Its better to rent than buy - always: Arzaga of Cornerstone Wealth Management

[BK]

Re: Shiller on Buy vs Rent

A few of my observations about Real Estate:
I think ever one that issues a opinion about housing - own living situation affects their opinion.

Job/occupation and conditions of Real Estate in your area are the only way you can make a good decision about housing.

Doctors/Dentists/Undertaker/Federal Government employee may be in the best position to feel confident enough to by a home with a Mortgage.

Some of the folks that did the best on a Return on their Real Estate - purchased their homes when Interest Rates were very high. Kind of like buying a 30 year T-Bond in 1979- or 1980 the generally falling interest rates put the Wind at their back, sprinkle in some good demographics, and add in lots of government intervention = Bull Market of a Lifetime. Can this be repeated???
Location is Number one factor and local job prospects:
Its a hell of a lot easier to consider buying a home now if you live in Dallas-TX or Charleston-SC VS buying in Palo Alto or Cambridge-MA in 2012.

[don]

Re: Shiller on Buy vs Rent

A classic example of the pitfalls possible in first-time buying. Unfortunately it's my daughter and husband. Neither have any trade experience, engineering or design. He works for FIRE and she's in pharmaceuticals. They didn't consult Dad, with 30 years in construction, because they had to act fast. I'm sure pride was a factor as well. They signed on to a $800k + mortgage, with an "as is" proviso in title. Yawza.

They could tell the fence was about to fall over. That was about it on their pre-buy look-around.

To date (6 months):

the prior owner and original buyer in '69 had been given sponge baths by an aid for at least a decade. She died at 102. When my guys ran the bath the long-standing Cali hard water had rusted through the drains. The noise in the attic was rats, who had worked all the insulation off the floor and duct work into giant rat nests. The flickering lights were bad and aged electrical connections. When we finally had rain in our warmest, driest winter in decades, they found out the roof leaked. A tile roof with long-shot paper underneath and subsequently rotten sheeting. The gutters and downspouts more or less disintegrated.

They're saving up for the fence, which blew down in the next storm.

iTulipers, don't go there. Some of the best money you can spend, if you're buying, is on your very own inspector - not the realtors. Get an engineering geek, if possible - from out of town. You should be able to negotiate whatever he finds if you're still interested. Leverage? All information brought to light in an inspection become the public record. No hiding!

That can be a big help persuading the seller to work with you. Don't forget the seller's disclosures as well.

[jiimbergin]

Re: Shiller on Buy vs Rent

A classic example of the pitfalls possible in first-time buying. Unfortunately it's my daughter and husband. Neither have any trade experience, engineering or design. He works for FIRE and she's in pharmaceuticals. They didn't consult Dad, with 30 years in construction, because they had to act fast. I'm sure pride was a factor as well. They signed on to a $800k + mortgage, with an "as is" proviso in title. Yawza.

They could tell the fence was about to fall over. That was about it on their pre-buy look-around.

To date (6 months):

the prior owner and original buyer in '69 had been given sponge baths by an aid for at least a decade. She died at 102. When my guys ran the bath the long-standing Cali hard water had rusted through the drains. The noise in the attic was rats, who had worked all the insulation off the floor and duct work into giant rat nests. The flickering lights were bad and aged electrical connections. When we finally had rain in our warmest, driest winter in decades, they found out the roof leaked. A tile roof with long-shot paper underneath and subsequently rotten sheeting. The gutters and downspouts more or less disintegrated.

They're saving up for the fence, which blew down in the next storm.

iTulipers, don't go there. Some of the best money you can spend, if you're buying, is on your very own inspector - not the realtors. Get an engineering geek, if possible - from out of town. You should be able to negotiate whatever he finds if you're still interested. Leverage? All information brought to light in an inspection become the public record. No hiding!

That can be a big help persuading the seller to work with you. Don't forget the seller's disclosures as well.

I have also found in selling, that getting a good inspection before putting it on the market helps. I have found a few items that even I did not realize and either fixed them and/or made sure the potential buyers knew about them during the negotiations.

[sishya]

Re: Shiller on Buy vs Rent

Don: I did not know you are a female. your screen name and your frequent new posts (digging internet) , probably confused my brain

[cjppjc]

Re: Shiller on Buy vs Rent

Don: I did not know you are a female. your screen name and your frequent new posts (digging internet) , probably confused my brain

No. It's now that you are confused.

[sishya]

Re: Shiller on Buy vs Rent

Don: I did not know you are a female. your screen name and your frequent new posts (digging internet) , probably confused my brain

I don't think so. I interpreted Don's words -"it's my daughter and husband" as "it's my daughter and (my)husband"
instead of "it's my daughter and (her)husband" . see a small twist in words can confuse ?