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08-09-2014, 09:03 AM
RE: Retirement
(08-09-2014 08:42 AM)goodwithoutgod Wrote:  It all depends on where you live I suppose. Because I am in the military and we tend to move every 3 years, AND I am retiring from the military in under two years with the added concern of not knowing where the job market will take the wife and I, for us, renting is MUCH cheaper.

I live in a very nice apartment community on the edge of williambsurg Virginia, it is a 1510 sq foot 4 bedroom, 3 bath, fireplace apartment for $1250 USD a month. My ex lives in a townhouse 2 miles down the road with less sq footage, one less bedroom and bathroom, no fireplace and her mortgage is $1850 a month, plus $250 a month in maintenance fees that include yard maintenance, water and power bill combined are about $500-700 USD a month, plus the expense of garbage pickup. The bonus for me is the military gives me $2100 USD additional pay per month for living expenses, I pocket a nice chunk of that Smile

My water is included for free and my power is never over $130 a month. I win in this scenario. She is trying to sell it, but she has only been in it 4 years and is upside down on the mortgage, now she is trying to sell it for $5,000 less than she owes......

There is no tried and true best scenario, every scenario, region, value statistic is different. Normally though, if you can put down the 20% and plan to stay in that home at least 10 years, you will end up on the positive side of equity.

Just my ramble for the day Drooling

Housing market make a big difference on if renting is better or not. Around here the $/sq-ft monthly cost is much higher for renting, when comparing comparable accommodations. For about what our mortgage is we would have gotten a house half the size in poor condition.
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08-09-2014, 09:18 AM (This post was last modified: 08-09-2014 09:22 AM by Bows and Arrows.)
RE: Retirement
My advice. Don't listen to your husband when he says ' owning is better than renting'. Instead we should buy this place for 6 months while we renovate the lake house, then sell this one. Because a year later you will have to sell the non renovated lake house to pay for private school that you weren't expecting to send your kids to and you will live in that too small for family house for 7 years, while the market tanks, and the neighborhood goes down hill, along with the value, and you find yourself wondering how much cash do I need to take to the closing table just to make this nightmare stop.

We had it up for possible rent, but the rent collected won't cover it's expenses (mortgage, taxes, etc)

I agree with wazzel- kids are way more expensive than you can imagine.

"Life is a daring adventure or it is nothing"--Helen Keller
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