Is a home an asset or liability? - Page 13

RACER X · 12-17-2009, 08:57 AM

Quote:

Originally Posted by fasternyou929

That's the payment on a 100k loan at 5%. That may not be ALL you have to pay to live in a house, but I can assure you taxes and insurance aren't going to more than double the payment to $1200.

.

our taxes and ins. are almost as much as our mortgage payment.

~3.3% tax and ~$1800 for ins., not incl. windstorm

i think tiggers about to blow 2 yrs of house saving money on that BMW lol

goof2 · 12-17-2009, 09:51 AM

Quote:

Originally Posted by RACER X

our taxes and ins. are almost as much as our mortgage payment.

~3.3% tax and ~$1800 for ins., not incl. windstorm

i think tiggers about to blow 2 yrs of house saving money on that BMW lol

High property taxes make up for the lack of state income taxes. Florida does the same thing.

RACER X · 12-17-2009, 10:02 AM

gov't gonna get theirs.........lol

shmike · 12-17-2009, 10:22 AM

Quote:

Originally Posted by RACER X

our taxes and ins. are almost as much as our mortgage payment.

~3.3% tax and ~$1800 for ins., not incl. windstorm

3.3%, HOLY SHIT!!!, I guess that is offset by low(er) insurance though.

Quote:

Originally Posted by goof2

High property taxes make up for the lack of state income taxes. Florida does the same thing.

Ours are higher than some places but not nearly as bad as TX apparently.

It works out to be right at 2% here.

goof2 · 12-17-2009, 10:27 AM

Quote:

Originally Posted by shmike

3.3%, HOLY SHIT!!!, I guess that is offset by low(er) insurance though.

Ours are higher than some places but not nearly as bad as TX apparently.

It works out to be right at 2% here.

Texas is horrible, with the Houston area being notably bad, for property taxes.

RACER X · 12-17-2009, 10:41 AM

Quote:

Originally Posted by shmike

It works out to be right at 2% here.

does your state have a state tax?

shmike · 12-17-2009, 10:47 AM

Quote:

Originally Posted by RACER X

does your state have a state tax?

Income? No.

Sales? Yes.

I'm in S. Florida.

Captain Morgan · 12-17-2009, 02:52 PM

Quote:

Originally Posted by TIGGER

perhaps you missed my last post... YOU GUYS ARE RIGHT AND I AM WRONG!!!

Perhaps I had pulled up the post and was watching TV and typing while you were posting your message.

But I will agree that every situation is different. Buying is NOT for everyone. To me, the biggest factor is how long you're going to be in that town/area. A person considering buying needs to do the math, taking into account insurance and property taxes for their area, as well as looking at the cost of homes that will simply suit their needs equivalent to the apartment they would be renting.

Tmall · 12-17-2009, 03:44 PM

My mortgage, tax and insurance are about 850 a month. I have 2 stories. 4 bedrooms and a big yard for my dogs to run in. I live less than 10 minutes from work. The only issue is, I'm in a less desirable neighbourhood. I would have to rent two or three apartments to give me equal space. The only downfall is, I'm heating the upper floor, and it's basically nothing more than storage and a guest room..

But, an apartment to suit my needs is at or around 1000 a month plus utilities.

Rider · 12-17-2009, 04:01 PM

When I first moved to Grand Rapids, I lived in apartment while my house was being built. It was a big apartment at 1700sqft but the rent was big too at $1450/mo, but that did include heat and water and it was a gated complex. My house payment is $1826 P&I and taxes($4600/yr). But I also pay my $800 a year insurance directly to the insurance company. Not a huge difference in payment between the apartment and house but I have twice the square footage(3400sqft) a nice 3 stall garage, a nice yard and it is finished much nicer. I payed $312K for my house and I put 20% down but I also spent another $15 on the landscaping and nearly $20k in finishing the basement. I'm into the house for nearly $350K but after 4.5 years I only owe 234K.

Yes I spend more on a house than an apartment, a lot more, but I also get a lot more and I am building more equity every month. Buying a house is a no brainer as long as you buy what you can afford.

View Poll Results: Is a home an asset or liability?
Asset	17	56.67%
Liability	7	23.33%
I live in tater's whore of an ex-wife's chlamydia infested vag.	6	20.00%
Voters: 30. You may not vote on this poll

12-17-2009, 10:02 AM	#123
RACER X AMA Supersport Join Date: Nov 2008 Location: Richmond, Tx Moto: '10 Tuono Factory Posts: 4,569	gov't gonna get theirs.........lol __________________ ΜΟΛΩΝ ΛΑΒΕ 2014 GROM! 181cc of FURY 2010 Aprilia Tuono Factory - SOLD 2009 SFV Gladius - SOLD 2008 Hayabusa - SOLD.

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12-17-2009, 03:44 PM	#129
Tmall Aspiring Rapper Join Date: Nov 2008 Location: Halifax, NS Moto: '12 CB1000R Posts: 3,569	My mortgage, tax and insurance are about 850 a month. I have 2 stories. 4 bedrooms and a big yard for my dogs to run in. I live less than 10 minutes from work. The only issue is, I'm in a less desirable neighbourhood. I would have to rent two or three apartments to give me equal space. The only downfall is, I'm heating the upper floor, and it's basically nothing more than storage and a guest room.. But, an apartment to suit my needs is at or around 1000 a month plus utilities.

12-17-2009, 04:01 PM	#130
Rider Moto GP Star Join Date: Feb 2008 Posts: 12,156	When I first moved to Grand Rapids, I lived in apartment while my house was being built. It was a big apartment at 1700sqft but the rent was big too at $1450/mo, but that did include heat and water and it was a gated complex. My house payment is $1826 P&I and taxes($4600/yr). But I also pay my $800 a year insurance directly to the insurance company. Not a huge difference in payment between the apartment and house but I have twice the square footage(3400sqft) a nice 3 stall garage, a nice yard and it is finished much nicer. I payed $312K for my house and I put 20% down but I also spent another $15 on the landscaping and nearly $20k in finishing the basement. I'm into the house for nearly $350K but after 4.5 years I only owe 234K. Yes I spend more on a house than an apartment, a lot more, but I also get a lot more and I am building more equity every month. Buying a house is a no brainer as long as you buy what you can afford.