should i buy expensive home or a cheaper apartment or continue renting?
here is my situation.
1. I am renting a 2 bhk and pays 1400$ as rent.
2. i am from india and lives in usa. salary is 88K. if i invest in real estate in india, the returns are very good.
3. as per my calculation, in five years, i will spend around 80K in rent.
4. i am willing to buy a condo, so that in same monthly rent, i can live in a spacius place, build some equity.As i said i dont want to spend more than 1500/month in loan, taxes, pmi etc.
5. When I buy a condo or apartment , I want to put very very litlle in down payment. because i want to spend that money in india for better returns.(40-50%/year)
renting surely does not make any sense. now
Should I buy a 2BHK apartment in about 140K. the monthy expences will be around 1000$. send rest to india.
Should i buy 270K condo. the monthy expences will be 1700$. this will be more like living a 2 bedroom apartment on rent. so no exra saving to send money to india.
what should i do?
- RobLv 77 years agoFavorite Answer
where in USA do u live aand plan to buy.
reality is - if u pay 1400 for rent.
u will not be able to find any 'house/condo'
and break even.
the Princicple and interest will be 1400 alone.
your Taxes, up keep, insurances can easily = 700
OR more a month.
how agout down sizing in rentals.
do your research b4 spending a dime.Source(s): builder, landlord
- 3 years ago
Total renting can be less expensive but it is much less satisfying. If the housing economic system turns around and residences start to recognize again you can obtain equity and construct for the longer term. The rental market is a larger main issue than single family housing as you've gotten HOA dues and need to take care of close dwelling conditions like an rental. A $120k mortgage @ 5% curiosity for 30 yrs =$650 monthly then you would have about $50 p/mo for coverage and $150 p/mo for property taxes for a complete monthly expenditure of about $850 p/mo plus renovation. Just right luck
- Anonymous7 years ago
I suggest you buy instead or pay for a rent to own type of property. Renting will result to continuously paying for something you won't ever own.