Welcome to General Chat - GAW Community Area
This General Chat area started off as a place for people to talk about things that are off topic, however it has quickly evolved into a community and has become an integral part of the GAW experience for many of us.
Based on its evolving needs and plenty of user feedback, we are trying to bring some order and institute some rules. Please make sure you read these rules and participate in the spirit of this community.
Rules for General Chat
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Be respectful to each other. This is of utmost importance, and comments may be removed if deemed not respectful.
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Avoid long drawn out arguments. This should be a place to relax, not to waste your time needlessly.
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Personal anecdotes, puzzles, cute pics/clips - everything welcome
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Please do not spam at the top level. If you have a lot to post each day, try and post them all together in one top level comment
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Try keep things light. If you are bringing in deep stuff, try not to go overboard.
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Things that are clearly on-topic for this board should be posted as a separate post and not here (except if you are new and still getting the feel of this place)
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If you find people violating these rules, deport them rather than start a argument here.
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Feel free to give feedback as these rules are expected to keep evoloving
In short, imagine this thread to be a local community hall where we all gather and chat daily. Please be respectful to others in the same way
If you're renting, you're still paying those - but for someone else. Do you think the landlord doesn't calculate those items into the cost of rent? Of course he does! Right down to the interest he's paying if he has a mortgage.
Owning is always better. You don't have to get an FHA loan, you don't have to get a 30 year mortgage. Yes, amoritzation is completely bogus and a rip-off, but you don't even have to borrow from a bank, mortgage lender or credit union. You can make a private deal. There are lots of options. Bottom line, WORST case scenario, you spend 30 years paying for your home. But then you're done. If you don't buy, you rent. I know a 74 year old paying $4500 per month, rent. Insane. That person would literally have at least 2.5 million in equity if they had purchased years ago.
Property Tax has entered the chat
You'll own nothing and be unhappy. It wasn't long ago we heard about people getting forced out of the homes because they couldn't afford the tax.
House prices don't need to go up for ownership to be worthwhile. As long as the expenses are less than rent it makes sense.
Always? Rent vs buy isn't always apples to apples, especially for a single person. If a 1 bedroom works, why buy a 2 or 3 bedroom? Utility bills are money literally up in smoke.
$4500/month is crazy! It would be slick if that was a tax efficient way to transfer money to other family who owns the place. Otherwise pretty dumb. They can't take the money with them though.
No, it's not owned by a family member. And that is considered a 'good value' due to the location. Like you said, you can't take it with you. But if you had someone else in your life, you could leave it to them and help lighten their load.