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OP- your math is wrong. You’re not accounting for closing costs, mortgage interest, any repairs or maintenance, HOA fees, property taxes, homeowners insurance, solid waste disposal, or selling costs. Renting tells you the maximum price you’ll pay each month, mortgage payments are the minimum.
Look at it as an investment if you're gonna move, so focus on the numbers, %yield, %appreciation indicators, monthly cost, monthly rent revenue, potential long term costs, rather than "liveability", then buy the damn place and never sell anything
Likely not, closing costs would likely eat up any gain you may see from the value increasing over a one year period.
@A1 - my rent is currently around $750/month. If I️ don’t lose $9K when I️ sell it’s technically a better decision vs. the alternative (renting)
Op, if your monthly rent (when you rent it out) covers all your monthly cost for the condo, then buy the damn place, it's like putting some money aside and let someone else build your equity, why even bother selling it when you move?
Your mortgage payments almost go exclusively to interest the first year as well, so I’d advise against moving in a year unless you intend on renting it out.
Not smart. Typical holding period should be at least 3 years
Renting is exchanging money for a good (housing). It is in no way “throwing money away”. When you sell your place, you’ll owe 4.5-6% of sales price to the realtors making it very unlikely you’ll come out ahead in a short time frame.
Do all statements hold true - if I️ plan to keep the property and rent it out/Airbnb? (Additional info - I️ may purchase with a friend)
@A1 - Understood. Bottom line - not a good idea unless I️ plan to keep for a while and rent it out even if I️ decide to move
Not to mention capital gains tax
Buying is not that much better than renting. Renting gives you fixed cost, ability to move. Very little of your payment goes to principal in the first several years plus the opportunity cost on the down payment. If deductions go away it could get even worse.
Don't listen to ^^
M1, if they’re not gonna hold it’s a bad call
In what situation would you not hold!?