/biz/ - Business & Finance

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Buying a house at the "top" Anonymous Mon Mar 27 17:05:52 2023 No.54348359 [Reply] [Original]

My lease is up for renewal in a month. I'm being charged 2700/mo for rent. I could buy a similar house for 450k-500k, rates are 6.5%. I make 100k at my job.

I would be putting 100k down and the mortgage would be 2750/mo. I can deduct mortgage interest and property taxes (saving me 517/mo), and $350/mo goes towards the principal. Net "rent" is 1883/mo.

The other option is to invest the 100k, but It would take a 12% annual gain on that investment to match the savings from buying a house.

I feel like now is a good time to gamble on homes. Summer is coming and that's when inventory is the highest. High inventory with low demand = best chance to snag a deal. Odds are on a fed pivot in Q3 and if that happens I can refinance at a cheaper rate in 2024.

>>	Anonymous Mon Mar 27 17:53:27 2023 No.54349106 >>54348359 The fed won’t pivot with so many first time homebuyers. if you buy, you better be happy with the APR for years to come

>>	Anonymous Mon Mar 27 17:54:42 2023 No.54349128 >>54348359 I'm ignorant but I guess you could buy with variable rates (if you really think rates will fall) and then get a fixed rate when shit gets a lot lower

>>	Anonymous Mon Mar 27 17:57:17 2023 No.54349160 >>54348359 buy in summer, you're getting a good discount from 2022 summer. dont wait much longer

>>	Anonymous Mon Mar 27 17:57:48 2023 No.54349168 >>54348359 >$100k income >$2700/mo rent vs $450-500k house @ 6.5% how are you saving ANY money? i also make $100k. my rent is $1400/month and i'm looking at homes in the $300-325k range.

>>	Anonymous Mon Mar 27 17:58:28 2023 No.54349181 >>54348359 Don't buy a similar house and buy a cheaper house you can fix up your self. Do you have wife and kids that need a move in ready house?

>>	Anonymous Mon Mar 27 17:58:31 2023 No.54349182 >>54348359 >2700/m >450k-500k lol no.

>>	Anonymous Mon Mar 27 18:03:06 2023 No.54349242 >>54348359 yea i mean but renting for a year you only waste a couple grand up front. But that's assuming the prices don't tank within a year. Good luck

>>	Anonymous Mon Mar 27 18:09:09 2023 No.54349330 >>54349182 also this. $450k home even with 20% would be more like $3.1k a month after taxes and insurance. probably another $200-300/month for all utilities.

Anonymous Mon Mar 27 18:12:14 2023 No.54349382
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>>54348359
if you make 100k a year before taxes, you should not be buying a 500k home and taking out a 400k mortgage. KEK. That is called being house poor. You will be spending over $3,000 a month on rent and then factor in car payment, food, utilities, bills, etc. You will be completely broke.

>>	Anonymous Mon Mar 27 18:25:00 2023 No.54349556 How are you deducting taxes

>>	Anonymous Mon Mar 27 18:26:45 2023 No.54349582 >>54348359 Your budget should be $250k

>>	Anonymous Mon Mar 27 18:28:55 2023 No.54349615 >>54349168 >i also make $100k. my rent is $1400/month where the fuck is your other $60k going each year?

Anonymous Mon Mar 27 19:06:58 2023 No.54350260
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>>54349168
Net pay is roughly 6700/mo. I'm in a no income tax state and don't pay into social security (pension covered by employer). Employer covers healthcare too. After rent I have 4000/mo.

>>54349330
>>54349382
475k home with 20% down is a 380k mortgage. Payments on that mortgage are 2400/mo.

Property tax is $3000/year where I am looking. Home insurance quotes have come in at $500/year.

>>54349181
Not feasible in my metro area. The cheapest home on the market that has a 2 car garage and a lot larger than 4500 square feet is 320k. And it's in a shit part of town. I can buy a place in a white suburban part with 5-star schools in the low 400s.

>>	Anonymous Mon Mar 27 19:18:58 2023 No.54350437 File: 271 KB, 2048x1365, Etom4UMXEAAgNzQ.jpg [View same] [iqdb] [saucenao] [google] >>54348359 >Average wage is $40k a year >Every anon somehow earns 6 figures

>>	Anonymous Mon Mar 27 19:30:20 2023 No.54350571 >>54350437 The average person doesn't have a college degree or an IQ above 100. Half of the country is female and it's also half non-white. If you are a white male at minimum you should be shooting for top 10%.

>>	Anonymous Mon Mar 27 19:51:19 2023 No.54350870 >>54350437 Average people typically dont come to a business and finance forum

>>	Anonymous Mon Mar 27 20:52:40 2023 No.54351729 >>54350870 Because Biz isn't blatantly filled with mouth breathing retards?

>>	Anonymous Mon Mar 27 21:58:58 2023 No.54352693 >>54350870 >business and finance forum >/biz lol

>>	Anonymous Mon Mar 27 22:06:15 2023 No.54352798 >>54351729 >>54352693 We're not in a bullrun so it's not that bad right now

>>	Anonymous Mon Mar 27 22:07:16 2023 No.54352816 >>54350437 I'd wager that at least 50% of the users works in IT.

>>	Anonymous Mon Mar 27 22:10:39 2023 No.54352854 >>54350260 Nashville?

>>	Anonymous Mon Mar 27 22:13:12 2023 No.54352888 File: 462 KB, 935x733, jews_midwit.png [View same] [iqdb] [saucenao] [google] >>54351729 /biz/ has the left and right sides of the IQ distribution, middle goes to leddit or boomer financial advice blogs

Anonymous Mon Mar 27 22:32:10 2023 No.54353126
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>>54348359
>Bought my home last year
>4.5% fixed rate
>Value is actually up about 8% since last year
>Paid down 30% already
>Recently married
>Wife's house worth as much as mine with a 2% interest rate
>mfw our combined income is a half a million dollars
>mfw our combined net worth is probably just as much
If you don't own a home already, chances are you just never will. Interest rates are never going to be that low again and housing prices are still really high. Your only chance for securing a future for you and your family (implying) is to have enough income and a time machine to buy a home some time early then 2023.

>>	Anonymous Mon Mar 27 23:48:46 2023 No.54354179 >>54353126 Sounds like you are living the dream anon. Thank God for what you have. I wish everyday that I could have that kind of life. God speed and God bless

>>	Anonymous Tue Mar 28 00:37:51 2023 No.54354739 >>54353126 I bought last August at 4.5% too. Home has not lost any value.

>>	Anonymous Tue Mar 28 00:44:19 2023 No.54354805 >>54350260 >Home insurance quotes have come in at $500/year. lmao you guys are adorable

>>	Anonymous Tue Mar 28 02:29:43 2023 No.54356008 >>54350260 >Simply don't pay into Social Security Love the time-tested /biz tips. Are you a "sovereign citizen," anon?

>>	Anonymous Tue Mar 28 03:18:58 2023 No.54356544 buy a shed on wheels so you can move it anywhere you want

>>	Anonymous Tue Mar 28 03:28:39 2023 No.54356633 File: 2.40 MB, 1920x1080, 1595761808121.png [View same] [iqdb] [saucenao] [google] >>54353126 >Interest rates are never going to be that low again

>>	Anonymous Tue Mar 28 04:03:57 2023 No.54356969 >>54356008 >Most to substantially all of the public employees in Alaska, Colorado, Louisiana, Maine, Massachusetts, Nevada, and Ohio are not in Social Security.

>>	Anonymous Tue Mar 28 04:05:08 2023 No.54356985 >>54348359 WHERE THE FUCK DO YOU LIVE? I pay 1k/mo in Denver for a 1br WHAT ARE YOU GUYS DOING

>>	Anonymous Tue Mar 28 04:06:57 2023 No.54357012 >>54348359 you need to buy a 2 family home, then rent out one of the units to help pay for the mortgage

>>	Anonymous Tue Mar 28 04:11:12 2023 No.54357044 >>54348359 Or you could scale down and rent something for $1800, save the rest, and buy when the market collapses.

>>	Anonymous Tue Mar 28 04:13:50 2023 No.54357068 >>54356985 Only moldy shitholes in dinduhoods are that cheap.

>>	Anonymous Tue Mar 28 04:14:10 2023 No.54357071 >>54356985 There's a big difference between a 1 bedroom apartment and a house anon.

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