Profile picture for user44005993

buy a house or rent?

I would stay in Atalanta for about 2 years or more.
I want to find a house in Atalanta near GIT.
I have 2 choice, buy a house? or rent a house?
the first question is :

What is the best choice?
I only have 30000~40000 USD to buy a house.
If I rent, I have to pay at least 400 USD.

the second question is :
How much I have to pay tax a year if I buy a house?

Waiting for your answer!

Thanks!
  • September 22 2013 - Atlanta
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Answers (2)

Profile picture for blue screen exile
A) Present annual property taxes are listed for on each home details page for each property.

B) Other expenses:
1) loan application
2) home inspection
3) escrow fees
4) title search fees
5) title insurance
6) county recording fees
7) maintenance
8) repairs
9) yard care
10) utilities (may need to pay if renting too)
11) trash service (may need to pay if renting too)
12) moving expenses (about the same either way)
13) nominally 6% Realtor commissions when selling later
14) nominally 2% "closing costs" (escrow fees, recording fees, termite inspection...) when selling later.

C) In general, the "break even" point is about 7 years.  Less if housing prices are rising fast.  A lot more if housing prices are falling fast.  More if rents are stagnant or falling.  Less if rent amounts are rising fast.

Regardless, there is almost no scenario where it makes any economic sense to "buy" if one is moving in 2 years or less.
  • September 22 2013
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If you are only staying two years you should not consider buying.

Renting is the most logical option.
  • September 23 2013
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