Re: So I\'m thinking of moving to Vegas... help? (some kinda-tax stuff)
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fishnchips -
you need to include the opportunity cost of capital (i.e. what he could have earned if he instead invested his down payment), and you are underestimating ownership costs in my opinion with a big one being insurance and another big one being property taxes.
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Good point on the opportunity cost.
I think we differ on the amount of maintenance. I've lived in new homes and didn't spend much if any on maintenance.
Property taxes is a pretty good point. 1% annual = $1400/yr = $6000 over 5yrs.
You're pretty close to break even if you don't make a penny over $140k when you sell. Not very many markets in the US that haven't appreciated even a few % over the last years.
All this said... it sounds like OP may be in a situation where renting is the right way to go.
FishNChips
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Are the property taxes only 1% in Vegas. I live in Upstate New York and am looking at property taxes ranging from 3.5% - 5% annually.
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