Buying or Renting US property
Jan 24th 2014, 5:49 pm
#16
BE Site Lead
Joined: Aug 2004
Location: MA, USA
Posts: 92,172
Re: Buying or Renting US property
Start up costs of renting are pretty standard in the area.
You'll get deposit back if place is returned in good condition, except a animal deposit.
Thing to look at is property taxes, can easily have $10-20K+ property taxes a year on decent areas with decent schools.
Also, what's the visa status? Get laid off and you'd have to leave pretty much immediately and it does happen.
You'll get deposit back if place is returned in good condition, except a animal deposit.
Thing to look at is property taxes, can easily have $10-20K+ property taxes a year on decent areas with decent schools.
Also, what's the visa status? Get laid off and you'd have to leave pretty much immediately and it does happen.
Jan 24th 2014, 6:07 pm
#17
BE Forum Addict
Joined: Aug 2013
Location: Rochester, New York
Posts: 1,125
Re: Buying or Renting US property
Start up costs of renting are pretty standard in the area.
You'll get deposit back if place is returned in good condition, except a animal deposit.
Thing to look at is property taxes, can easily have $10-20K+ property taxes a year on decent areas with decent schools.
Also, what's the visa status? Get laid off and you'd have to leave pretty much immediately and it does happen.
You'll get deposit back if place is returned in good condition, except a animal deposit.
Thing to look at is property taxes, can easily have $10-20K+ property taxes a year on decent areas with decent schools.
Also, what's the visa status? Get laid off and you'd have to leave pretty much immediately and it does happen.
or can you pay it in instalments like Council Tax in the UK?Hoffage
Jan 24th 2014, 6:11 pm
#18
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,474
Re: Buying or Renting US property
It accrues throughout the year and is usually paid annually to the county/ city. In the case of most mortgaged property is administered by the mortgage bank, so you pay the taxes monthly throughout the year at the same time as your mortgage. The buyer is credited with the elapsed period at closing, so the buyer only pays for the period during which they own the property.
Last edited by Pulaski; Jan 24th 2014 at 6:14 pm.
Jan 24th 2014, 6:20 pm
#19
BE Forum Addict
Joined: Jul 2003
Location: Finally moving!
Posts: 1,236
Re: Buying or Renting US property
One thing is for sure. Renting is less attractive compared with buying than it would be if you did not have dogs.
Jan 24th 2014, 6:24 pm
#20
BE Enthusiast
Joined: May 2007
Location: Westchester NY
Posts: 337
Re: Buying or Renting US property
The only reason we got the house we now have is because we did it the way we did. The realtors are greedy here, he didn't want to share 5% commission. There were other offers on the house, one was a cash offer slightly less than we offered and they went with us. Maybe no cost saving to us but we got the house we wanted in a very competitive area so more than happy to brag about it
Last edited by notonuksoil; Jan 24th 2014 at 6:34 pm.
Jan 24th 2014, 6:30 pm
#21
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,474
Re: Buying or Renting US property
The housing market in the area we got our house is very competitive, one open house we went to there were 30+ people there while we were there, the house ended up in a huge bidding war and went for considerably more than the listing price.
The only reason we got the house we now have is because we did it the way we did. The realtors are greedy here, he didn't want to share 5% commission. There were other offers on the house, one was a cash offer slightly less than we offered and they went with us. Maybe no cost saving to us but we got the house we wanted in a very competitive area so more than happy to brag about it.
The only reason we got the house we now have is because we did it the way we did. The realtors are greedy here, he didn't want to share 5% commission. There were other offers on the house, one was a cash offer slightly less than we offered and they went with us. Maybe no cost saving to us but we got the house we wanted in a very competitive area so more than happy to brag about it.
Last edited by Pulaski; Jan 24th 2014 at 7:22 pm.
Jan 24th 2014, 6:32 pm
#22
BE Enthusiast
Joined: May 2007
Location: Westchester NY
Posts: 337
Re: Buying or Renting US property
Curious...why did you end to pretend to be a realtor..? Round here anyone can go to the open houses- that's kind of the point of them
Also curious on the 2.5% vs 5%.....of course the realtor would agree to it... but what was the advantage to you? Do you think you got a better price, or moved up the pecking order?
Also curious on the 2.5% vs 5%.....of course the realtor would agree to it... but what was the advantage to you? Do you think you got a better price, or moved up the pecking order?
The advantage to us was we got the house we wanted, it without a doubt moved us to the top of the pecking order.
Jan 24th 2014, 6:34 pm
#23
Lost in BE Cyberspace
Joined: Jan 2008
Posts: 41,518
Re: Buying or Renting US property
facing that sort of loss, I would buy.
you say 6% commission is bad (and you need to add another 1.5% approx. to cover title etc if seller pays) BUT if you factor in home inflation ,unless the market crashes you should more than cover that
if you pay say $400k for a house and lost the 6%-7.5% on it that's still 'only' a 24-30k loss and you would have the benefit of having your own home to do as you please.
you say 6% commission is bad (and you need to add another 1.5% approx. to cover title etc if seller pays) BUT if you factor in home inflation ,unless the market crashes you should more than cover that
if you pay say $400k for a house and lost the 6%-7.5% on it that's still 'only' a 24-30k loss and you would have the benefit of having your own home to do as you please.
Jan 24th 2014, 6:42 pm
#24
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,474
Re: Buying or Renting US property
Jan 24th 2014, 7:08 pm
#25
BE Commentator
Joined: Feb 2010
Location: Los Angeles, California
Posts: 8,441
Re: Buying or Renting US property
Many loan agreements provide for "impound accounts" for monthly payments towards taxes and insurance. The financial institution makes the payments. If memory serves me correct, once one has more than 80% "equity" in a home, the homeowner can forego impound.
BTW, property tax payments are deductible on itemized income tax returns.
Jan 24th 2014, 7:17 pm
#26
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Joined: Nov 2002
Location: Where bad things rarely happen in movies
Posts: 8,933
Re: Buying or Renting US property
Ok...never heard of that...they may do that here, but just never seen it. Thanks
Jan 24th 2014, 7:17 pm
#27
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Joined: Nov 2002
Location: Where bad things rarely happen in movies
Posts: 8,933
Re: Buying or Renting US property
It was a "brokers" open house they are always on the same day same time each week. The market here is so competitive with buyers brokers coming up from Manhattan to look for homes for their clients, its purely based on the school district. We were competing with cash buyers with pre school kids moving to the burbs.
The advantage to us was we got the house we wanted, it without a doubt moved us to the top of the pecking order.
The advantage to us was we got the house we wanted, it without a doubt moved us to the top of the pecking order.
Jan 24th 2014, 7:49 pm
#28
Deep in the woods of CT
Joined: Feb 2010
Posts: 7,005
Re: Buying or Renting US property
In the three towns in which I've lived in CT, real estate taxes have been due the last day of July and the last day of January. Auto taxes are due the last day of July. Some towns I am aware of have an October 31 date for filing personal property tax info returns, but the actual cash is again ponied up at that July 31 deadline.
Jan 24th 2014, 8:11 pm
#30
Lost in BE Cyberspace
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Location: Phoenix, AZ
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