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Forum
-> Household Management
-> Finances
Would you buy.....
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| a smaller condo within your budget |
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85% |
[ 23 ] |
| a large condo above your budget and rent it out |
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14% |
[ 4 ] |
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| Total Votes : 27 |
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HindaRochel
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 Tue, Dec 06 2011, 6:02 am
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I wouldn't do it unless I had the money to pay the mortgage. If you can pay the mortgage but would have to skim and save elsewhere, AND apartments were selling well in your area.
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amother
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Tue, Dec 06 2011, 9:31 am
| amother wrote: | | I guess it depends on which area you live in. I bought a house for more with the idea of a tenent helping to pay the mortgage. It wasnt so much more that I totally relied on the tenent. If I didnt have a tenent for a month or two I was easily able to afford the mortgage. For me it only makes sense a bit more work but #1 we are building equity on a much larger house #2 once the mortgage is paid off our tenent will pay for our taxes so we will live completly rent free or if we decide to leave an apt so our kids could come visit we will always have plenty room. Its an investment just like any investment. |
Love this point!
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Tova
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Tue, Dec 06 2011, 1:46 pm
| amother wrote: | | I guess it depends on which area you live in. I bought a house for more with the idea of a tenent helping to pay the mortgage. It wasnt so much more that I totally relied on the tenent. If I didnt have a tenent for a month or two I was easily able to afford the mortgage. For me it only makes sense a bit more work but #1 we are building equity on a much larger house #2 once the mortgage is paid off our tenent will pay for our taxes so we will live completly rent free or if we decide to leave an apt so our kids could come visit we will always have plenty room. Its an investment just like any investment. |
I'm laughing because I'm looking forward to kicking out our tenant in 13 years 11 months when our mortgage is paid off (we refinanced to 15 years a year ago Succos). Then the kitchen there gets kashered and becomes my Pesach kitchen and we have a nice guest room. I also intend to tell each of my kids after they get engaged that they never have to worry about being out on the streets and/or if anything gets difficult - they are always welcome to move into the apartment no questions asked. Ah, plans.
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blue eyes
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Tue, Dec 06 2011, 3:54 pm
| Tova wrote: | | amother wrote: | | I guess it depends on which area you live in. I bought a house for more with the idea of a tenent helping to pay the mortgage. It wasnt so much more that I totally relied on the tenent. If I didnt have a tenent for a month or two I was easily able to afford the mortgage. For me it only makes sense a bit more work but #1 we are building equity on a much larger house #2 once the mortgage is paid off our tenent will pay for our taxes so we will live completly rent free or if we decide to leave an apt so our kids could come visit we will always have plenty room. Its an investment just like any investment. |
I'm laughing because I'm looking forward to kicking out our tenant in 13 years 11 months when our mortgage is paid off (we refinanced to 15 years a year ago Succos). Then the kitchen there gets kashered and becomes my Pesach kitchen and we have a nice guest room. I also intend to tell each of my kids after they get engaged that they never have to worry about being out on the streets and/or if anything gets difficult - they are always welcome to move into the apartment no questions asked. Ah, plans. |
I almost wish I was your daughter 
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