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Shane

Joined: 31 Oct 2005
Posts: 3467
Location: Doha. Is hot.

Posted: Tue Dec 13, 11 8:48 am Post subject:
Isn't renting usually more than buying? It certainly is in the UK!

Shan

Joined: 13 Jan 2009
Posts: 9075
Location: South Wales

Posted: Tue Dec 13, 11 9:06 am Post subject:
Renting in the UK is a lot less than buying - I have rented for the last 8 years and similar properties that I have rented - the rent would not even cover the interest payments if it was a mortgage. Probably why house prices in the UK still have a long way to fall.

arvo

Joined: 04 Dec 2006
Posts: 3321
Location: Somerset

Posted: Tue Dec 13, 11 10:16 am Post subject:

I toured through many of the lake states including OH (we did Cleveland I think), when I was just out of college. I remember it being classically flat as we drove from place to place. Dead straight road, fields either side, blue sky overhead and 100m to the next gas station. The towns (ie bigger than a gas station/711) in that part of the world I remember being really nice. I think you'd have miles less trouble with planning over there too. I think if you want to bang up a clapboard house or a second shed there are considerably less rules and regs.

I remember a beautiful day down by the lakes looking out over a huge flock of geese towards Canada. Just don't remember what State I was in (due to the state I was in: another story.)

Nick

Joined: 02 Nov 2004
Posts: 34535
Location: Hereford

Posted: Tue Dec 13, 11 10:21 am Post subject:

Shane wrote:

Isn't renting usually more than buying? It certainly is in the UK!

Dunno. We rent two houses out, valued at around 200,000 each. They rent for between 600 and 850 PCM. What would that figure get your for a mortgage, over what period, and with what deposit?

I genuinely dont know.

Shane

Joined: 31 Oct 2005
Posts: 3467
Location: Doha. Is hot.

Posted: Tue Dec 13, 11 10:51 am Post subject:
We rent out our house for more than the monthly mortgage payments. For a few years before we bought I'd looking into buying, and monthly mortgage payments were always less than monthly rental payments - I just never stayed in one place long enough to make buying worthwhile! I guess it depends on where you are in the country as much as anything.

Shan

Joined: 13 Jan 2009
Posts: 9075
Location: South Wales

Posted: Tue Dec 13, 11 11:13 am Post subject:
On £200,000 at an interest rate of 3% (very conservative) over 20 years, the monthly repayment is: £1,120 at 4%: £1,226 at 5% £1,337 at 10%: £1,957 This does not include maintenance or insurance. We are renting a house worth approximately £400,000 - we pay £1,280 a month.

Nick

Joined: 02 Nov 2004
Posts: 34535
Location: Hereford

Posted: Tue Dec 13, 11 11:16 am Post subject:
It'll depend on the deposit you're putting down, I guess.

Shan

Joined: 13 Jan 2009
Posts: 9075
Location: South Wales

Posted: Tue Dec 13, 11 11:20 am Post subject:

arvo wrote:

It certainly sounds interesting. We will have to see what deal is offered - although I would miss the hills of Wales terribly.

Behemoth

Joined: 01 Dec 2004
Posts: 19023
Location: Leeds

Posted: Tue Dec 13, 11 12:19 pm Post subject:
Wouldn't you just! https://g.co/maps/esjbf

Shane

Joined: 31 Oct 2005
Posts: 3467
Location: Doha. Is hot.

Posted: Wed Dec 14, 11 3:50 am Post subject:

Shan wrote:

On £200,000 at an interest rate of 3% (very conservative) over 20 years, the monthly repayment is: £1,120

at 4%: £1,226
at 5% £1,337
at 10%: £1,957

This does not include maintenance or insurance.

We are renting a house worth approximately £400,000 - we pay £1,280 a month.

Where we lived (and still own a house), you pay 1200 quid a month for a 200,000 pound house. That alters the economics somewhat, especially as the mortgage will be less than 200,000.

I need to find the Alt+ code for a pound sign.

Kenworth

Joined: 04 Apr 2011
Posts: 855
Location: Michigan

Posted: Wed Dec 14, 11 5:18 am Post subject:

There are many homes on the market right now, and many of them are both for sale and/or rent.

Rent varies from region to region, along with values of homes. You would really need to find several Realtors to get an idea of what's available.

What's generally stressed over here is over the long run, if you ever want to own a home, just go ahead and buy instead of putting that money into rent and never being an owner.

Shane

Joined: 31 Oct 2005
Posts: 3467
Location: Doha. Is hot.

Posted: Wed Dec 14, 11 6:26 am Post subject:

Kenworth wrote:

What's generally stressed over here is over the long run, if you ever want to own a home, just go ahead and buy instead of putting that money into rent and never being an owner.

It was often said to me before I finally bought somewhere that if you're going to live somewhere for more than two years you should consider buying. And what you touch upon is that the true cost of a mortgage is less than the monthly payments as some of it goes into equity, which you eventually get back again (house price crashes apart).

Kenworth

Joined: 04 Apr 2011
Posts: 855
Location: Michigan

Posted: Wed Dec 14, 11 2:16 pm Post subject:

If you are still interested in Bowling Green, Ohio, I have an open invitation for you, and for all DS members.

I also belong to a website called https://homesteadingtoday.com

It has many members that share similar thoughts and interests to small holders.

I would invite you all to lurk and join at your leisure.

Once joining, I believe that you could get better answers about Bowling Green, Ohio from someone that most likely actually lives there or relatively close. (Membership numbers are in the thousands.)

Shan

Joined: 13 Jan 2009
Posts: 9075
Location: South Wales

Posted: Wed Dec 14, 11 4:57 pm Post subject:
Wow! Thanks Kenworth! I shall have a snoop about.

Kenworth

Joined: 04 Apr 2011
Posts: 855
Location: Michigan

Posted: Wed Dec 14, 11 7:41 pm Post subject:
Forgot to mention, on the Homesteading Questions forum, many members just ask flat out if anyone can tell about a particular city or area. I believe the most recent ones are about South West Missouri and South Carolina.

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