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reply to post by Emerys
I can tell you for me, the answer is simple. Owning a home, and here is why. When you own a home, it is an investment, the money you put into it, you get back most of the time.
It's not an investment, it's a liability. Unless you buy it with cash, then it's an investment. If you have to meet a monthly demand for cost/money = liability.
There is a reason the system teaches you these things, and it aint to help people.
I have to argue against that. Just because you are taking a loan out against it, does not mean that it is a liability. I bought my home for just $90,000 a year and a half ago. My home is now worth $115,000 according to a recent appraisal. All because of new developments and growth in my neighborhood. How the heck would you call that a liability!?! I could sell tomorrow and make a 22% profit!
Foreclosure rates of the late 2000s are often compared with those of the Great Depression, which took place through the first half of the 1930s. However, there were no public or private agencies keeping track of foreclosure rates at that time. Indeed, the government still does not keep an official statistic on the number of homes in foreclosure or repossessed by banks and lenders.
The power to take private property for public use by a state, municipality, or private person or corporation authorized to exercise functions of public character, following the payment of just compensation to the owner of that property.
Federal, state, and local governments may take private property through their power of eminent domain or may regulate it by exercising their Police Power. The Fifth Amendment to the U.S. Constitution requires the government to provide just compensation to the owner of the private property to be taken. A variety of property rights are subject to eminent domain, such as air, water, and land rights. The government takes private property through condemnation proceedings. Throughout these proceedings, the property owner has the right of due process.
Eminent domain is a challenging area for the courts, which have struggled with the question of whether the regulation of property, rather than its acquisition, is a taking requiring just compensation. In addition, private property owners have begun to initiate actions against the government in a kind of proceeding called inverse condemnation.
You don't have a job. How can you own a house?
Purchasing a House is an investment. It should be treated as any other risky investment. Some people win, some people lose. It is simply gambling if looking at it as an investment.
It can also be taken from you by the Government or by the private sector in a lawsuit due to large medical bills, your dog biting someone, an accident if you don't have enough insurance etc etc. It can also surprise you with really big bills, like a new roof, cracked slab etc etc. To top that all off it is like a prison. You will be strapped to the same location until you sell it or agree to lose your shirt.
I prefer to rent from solid people. Years at the same place at $1200 a month, if something breaks I don't pay for it. Due to an established relationship my landlord could care less if I pay rent on the first or the 20th. If I need to move for any reason 30 day notice and I am out!
I will take freedom over "Fake" home ownership any day.......
ETA: Mobile homes are an option...if you don't mind freezing to death each winter and don't forget to regularly empty your chemical toilet (lovely).
I know plenty of people that live in beautiful trailers, and they are not freezing to death, many of them have wood stoves, and have heating and cooling systems.
I wanted to see if anyone would say it, and kdog nailed it.
I tell people that are looking for a home, its easy. Buy a mobile. This is considered a "vehicle" so whatever you pay in yearly taxes for your car, is what you pay for the house, NO matter the size. The smallest you can purchase could have 1 bedroom, and you can buy one for about $1000.00.
If you want to go bigger, get a 2-3 bedroom. Or do as I am doing and buy one at a time, and place them on your property, I already have 6 bedrooms, and 4 baths. The bonus with this as well, is that they all have monetary value, even the oldest and run down place can have collateral of about $10,000.00.
If you buy a mobile outright, you can buy a small place to put it, and pay depending on the size of your house. In the state I live in, the lowest you can pay for a 2 bedroom on a lot is $150.00 a month with garbage and mowing included. This will give you time to save up for land to put it on.
Just my 2 cents
I wanted to add, and if down the line you happen to fall into money, or buy a home, you can have the mobiles moved to any location. My intent is to buy 3 more 3 brm 2 baths, so that my children each have a home of their own when they need and or want it.edit on 8-11-2013 by NoRegretsEver because: (no reason given)
I bought my home for just $90,000 a year and a half ago.