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View Poll Results: Do you rent or own? | |||
Rent |
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6 | 4.58% |
Own |
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110 | 83.97% |
Rent for now but plan to own |
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15 | 11.45% |
Own for now but wouldn't again and plan on going back to renting |
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0 | 0% |
Voters: 131. You may not vote on this poll |
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07-15-2020, 01:50 PM | #45 | |
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![]() The reason we didn't move 6 years ago was because property tax, we ended up doing an addition, a pool, and outdoor kitchen, but now she wants to move. She really wants to get out of the Bay Area, but my work is in the Bay. If (when) a move happens we will either sell the house an spend an additional million or so and stay local, or sell the house and buy something for a similar price out of the area (WAY more house) and a condo locally for me to crash in 3 days a week. |
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PoorLurker1136.50 |
07-15-2020, 03:24 PM | #46 |
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I bought my condo in 1999. The upside is my mortgage is literally $400/month (plus $400/month property taxes). I SO love that I'm my own landlord. My units rent for ~$1600/month so that gives you perspective.
The downside is I'm not as mobile. I likely would have moved if I were renting.
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07-15-2020, 03:37 PM | #47 |
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I come from a family that has been heavily invested in real estate for a couple of generations. Home ownership was drilled into our noggins. I've "owned" my own home since my late 20's, I'm on my 5th now. I've been fortunate enough to make a nice chunk of change each time, and with every sale and new purchase my original investment has seemingly grown exponentially. I am in the midwest though, where home prices are indeed reasonable. But, my family relocated to the midwest from NYC, and that's where the family began their real eatate investing journey. Beginning with my grandparents first multi unit apartment building. I can't ever see myself renting again. Home ownership has worked out extremely well for me personally.
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07-15-2020, 04:21 PM | #48 | ||
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It does have a societal cost as it lowers tax revenue for the local government agencies though. Keeps grandma safe though. I think it can be inherited too. (Might explain why so many long term residents can afford to live in Los Angeles) Quote:
Where would she want to move? Always curious to see where people feel the grass is greener. Your place must be nice if you are in the bay and have a yard big enough for an outdoor kitchen in excess of a small round weber, haha. Condos still seem pricey out there but with the million saved you can find a nice place to suit your needs. Or find a rich buddy who needs a house sitter three days a week for one of his properties that sit vacant 99% of the year, haha. I wonder when big tech will step up their game and actually build "dorms" for employees. They've done well with creating a work living environment with games and free food. It seems that housing is next. |
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07-15-2020, 07:40 PM | #49 |
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The house sounds better on paper then it is
![]() ![]() If we stay local it would be a move to Danville or Alamo. Where she thinks she wants to go: 1. Granite Bay area, suburbs of Sacramento, toward the sierras. 2. Idaho ![]() A recent wild card is a big nice place in Tahoe, Nevada side has tax advantages. We have a house up there now, and she has been riding out the ‘rona up there with the kids and I go up on the weekends. Our place in Tahoe is a great cabin, but not an everyday house. I don’t think she would do well up there with the kids, they could do the ski team thing, but.... Last edited by KenB925; 07-15-2020 at 07:57 PM.. |
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07-16-2020, 01:28 AM | #50 | |
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07-16-2020, 01:32 AM | #51 | |
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07-16-2020, 09:23 AM | #52 |
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07-16-2020, 11:35 AM | #53 |
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Are those taxes considered high? I pay close to $10k in property taxes a year on my ~$500k house. I know my area is considered high tax but damn. At least the sales tax and cost of living are lower.
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07-16-2020, 11:45 AM | #54 |
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CA taxes are fairly low from what I recall. I had a long response to a couple previous posts but I had to restart my computer and screw typing that all over again haha
NJ and Texas are what 2% of home value? That prop tax rate in CA would be mind numbing. Regarding prop13 people staying in their home limiting houses on the market - i wonder if they pull out money from their house like an ATM or something. Not sure why they wouldn't cash out, buy a bigger better house east, and then have a nice couple hundred thousand in the bank for a safety net. |
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07-16-2020, 11:51 AM | #55 | ||
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I have friends who moved to Texas, sold their house across the street from me, and bought way more house for way less money in Austin and thier property tax is about the same as it was in CA. |
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07-16-2020, 12:12 PM | #56 |
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Just got my property tax bill for my primary home. The county has the house assessed at $373k. I know the market value is much higher. The tax bill is $4500. I'm just lucky I'm not zoned in to be part of the city. If I were, there would have been another city tax slapped on.
In contrast, I also just got a notice of the property tax bill for my vacation home. Don't have it in front of me but it was between $500 to $600. Another reason why I would love to relocate there along with no sales tax on retail purchases to include no taxes on food when eating out. Buying and registering a car is also much cheaper. |
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07-16-2020, 12:25 PM | #57 |
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I have built and owned 2 homes for my personal house. And I have a few Rentals.
My advice... For my primary residence I would ALWAYS own! The benefits are numerous. Not the least of which is pouring all of that money into someone else's pockets with nothing to show for it. |
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07-16-2020, 12:28 PM | #58 |
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"Own," although I haven't even made a payment yet. Moved in 2 weeks ago. Bank owns it, but I get the point. I had been in 5 different apartments in 6 years, was tired of pissing money away and having upstairs/downstairs/nextdoor neighbors who have 0 respect for anyone around them.
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07-16-2020, 12:53 PM | #59 | |
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I always enjoy looking at homes in other states that are palatial for the price of a modest CA home. But then, would the palace create that much happiness knowing you live in that area? Oklahoma is one of my favorite states to search like that so far. Look at this place. https://www.realtor.com/realestatean...-69630?view=qv Last edited by PoorLurker; 07-16-2020 at 01:01 PM.. |
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07-16-2020, 12:58 PM | #60 |
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I put up an ad for a new roommate and got a couple emails from guys who just needed a place to crash a few days a week when they were out here. I'm strongly considering it just to reduce my monthly rent, but at the moment they want furnished and the room is unfurnished and I haven't felt like going and spending all the money on furniture and crap.
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07-16-2020, 12:59 PM | #61 | |
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I own one of the responsibly-sized (read: smallest) houses in town, and my combined property/school taxes are a reasonable $2,300/year.....
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07-16-2020, 01:30 PM | #62 | |
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07-16-2020, 01:33 PM | #63 |
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I have both. I have a vacation/retirement home I own and a main home close to work I rent. With the recent tax changes it disincentivized me buying. Plus after doing math on a previous home purchase, I lost money after all the expenses were taken into consideration.
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07-16-2020, 02:14 PM | #64 |
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The bank owns the house and the county owns the land it's on. I just have the privilege" of sleeping and eating there while I'm not working. Plus I get the honor/burden of paying taxes and insurance.
My subdivision was given to the city so I don't have a HOA. Fortunately my house is new so I don't have to deal with major repairs just yet. The only thing I had to replace was the sump pump. Oh the joys of home ownership. |
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07-16-2020, 08:00 PM | #66 | |
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I’m not saying don’t own a home, but if you’re young and trying to bank for retirement, it’s important to really look at the market you live in and determine which path is more cost effective. With COVID, companies are now relooking at remote work and this does change the dynamic for many professionals who have been transitioned to changing jobs and locations every so many years, requiring relocation. So if remote work takes hold, it’s possible to stay in a home even if you’re changing jobs. |
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