigger city" - but the point was that it was in the Midwest.

Further away from either coast you get, remove the city, and you're paying dirt cheap rent. My one bedroom in Kansas City was considered "upscale" (electric appliances, free local and Starbucks coffee, gym, and all that nonsense). Two bedrooms are closer to around $1,300+ (without the renter's insurance) in Kansas City, MO.

That's why I just buy when I'm looking on either coast. House in Florida wasn't too pricey considering that it's on an island. Here, it was reasonably priced too (mid 200's).


Phew thats insane pricing. I could buy a house pretty easily for those amounts. So glad I live in the mid-west :3
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Posted 5/14/17

Akane1984 wrote:

Rent has gotten pretty ridiculous. Where I live has a relatively low cost of living, wages haven't increased, but rent has gone up around 20-25%. We're going to buy next year.


it's just supply and demand

your local city should have some sort of affordable housing program to help keep rent affordable for most people (didn't work in some cities though)


btw.. anyone here will be the first time home buyer ?

there are programs available to help with down payment for first time home buyers within a certain income limit. I was a student when i applied for the program.

I received $15,000 assistance (federal money) for down payment of the house.

If you are buying through their CLT program then it will be even cheaper (if you don't mind old house). They will use federal money (up to $65,000 to fix up the house- new plumping, electricals, etc- and then sell the house back to you at the below market value price

there are restriction though

1- you have to live in the house you bought for 5 years
2- for CLT you can't do major project like putting the inground pool in the back year

etc..
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