Hey Everyone,
I'm asking the age old question of buy or rent. I wouldn't follow through with this until early 2016 as I am in Brasil until then. However I am an over thinker/planner.
Here are the monthly numbers I came up with (refer to attached spreadsheet, sheet two has a high estimate monthly expenses/net income after making 401k. I have an expensive hobby in competitive pistol shooting, and yes I know that food number is high as well):
RENT: 675
BUY $50K: 770-970
BUY $100K:1450-1650
- $200 dollar difference is for association fees - house/condo
I am interested in condos only because I travel for work quite a bit - 25-50% of the year and because I absolutely HATE yard care.
500-700 are monthly rents depending on the area for a 1 bedroom. I went with 650 just to err on the side of something higher/if I want to live somewhere a little more desirable.
Ideally I'd like to buy a property for cash outright up to 50K, but it seems those deals are long gone. Otherwise I'm not convinced buying really makes sense for me given that the monthly expense is up to 2x renting, and I'm not sure what the future looks like. I'll most likely stay in my metro area, but other than that I don't know much.
Thoughts? Comments? Snide remarks?
