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Yes, I am serious
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Posted by MI-Roger [Email] (#882) [Profile/Gallery] (more from MI-Roger) on Thu, 19 Jul 2012 14:04:03 Share Post by Email
In Reply to: Are you guys serious?, ELaw [Profile/Gallery] , Thu, 19 Jul 2012 05:48:21
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You forgot to note in your example that in order for you to own a $300,000 house without encumbrance that your purchased at a $400,000 transaction cost, you paid $618,500 in mortgage and interest payments for a 30 year 5% mortgage at 80% of original market price. In addition you will be paying for taxes, maintenance, insurance, etc. A loss of nearly $320,000 without factoring in any costs other than P&I.

$10,500 per year for Principal and Interest
$6,000 per year for taxes
$1,000 per year for house insurance
$2,000 per year for maintenance

What type of residence can you rent for $1,600 per month?

I am not opposed to home ownership, I am a home owner myself. My point is to compare the cost of home ownership against the cost of long term renting, and do not consider home ownership to be an investment but rather ensure it is less costly than renting with all other factors considered.

The mortgage interest deduction for Income Taxes in the US is a real wild card right now. Based on public ire toward the recent financial crisis, much of it caused by fraudulent mortgage practices by all parties involved, I do not view the the continuation of this deduction in its present form as guaranteed in the upcoming years.

posted by 68.42.115... 
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