Right time to move out
#21
Closet American
Join Date: July 17, 2005
Location: Vancouver, BC (Hollywood North)
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The investment arithmetic of buying is not necessarily the wisest choice for everyone in all situations. Certainly, if you talked to all the people who purchased - or were duped into purchasing - homes way beyond their means in the States, and are now losing their homes, they would agree with me.
If you are planning a family, or have a modest amount of money you wish to see grow over the long term, then buying a house (within your means) is still the best overall option. But here in Vancouver, where they're asking $600K for a 600 sq ft one bedroom box in the sky, it makes absolutely NO sense at all. Many of these same people are massively in debt and have almost nothing in the way of liquid assets. But at least they can say they're "home owners", I suppose.
Personally, in that situation, I'd rather rent and have several hundred thousand dollars carefully invested.
#22
That's why I'm happy to live in podunk, I don't make alot, but it goes a long way as far as housing is concerned. For $600k I could have a 4,000 sq.ft. house with 4 car garage on an acre or so with nice trees and a lot of upgrades. $600k for a 600 sq.ft. box is insane!
#26
Tasca Super Boss 429 Member
I'm 46 and moved into my sisters cellar for a year. That was 5 years ago!
Before that I was out when I was 19. Work got slow back then, and my rent jumped from $765 to $1005. Rent prices were getting out of hand and I moved here. It hasn't saved me any money but I went from broke to being able to buy a new SUV in 05, and the Mustang this year.
It has it's perks. My rent is the electric bill, but unfortunately the house is electric heat. In the summer the pool runs along with 2 air conditioners. A $500 electric bill is not uncommon, but still better than $1000 for rent!
Before that I was out when I was 19. Work got slow back then, and my rent jumped from $765 to $1005. Rent prices were getting out of hand and I moved here. It hasn't saved me any money but I went from broke to being able to buy a new SUV in 05, and the Mustang this year.
It has it's perks. My rent is the electric bill, but unfortunately the house is electric heat. In the summer the pool runs along with 2 air conditioners. A $500 electric bill is not uncommon, but still better than $1000 for rent!
#27
Tasca Super Boss 429 Member
I'm 46 and moved into my sisters cellar for a year. That was 5 years ago!
Before that I was out when I was 19. Work got slow back then, and my rent jumped from $765 to $1005. Rent prices were getting out of hand and I moved here. It hasn't saved me any money but I went from broke to being able to buy a new SUV in 05, and the Mustang this year.
It has it's perks. My rent is the electric bill, but unfortunately the house is electric heat. In the summer the pool runs along with 2 air conditioners. A $500 electric bill is not uncommon, but still better than $1000 for rent!
Before that I was out when I was 19. Work got slow back then, and my rent jumped from $765 to $1005. Rent prices were getting out of hand and I moved here. It hasn't saved me any money but I went from broke to being able to buy a new SUV in 05, and the Mustang this year.
It has it's perks. My rent is the electric bill, but unfortunately the house is electric heat. In the summer the pool runs along with 2 air conditioners. A $500 electric bill is not uncommon, but still better than $1000 for rent!
$500 electric bill though???
My August bill was about $55.
#28
Tasca Super Boss 429 Member
It also doesn't help that my niece sleeps with the TV on, lights get turned on but not off, 3 TV's can be on with 2 people upstairs and nobody watching them.
Sigh...
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