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Thursday’s Must Reads

by UrbanTurf Staff

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  • Living Social’s tax breaks are looking pretty good. — (Housing Complex)
  • The low number of rentals are driving prices up. — (Real Time Economics)
  • An Amsterdam garage-turned-home. — (NYT)
  • How augmented reality devices will change the way we view cities. — (dezeen)
  • Home professionals can now set up free websites on Houzz. — (TechCrunch)

This article originally published at http://dc.urbanturf.com/articles/blog/thursdays_must_reads7259/8091

8 Comments

  1. Seth from Montgomery County said at 9:28 am on Thursday February 6, 2014:

    Just out of curiosity, why do people rent?
    With many 0% down mortgage financing options, you need virtually no money at all, just a steady income. For the life of me I don’t understand why one would choose to pay $2200 a month to live on 14th street, for over 3 years. I guess my question is by your 30s, regardless of your income, shouldn’t you be purchasing? Your thoughts on this matter would be appreciated.

  1. Kyle said at 10:03 am on Thursday February 6, 2014:

    There are benefits to renting: flexibility to move elsewhere easily (if you get another job, if you get bad neighbors, if you just get tired of where you’re at), not being responsible for repairs/major appliances, not wanting to take on the risk of a large mortgage, etc.

  1. SW, DC said at 11:42 am on Thursday February 6, 2014:

    @kyle - if you get a new job you can always sublet your place and rent in the next place. As for everything else - that’s just lazy. I agree with Seth - don’t see the logic in renting. At all…

  1. NW DC said at 12:00 pm on Thursday February 6, 2014:

    Renting allows you to spend some time in a place where you wouldn’t want to buy. For example you know the schools are terrible in Logan but you want to enjoy the life there. You rent for a few years. When you have kids, you buy in a good school district. Yes, you could buy a condo and then sell it later. But there are transaction costs if you’re only spending 3 years. Also, a lot of people rent who are saving for a down payment. There are very few zero downpayment options these days and they come with higher interest rates/mortgage insurance. Added to all this, you can be more footloose as a renter. If you’re earning good money and investing it well, it’s not necessary to invest in real estate.

  1. Kes said at 12:29 pm on Thursday February 6, 2014:

    Renting out a property you’ve bought later on comes with its own headaches. Firstly, you have to get the proper licensing from the city, and build up a sizable cushion of cash to cover the mortgage if you have a dispute with your tenant. In DC, it is very, very hard to evict someone, even if they have stopped paying rent altogether for several months. Not everyone can float those costs. Also, your condo association may prevent you from renting your condo because they don’t want the building to fall below the percentage of owner/occupiers that make FHA loans possible for the building. Then you either *have* to sell, or are stuck with an empty condo.

  1. Zesty said at 2:00 pm on Thursday February 6, 2014:

    @Seth, I agree; if you have the income, are over the age of 30 and if it makes sense for your specific situation then you should buy…I agree with Kes and NW that’s there are particular cases where it would make sense to rent (e.g., if you live in DC but are looking to move to Cali in the next 5 years for a job).

  1. Burned said at 2:37 pm on Thursday February 6, 2014:

    Ask the people who bought a place in Las Vegas in 2008.

  1. USA Peasants said at 4:54 pm on Thursday February 6, 2014:

    You can not own real estate. Either you lease it from the government (property taxes) or from someone else (bankers) who in turn lease it from the government. You are a mere peasant and your existence is a means for the bankers to take your money, which they do, by printing money out of thin air lending the fake money to the government and to you with interest, and having the government TAX you to pay them. The only real owners are the bankers. Ponzi scheme. So, figure out which way loses you the LEAST amount of money. Either way you are making the bankers rich by paying them for your mere right to exist. Peasant!

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