Living & Working in Great Places
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Good points, Bill!
I just read an article at CNN Money about a guy who calls this lifestyle "location independent professionals"...
a great way to travel, work, meet people, live life at its fullest.
I'm glad you told us about the long distance landlord thing, just in case we ever got some crazy notion to buy a place to inhabit seasonally!
I guess parkies wasn't good enough for america.
My goodness, no, GT, that almost sounds Low Class or something ;)
Professional seasonal resort worker; sounds better right!
Well Julie, renting is really a huge waste of money USUALLY. If your property is appreciating like mine did in CA, your in good shape paying your mortgage instead of helping someone else. I recently did my math of renting vs. owning:
Bought property in July 2005 for 35k.
Paid for electrical lines 11k.
electric wiring 4k
home improvements including all labor,exterior & interior appliances
flooring etc 50k-75k
Total money invested: high end $138k, low end $113k
Estimated rent money not spent by ownership from july 2005-july 2009
pre-final inspection @ $300/month X 48 months = 14k
Estimated rent money not spent by ownership from july 2009-july 2011
@ $700/month X 24 months = 17k
Money invested average high/low = 125k
Rent money not spent July 2005-July 2011 = 31k
125k - 31k = 94k money spent
This years assessed value 100k
Last years assessed value 110k
So, if I sold in July for 100k - 94k money spent/rent money saved =
So Estimated rent money not spent by ownership is $700/monthly or
$8400/yearly BUT, my property is decreasing in value at 10k/yearly!!!
I'm actually losing money @
$133/monthly or $1600/yearly.
Yes, I wish I had not bought property here on Big Island and obtained animals, thereby chaining myself to a losing battle!!!
I need to go back to renting and cut my losses here.
Hopefully your math works out better :)
Thanks so much for doing the math on this. Yes, all my life I've been told to buy a home, or property, or land. Something, don't rent all your life.
Well, I never quite figured out where I wanted to live long term, so have been renting, backpacking, etc.
I'm relieved to know I didn't blow my youth by not buying realestate.
Didn't Know we were so classy, did you? We're part of the LIP demographic !