Re: So I\'m thinking of moving to Vegas... help? (some kinda-tax stuff)
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there are a number of costs associated with buying/owning that are cheaper/nonexistant when renting.
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For example?
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Off the top of my head -- two things:
Insurance - renters insurance just covers your personal property in the house. Homeowners insurance covers you personal property AND the real property (house).
Maintenance/Repairs - if your renting and the washing machine, dish washer, heater, etc breaks - call your landlord or management company. If your an owner, you have to get it fixed and pay for it yourself.
Myself, I own but I've been where I am or a while and plan on being here a while longer.
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1. interest
2. property tax
3. insurance
4. maintenance/repairs
5. higher utility charge
Also don't forget when you sell your house you are likely to pay 6% agent fees PLUS buyer's closing cost.
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Whatever you do... PLEASE DON'T BUY A HOUSE!
(It keeps driving the rent up in all my places.) Talking about BANK!
Can you deduct the rent from your taxes?
Yes, you may pay 6% for selling, but you only pay $1000 in closing costs if you house is priced $1000 too high.
No, if you think you probably are not staying in a place more than 2 years, then the risks probably suggest you should rent. But if there is a 60% chance you will stay longer than 3 years and only a 20% chance you would move before 18 months... Well, it's starting to sound like a poker decision... I'm going w/ EV+ in buying.
As to the guy talking about renting out your rooms... now you are talking about a part time job and you better educate yourself before you jump in. Making the wrong moves as a landlord can be extreemly expensive. Read the law and join a property association whereever you move to.
psw
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