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Forget about buying a house?

Moderator Emeritus

Re: Forget about buying a house?

I bought my house in 2000 and i have almost 300K in equity.
I could be debt free- but I choose to live beyond my means. Smiley Very Happy

flygirl wrote:
And when you rent......you might as well be throwing your money in the trash. When ya move out of your rental....you have nothing to show for it. I bought my house in 2001, and already have about 72,000.00 equity in it. What you got, bob????



Message 11 of 23
Established Contributor

Re: Forget about buying a house?

Paying rent = paying someone else's mortgage.
" I like to live as a poor man, with a lot of money." - Pablo Picasso (who was a jerk.)
Message 12 of 23
Established Contributor

Re: Forget about buying a house?

And one more thing:
The equity in your home is an asset. My car, which is paid off, is an asset. My guitars are assets.Life insurance policies are assets. There's a lot more to wealth than income production. It boils down to assets versus liabilities.
" I like to live as a poor man, with a lot of money." - Pablo Picasso (who was a jerk.)
Message 13 of 23
Super Contributor

Re: Forget about buying a house?

I alsp prefer living in my own home, changing it the way I want to, and having (possibly) something of value at the end to leave to my daughter.
 
It is not just money.
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 14 of 23
Established Contributor

Re: Forget about buying a house?

Extending the OP's "logic", we should all still be living in our childhood bedroom at our parents' house, and only using the computer at the library. Why waste money on rent and an ISP?

Smiley Very Happy
Message 15 of 23
Senior Contributor

Re: Forget about buying a house?

I just know I'm gonna get called into Barry's office and be given a pants down spanking if I respond on this thread with any smart aleck comments.
 
I'm waiting for a Mod to smart off to the troll, then I'll jump in.
 
Message 16 of 23
Established Contributor

Re: Forget about buying a house?


Noah_Bodie wrote:
I just know I'm gonna get called into Barry's office and be given a pants down spanking if I respond on this thread with any smart aleck comments.




I see you were able to restrain yourself for a full 28 minutes before the temptation became too great, and you were forced to start a whole new thread ...

Smiley Very Happy
Message 17 of 23
Regular Contributor

Re: Forget about buying a house?

You are 100% right. It cost money to have a home but it also cost money to rent. So if youre paying rent... your money goes to to someone else anyway! So why not put money in to a home. What investment do you know that has no risk or needs no money?

FICO_Focused wrote:
If you start with a home value of $300,000 30 year fixed @ 7% payment equals >>> $1,995.91
 
Total payments after 360 months >>> $718,527.60
 
Compounded interest @ 4% per year (average RE growth) >>>> $973,019.25
 
Net ROI >>> $254,491.40
 
That's how you make money on a mortgage... If you think it will cost more than that to maintain your home... You've got some issues.





Message Edited by OneMortgageGuy on 07-03-2007 03:10 PM
Message 18 of 23
Frequent Contributor

Re: Forget about buying a house?

THIS IS RIDICULOUS. I live in southern california and the rents are ridiculous. For a 2 bedroom in a decent neighboorhood our rent is $2250.00 and is the same for other units in our building. We are only renting until we find a house as everything including semi-ok condo's are starting at $950,000. It is ridiculous to rent for a long period of time as one builds no equity. It is better to pay a mortgage for $2250.00, own the property and receive some tax incentives instead of paying rent to someone for the same amount, that you have to get approval to make any changes, get a pet and so on. Besides, apartment building owners get the tax incentives while we pay with really nothing to show for it except for $27,000+ a year in rent and over five years 135000. Imagine, if this money went into our own home, we could retire faster and have a safe haven when we do. Cecilia
Message 19 of 23
Frequent Contributor

Re: Forget about buying a house?

By the way, even though Dave Ramsey has some good points on how to get rid of credit card debt and the like, I bet a million dollars that HE OWNS HIS HOME and does not rent.
Message 20 of 23