Frequent Contributor
MrChairman
Posts: 458
Registered: ‎02-07-2010
Re: Why would a sane person purchase a home?

Here is my story:

 

My wife and I moved to western Maryland last year around this time. We pay $1300 a month for rent. My landloard paid over 240k for the townhouse we live in now. It's worth less than half of that now. I am sure he is loosing money every month even at our current rent. We found a new construction condo about 30 miles away from DC for 250k. Estimated mortgage payment will be 1040.00 a month, taxes are 360 a month, and HOA fees are 150 a month. So a little more than 300 what we pay now. Honestly, we won't even miss the extra the 300 as we blow that on crap per month. Since we've bought our condo, they have raised prices on the next building by 10,000.00. Everyone I have talked with in the area says the property value will double within the next 5 years. It's about a quarter mile from a very affluent community. We are buying in a brand new mixed use development which is the talk of the town right now. Although I am excited about the prospect of a 250K gain in 5 years. It just makes much more common sense to spend the extra 300 every month for something that I will own and do as I please.


Starting Score:TransUnion: 698 (12 FEB 2010), Equifax: 674 (12 FEB 2010)
Current Score (Lender Pulled):TransUnion: 695 (26 JUN 2013), Equifax: 636 (26 JUN 2013), Experian: 670 (26 JUN 2013)
Goal Score:All scores 700+ by Dec 2013!!

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