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originally posted by: dothedew
A home is many things... An investment, a scam, a money pit, a personal getaway.
A home is never worth what you pay for it. Look at the property tax bill, and it will list the SEV (State Equalized value). Double that amount, and that's what the home is actually worth. Notice how that amount is tens of thousands of dollars LOWER than what you aid for the home? Thank the "housing market" for that. (or as I like to call it, the B.S. house flipper, bank manipulated housing market).
Also, they are money pits. That 4.00% interest rate seems pretty good, until you do the math over the course of the average mortgage length, and that 4.00 APR turns into 4x the amount that you initially borrowed through the mortgage company. Not to mention you are constantly doing repairs to it, on top of paying your property taxes, because even if you buy it, it's not really yours . Lots of money spent.... Even after the mortgage is paid, you're still paying rent to the city.
originally posted by: superman2012
I would never buy a house in a large city. The prices are too inflated. When you can live 30-45 mins away, and pay a third of the cost to own a home with a large yard and all the amenities, it seems like a no brainer to live in a small town.
originally posted by: DD2029
All I'm saying is the game has changed in 2018.
depending on your children, financial situation, job, time, and all the other variables you can think of...
renting a luxury apartment at $1500-$1800 a month vs owning a $300k house makes you wonder...
if you own the house... Why not sell and put the money (300k) to work in other places? 5% interest rate alone just about covers the rent of an apartment.
Not to mention all the time and headaches you save dealing with the house.
Move around for 5-10 years... get 3 or 4 different apartments... settle down in a house when you get old... in your 50s.