Bike or House
#131
05-12-2010, 09:09 AM
This is a question? Seriously? C'mon man, you can't live in a motorcycle so the answer should be pretty obvious. I'm surprised you even asked the question. Homes are appreciating assets, motorcycles are depreciating assets. I could go on with a list of a hundred reasons, but I won't; I'll stop here.
Good luck with your decision.
Good luck with your decision.
#132
05-12-2010, 09:41 AM
....... there's nothing unamerican about renting until you've gotten your life's direction determined. Don't let real estate make your decisions for you. Get the bagger, figure out some of life's questions w/an open vista surrounding you, make your own decisions about where you want to go, then pull that trigger on where you want the roots to grow.
....... been there,.. didn't do that ...& have often thought of what was lost by making that decision.
..... but since you asked this question almost a year ago, i figure my advice is just pssn in the wind........... oh well.
Last edited by groupw; 05-12-2010 at 09:44 AM.
#133
05-12-2010, 10:22 AM
As a 22 year old who graduated a 4 year program and bought a house when I turned 20 I can say I am glad I bought the house. It is costing me less than renting was I have a garage now, and an my bike. We are doing great, my wife and I. I am in law school, and only working part time, and we are doing fine financially, largely because I bought the house. I have almost 2 grand more paid off of my house than I am supposed. Trick, pay your mortgage on the fifth ( or what ever day before the figure interest for the month) of the month prior to being due instead of on the 30th you save the interest for that whole month on the amount of principal in the payment. I am actually hoping to move to another town in iowa to follow my career dreams upon completion of law school, and I will try to borrow from the same small town bank when I move, hopefully even with the additional student loan debt I acquired during law school, will not be a huge factor because I have always made my payment ahead of time. And for those that think I am stupid for having the student loans and the bike, the loans are not drawing interest when I am in school and six months after do to them being subsidized. At which time they will start bearing interest I will have enough cash saved up to pay them all off. So I got to have my bike on the gov. dime. Which is great, though I don't think I am entitled to it like some just taking advantage of what is being offered. But enough about me Cudos to you for getting a house, it is a good thing, and make sure when picking a wife there are 2 criteria, one that you can live with, and one that either brings alot of money to the table or better yet one that is willing to work to support your joint dreams and goals.
#134
05-12-2010, 11:20 AM
Grand HDF Member
I must be the odd man out on this one. I say get the bike. I'm a home owner and if I could ever unload the money pit, I will NEVER buy another house. Worst "investment" a person can make. If you think your bike costs a lot to maintain, just wait untily you own a house...new carpet, new windows, new roofs, routine maintenance just to keep the house standing. Make sure you have enough in your savings account to do an emergency replacement of your furnace when it dies in the middle of a Saturday night in February and you have to call the heating guy on a Sunday to come replace it. At that point you can't take time to shop around for a deal because the kids are freezing. Of course about that time the hot water heater will probably need to be replaced as well. Don't get me started on the taxes. My overall tax burden has sky rocketed since becomining a home owner, property taxes, school taxes, municipality taxes etc. All that is on top of all the income taxes you pay. Don't let anyone lie to you about how home ownership will reduce your income tax liability. It will make a small dent in your income tax liability; but, not enough to cover all the extra taxes you will have to pay...your overall annual tax burden will go through the roof.
There are several advantages of renting over owning a home:
1. Freedom to move. Move whenever you want when renting. If you own, you are stuck with bad neighbors because you probably won't be able to quickly sell the house for what you owe. This also applies if you have to move for a job opportunity. It is likely that you could end up stuck with the house or coming up with a boat load of cash at closing just to pay someone to take the house off your hands. +1 for renting - ease of moving.
2. Heat dies. Call the landlord. His problem; his expense.
3. Roof leaks. Call the landlord. His problem; his expense.
4-999 Any problem...Call the landlord. His problem; his expense.
There are several advantages of renting over owning a home:
1. Freedom to move. Move whenever you want when renting. If you own, you are stuck with bad neighbors because you probably won't be able to quickly sell the house for what you owe. This also applies if you have to move for a job opportunity. It is likely that you could end up stuck with the house or coming up with a boat load of cash at closing just to pay someone to take the house off your hands. +1 for renting - ease of moving.
2. Heat dies. Call the landlord. His problem; his expense.
3. Roof leaks. Call the landlord. His problem; his expense.
4-999 Any problem...Call the landlord. His problem; his expense.
#137
05-12-2010, 07:02 PM
#139
05-12-2010, 09:50 PM
Tourer
Join Date: Sep 2009
Location: Tampa Fl
Posts: 276
Likes: 0
Received 0 Likes
on
0 Posts
