posted on Apr, 29 2012 @ 11:59 PM
Owning a home in a large metropolitan area is a bad idea.
We bought a nice brick home, 1800 sq. ft, solidly built, on 5 1/2 acres in an isolated area. We got a loan from a relative and kept the banks out of
the loop altogether. We got a killer deal, it is very cheap to live out here, and our property taxes are very low. The relative with the money is
elderly, and no paper was passed between us. He let us know that, if he passes, the debt is considered paid in full.
If you're going to live in the city, it's probably better to rent, because everything seems to be so much more expensive out there, but it helps to
remember that, unless your property is paid in full and you can afford the yearly property taxes, taking out a loan from a bank and "buying a house"
means that it isn't yours until it is paid off, which for most people is 30 years. It's not home ownership, it's renting the house until the final
payment, but you have to keep it up, paint it, pay for all repairs and yard improvement and care. Try missing a few payments and see if it's still
A rent house means that the owner is responsible for all repairs and taxes. Renting is actually a better deal for city life.