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Off Topic Chatter Houses cost too much!
101 messages, Last post on Jan 22, 2008 at 9:31 AM
You are in the Off Topic Chatter Forum. Your Host is KarenS
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Replying to: Mr_Shiftright (Jan 01, 2008 10:23 am)
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Replying to: Mr_Shiftright (Jan 01, 2008 10:23 am) Then a brick house - no maintenance, yippee!. Sold that for $10k profit after three years. Then 15 years in a ranch house in Anchorage after renting a while. Spent a lot of money on fixing it up. Was upside down doing the bust of the late 80s and then "made" a little money when we moved in '00 with another FSBO. We really enjoyed living there. Then a older well built house across town here that just didn't work, so we sold it after a year for what we paid (made enough to cover the commission and we kept the newish hot tub). Now here for 6 years - time flies. This one is up a good percentage thanks to the Boise boom, but we didn't buy it for that. I learned years ago that you don't buy a home for an investment (sorry Jip, can't agree with you there) - you buy it to live there. Being a passive stock investor makes a lot more sense if you just want to make money. I didn't lose a bit of sleep during the 80's bust worrying how much my mortgage was vs what I could sell it for. No issue with renting and I think the home mortgage deduction is a bad idea. I think that's another part of the appraisal and price inflation you see on house prices.
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Replying to: steve_ (Jan 01, 2008 10:53 am) Yeah.... I agree with that. Unless you are buying just to flip and turn a profit... which I don't do. But, it is nice that you can buy a home and have it's value increase significantly to where you can upgrade on equity alone in 10 years. I took out a 15 year loan when I bought my current home, had it paid off in 12 years. Pride in ownership is a wonderful thing. 
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Replying to: jipster (Jan 01, 2008 11:12 am) 
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Replying to: jipster (Jan 01, 2008 10:42 am) To me, paying interest is money down the drain, too unless you are in for a long, long haul. Rent is like leasing. You get to live in a much nicer house (or drive a much nicer car) than you could if you bought it. Why should I care if I leave the house with nothing, especially at my age? We are all going to leave our houses with nothing anyway  Sure, you can leave the house to wivey and kids to live in, but then they have to pay the mortgage unless it's all paid off. I don't see rent vs. buy as a clear-cut thing one way or the other.
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Replying to: Mr_Shiftright (Jan 01, 2008 11:22 am) I'm pretty adept at keeping my car's TCO down pretty low (within safety factors of course ).
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Replying to: Mr_Shiftright (Jan 01, 2008 11:22 am) I bet if I invested that half a mortgage (vs rent) for a 20 or 25 year term, I could come out ahead of the value of the condo over the same period. |
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This beautiful mansionette not more than a couple blocks from me just hit the market Yeah, the housing market here still needs a correction. I'd love to have the garage, but the house is barely larger than my studio apartment.
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Replying to: fintail (Jan 13, 2008 10:10 am)
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Replying to: steve_ (Jan 13, 2008 12:33 pm)
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