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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 745030" data-attributes="member: 12570"><p>Excellent article. Suze Orman dedicated her show last night to this topic, Buying vs Renting, and much of what she said echoed the article you referenced.</p><p> </p><p>However, there was one point she touched on that the article didn't and that is the opportunities that exist in the foreclosure market. For a renter who does have the means this is a fantastic time to buy. Homes which first sold in the $300's and $400's are now in the low $200's or even high $100's.</p><p> </p><p>Suze also pointed that out that renters often equate their monthly rent payment to what they can afford for a mortgage payment. She suggested that a potential homebuyer add 30-40% to the mortgage payment to get the true cost of owning the home. Sure, with tax credits you get some of that back, but it is a cost that you have to pay each and every month for the privilege of owning a home.</p><p> </p><p>I rented for several years after my divorce. I knew the landlord well and, quite frankly, grew tired of making his BMW payment so I used my VA eligibility to purchase my condo and, just recently, used the VA Streamline process to refinance the note.</p><p> </p><p>The article said it best--some people should rent.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 745030, member: 12570"] Excellent article. Suze Orman dedicated her show last night to this topic, Buying vs Renting, and much of what she said echoed the article you referenced. However, there was one point she touched on that the article didn't and that is the opportunities that exist in the foreclosure market. For a renter who does have the means this is a fantastic time to buy. Homes which first sold in the $300's and $400's are now in the low $200's or even high $100's. Suze also pointed that out that renters often equate their monthly rent payment to what they can afford for a mortgage payment. She suggested that a potential homebuyer add 30-40% to the mortgage payment to get the true cost of owning the home. Sure, with tax credits you get some of that back, but it is a cost that you have to pay each and every month for the privilege of owning a home. I rented for several years after my divorce. I knew the landlord well and, quite frankly, grew tired of making his BMW payment so I used my VA eligibility to purchase my condo and, just recently, used the VA Streamline process to refinance the note. The article said it best--some people should rent. [/QUOTE]
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