All Hokie, All the Time. Period. Presented by

The Lounge Board

Joined: 10/07/1999 Posts: 35179
Likes: 13640

Joined Boards in 1999

25000+ Posts

Subscriber

Board Member 25+ Years

10000 Likes

2000 Likes

1000 Likes

500 Likes

100 Likes

What's this?

Buying if you can't expect to stay put for awhile is hard to justify.

Sure, the house you buy will probably go up in value. But when you sell it and go to buy another, all the others have gone up in value too, so you haven't really "gained" anything.

Between real estate commissions and other moving expenses (above and beyond the cost of just getting your stuff moved), getting out of one house and into another is not cheap. And if you do it after 2-3 years, you will not have built up enough equity to make it worth it.

In my case, I'm on my 3rd house in twenty years, and most of that period was a constant case of falling interest rates. So adding in a few re-fi's along the way and I'm mortgage free at this point. But if you can't stay put and interest rates are rising, it would take an awful long time for buying to make sense.

(In response to this post by fordham)

Posted: 06/07/2018 at 3:49PM

+1

PREV NEXT REPLY

Insert a Link

Enter the title of the link here:

Enter the full web address of the link here -- include the "http://" part:

Current Thread:

So we're looking at buying our first house. It's time. -- ElbertoHokie 06/07/2018 2:03PM

Based on your reply and others... -- HokieAl 06/07/2018 4:13PM

If you’re living in it, don’t buy it for investment value. Rather buy it -- CPRVHokie 06/07/2018 3:42PM

Being a land lord is not for sissies. We ended up w huge expenses, lawsuit -- Thankful Hokie 06/07/2018 3:38PM

Are you sure that's a good idea? -- EDGEMAN 06/07/2018 3:11PM

What about one of those tiny house you can take with you -- bigbadbird 06/07/2018 2:48PM

When's the baby due? -- Stork 06/07/2018 2:44PM

Heck, you ought to know, you're delivering it!! ** -- TexasGobbler 06/07/2018 2:52PM

To be fair, I'd like to sit around too but the current plant is not one of -- ElbertoHokie 06/07/2018 2:46PM

Then definitely do NOT buy a house. Keep renting. ** -- Late 80s Hokie 06/08/2018 08:26AM

Renting out a house in a town you don't live near -- bigbadbird 06/07/2018 2:44PM

I absolutely agree. Don’t do it! -- hokie-c 06/07/2018 3:37PM

The first house we bought, when we knew we would be moving in three years, -- HokieSignGuy 06/07/2018 2:38PM

You sure you want to buy with your tendency to move employment? -- fordham 06/07/2018 2:26PM

Buying if you can't expect to stay put for awhile is hard to justify. -- Tafkam Hokie 06/07/2018 3:49PM

Two words. Mobile home. ** -- 48zip 06/07/2018 3:18PM

Are house boats still a thing? ** -- HokieNoVA 06/07/2018 4:03PM

Agreed. If living there is definitely short-term, I'm not sure I'd -- reestuart 06/07/2018 2:42PM

And with the new tax laws in affect he would not even itemize even -- fordham 06/07/2018 2:57PM

That's an important consideration -- Nova Hokie 95 06/07/2018 2:35PM

Renting sucks ... -- 83Hokie 06/07/2018 2:16PM

Buy it for you for right now. You are the ones who will be living in it. -- HokieAl 06/07/2018 2:08PM

I get it, but we know our time here will be limited. My boss knows it and -- ElbertoHokie 06/07/2018 2:13PM

Just from the sound of it, I wouldn't recommend buying now. ** -- reestuart 06/07/2018 2:43PM

What counts as "limited"? And do you really want to rent to students? -- Nova Hokie 95 06/07/2018 2:28PM

Yeah, if you get a family, there's a good chance they are going -- reestuart 06/07/2018 3:00PM

Tiny house - one for each of you ** -- HokieMacDaddy 06/07/2018 2:06PM