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Okay owning a home may not be a big moneymaker as in years past, but let's compare two scenarios:
1) You purchase a house for $400,000 and its value goes down to $300,000. "X" years later, you own something worth $300,000. And when your mortgage is paid off, you get to stop making payments.
2) You rent that same $400,000 house from someone else. It's value goes down to $300,000. "X" years later your landlord owns a house worth $300,000 and you own... nothing. Even though you spent around the same amount of money, and will continue to spend every month forever.
Yes there are other factors like time/money put into maintenance, but is any investment worse than paying for something that someone else owns?
_______________________________________
Eric Law
Current collection:
'12 Audi A4 quattro (self-tuned)
'14 Audi A6 quattro (also self-tuned)
Gone but not forgotten:
'72 99, '77 99 (became a turbo, twice)
'80 900T 5-door, '81 900T, '86 900S (became a turbo), '86 900 SPG
'86 9000, '97 9000 Aero
A bunch of Audis, '69 Firebird, '64 Toyota Corona (first car, cost $35 and worth every penny)
Be alert... America needs more lerts!
Posts in this Thread:
- Buying a house!, B Millar
, Wed, 18 Jul 2012 09:10:42- A 4-2 cape with a 2-car garage?, Dan-O, Thu, 19 Jul 2012 06:01:19
- Yep!, B Millar
, Thu, 19 Jul 2012 06:28:54
- real estate tax, smt, Wed, 18 Jul 2012 13:17:51
- The new reality of home onwership, MI-Roger
, Wed, 18 Jul 2012 10:17:01- Are you guys serious?, ELaw
, Thu, 19 Jul 2012 05:48:21 <-- Viewing This Message- millions of owners have neq equity today nm, dtecakacheaptech, Thu, 19 Jul 2012 17:45:17
- Re: Are you guys serious?, HudsonValleySaabGuy, Thu, 19 Jul 2012 17:15:28
- Yes, I am serious, MI-Roger
, Thu, 19 Jul 2012 14:04:03
- Re: The new reality of home onwership, dtechakacheaptech, Wed, 18 Jul 2012 16:26:01
- I don't think much has changed except valuation..., Snowmobile
, Wed, 18 Jul 2012 11:37:39
- Re: Buying a house!, Justin VanAbrahams
, Wed, 18 Jul 2012 09:43:42- Yeah..., B Millar
, Wed, 18 Jul 2012 09:54:10- Re: Yeah..., Justin VanAbrahams
, Wed, 18 Jul 2012 11:25:35
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