• NewNewAccount@lemmy.world
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      1 year ago

      Buying is oftentimes preferable to renting. Right now is probably not one of those times, depending on where you live.

      • SirToxicAvenger@lemm.ee
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        1 year ago

        over the long term yeah, and I agree. the problem with a purchase is that you have to have the funds and it’s a lot. no, not renting either - that’s what I do now & of course and it’s not the right answer though it’s the only option for many. there are of course other options - rv/van life/car camping, moving elsewhere (ie: internationally/illegally), or even being a traveler (aka vanlife without a vehicle).

        personally, I’m working on building my own RV. it’s a lot cheaper than buying property, but I’ll be the first to admit that there’s still a sizeable upfront cost

        • Kit@lemmy.blahaj.zone
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          1 year ago

          You don’t need any funds to buy a house. First time homebuyers can buy with 0% down and roll the closing costs into the mortgage. The tricky part is having enough income and a high enough credit score, which is easy on a McDonalds salary in some parts of the US and impossible with a 6 figure salary in other parts. I do think that the vast majority of people overcomplicate the house buying process and needlessly lock themselves into renting when they could be building equity for the same cost.

          • partial_accumen@lemmy.world
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            1 year ago

            needlessly lock themselves into renting when they could be building equity for the same cost.

            As long as you’re recognizing that: rent payment =/= mortgage payment

            Home ownership comes with its own costs over and above the mortgage payment for upkeep and repairs which are already inside the rent payment.

            • Kit@lemmy.blahaj.zone
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              1 year ago

              My landlord never once fixed a single thing at my rentals. I bought a condo and now my condo fees cover everything from hot water to heat and the roof, and I’m saving a couple hundred per month over renting.

        • thesmokingman@programming.dev
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          1 year ago

          All of your alternatives require specific lifestyles, personalities, and paradigms. Car camping (of all varieties) presents a bunch of new risks. Moving elsewhere has the potential for incredible startup costs unless you’re able to start over and move with nothing. Traveling makes a lot of skill sets unusable for primary income.

        • Dkarma@lemmy.world
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          1 year ago

          Do the math tho.

          First months last months rent and matching 1month sec dep on a place that’s 4k a month is 12k

          5% down on a 240k house is…12k. Or 10% down on a 120k house.