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Tuesday, November 4, 2008

Rent Vs Own-- ?? I'm not really sure about this

I'm not really sure which is the better deal. I think we could continue to rent and yes, we'd lose what $ we put out for rent--but if we buy--would we we gain back what we spend? The last place we looked at I was fairly certain we would not.

The problem is we don't want to do the mortgage thing--if so only a small one for a short period--or for a long period--but paid off quickly.

This would save us interest--but-- it means we would not have enough $$ to buy something one would consider a 'dream house' it would have to be a bit of a dump.

?? is the dump likely to be improveable over time? Will it be worth more some day?

What we could afford now is to buy a rental or income property-- a place we might not want to live in ourselves--but that other folks might feel differently about.

That basically means folks who can't afford better.

It seems a little weird to me. The thing is I know of perfectly nice houses that need maybe a little work not too far from us that would be fine to live in IF it weren't for the neighborhoods.

That does matter to us. We lived in a neighborhood prior to this house where we were the only ones in a several block range that were of our particular ethnic/racial 'color' the biggest problem we had there --besides knowing the alarming crime stats--was rap music. All the time-- middle of the night--vibrate your house rap music. Also-- yelling and cussing in the streets--done by moms and grandmas calling children!

I'm sorry-- that is just not for me. I see a neighborhood that looks like that one now and it doesn't matter to me how nice the houses are. The houses could be just about the same as where I live but the value of the houses, the market prices are about 1/3 the market price in this neighborhood--why? The culture and crime in the neighborhood turns off potential buyers/renters that have the means to go someplace more comfortable to them.

I don't think this is a racist thing--its a real cultural difference that is just not acceptable to some of us.

BUT-- I could invest in a home in such a neighborhood and hope to make some money --maybe with that investment that might be a good way to save money for our future--if we continued to rent in a more expensive neighborhood.

Sigh.. I don't know. It all seems just about geered to make it impossible these days to get ahead or maintain what you have without incurring huge debt.

frustrating.

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