Owning a home or a house

Discussion in 'Economy' started by Questioner, Dec 12, 2019.

  1. Andylusion
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    Andylusion Gold Member

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    I actually agree somewhat with this statement.

    I have seen people buy a house, and being young, they end up switching jobs, and now they have to sell the house a loss. It is costly to do this. Another problem is sometimes you end up needing to move closer to family, and other times farther from family, in order to protect your marriage.

    I think it is the absolute worst idea, to get married, and jump straight into a house. This is a terrible idea.

    Better to spend a year, to two years, renting a cheap place. That way you can make wiser choices on what you really need.

    And you should always buy the least expensive you can get. One of the biggest break downs in marriage, is stress over the money.

    But when young couples buy a house, they buy the biggest nicest house they can afford, which puts them in a money bind.

    After you have been together a few years, after you have some clue as to your future career, and where you want to live... then buy a house.
     
  2. Fueri
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    Fueri Gold Member

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    There are calculators online which deal with this exact question....
     
  3. Andylusion
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    Andylusion Gold Member

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    That depends entirely on two things.
    1. Your mortgage.
    2. Appreciation.

    Obviously during the crash, property prices fell and some have not really recovered.
    In those areas, yes, obviously it's a break even, or possibly a loss.

    Also too many people are still even today, taking out zero down mortgages, and some have high interest rates.

    Both make owning less likely to pay off. No one should have a 30-year mortgage. Everyone should have their house paid off in 15 years, less if possible.

    The less you pay to the bank, obviously the more of a net gain you have from owning.

    There is one last variable that can effect whether it's a gain or loss... and that is the quality of the house, and the quality of the location.
     
  4. Ringel05
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    Ringel05 Diamond Member

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    Obviously.
     
  5. Paulie
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    Paulie Diamond Member

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    All depends on what you’re paying for the house. I buy and flip bank owned properties. I will never buy a house at or over market value. I only buy if there’s equity from day 1
     
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