by Elsewhere 44 Replies latest jw friends
If you can afford to buy a house in your area it is the best thing you could ever do. Of course try to buy one that won't be a money pit or present a lot of hidden costs (i.e. do your homework and make sure all the inspections are good) but buying a house is a real no brainer.
-Eduardo
SorryElsewhere. I am having posting problems.
I have been in Real Estate for 19 years. Buy!!!
It doesn't matter if the market goes down, you are still the owner, and your credit scores go up. And you can do what ever you want, and have as many kitties as you want...:)))))
BTW, Don't raid your 401(k) to buy real property. The amount you are permitted to withdraw may make your downpayment, but won't be enough to buy (probably even for Texas) outright and in the end you are going to hurt your investment.
Buy the house if you can but find other ways to finance.
-Eduardo
I'm sure your cat would appreciate a house. More space to wander around, more windows to look out, more strings to eat.
Years ago England used to be a renting culture. Then political decisions changed it into a buying culture. Now people feel they are losing out if they rent.
My grandma lived in a rented house all he rlife until she died.
My totally non financial idiot opinion is - if you rent you will still have to be paying a market value for your rent even when you are old and retired. If you buy the relative cost of the mortgage goes down over the years as your income goes up, and eventually you pay nothing, when the mortgage is paid off. This might be a boon when you are retired and on a fixed low income.
If you buy you have something to leave to your kids, but what the hell. They dont actually NEED a windfall from you, and you cant take it with you when you put on the old wooden overcoat.
If you buy you have the option of downsizing and realising some of the money from your house eventually. My partner failed to buy a house 5 years ago for £47,500 that sold last year for £107,000. BOY, was he GUTTED! He lives with me now, but he really regrets not having that £60,000 pocket money for merely living in a house for 4 years.
I say, do what feels right to you, then bugger all the NAY SAYERS who bash on about money and equity etc etc. You cant take it with you at the end of the day.
Katie where have you been?
Its been ages (it seems) since Ive seen you post
DB74
My life experience has been that yes, owing a home is a good LONG TERM investment.
Life has also taught me the following.
Buy a house no more than 10 miles from where you work.
Contrary to popular opinion, one's total of principal + interest + realestate taxes should = no more than 25% of one's NET income per month or year or however you want to figure it. That's 25%!!! And that net is after all deductions + 10% for 'rainey day savings/emergency fund/saving for a new car eventually/whatever.
Read every line and small print of every mortgage contract to be sure that the mortgage (principal borrowed) can be PREPAID without PENALTY. Contract for and pay the insurance yourself (inclue an umbrella policy) and pay realestate taxes yourself rather than have someone else be collecting and using that money until payment is due, or even trusting that the mortgage co. will not screw up somehow in these payments. That is the only way one can keep control of timely changes necessary with insurance; and will keep you knowledgeable about your real estate taxes.
Then become very farmiliar with you amortization table and pay more than due on the principal regularly; a small 'windfall' comes to you - pay ahead on that principal.
This can be done, 'cause I've been there-done that. Paid for my new house in 5 years and saved double the house's cost in interst in the long term.
talley/Judy
I don't know why you are digging around into the subject so much, unless you leave in a place where rents come cheap and property prices increase minimally every year then it's worth buying to at least have a chance to gain by a substantial increase in property value. And some people derive a little income by renting a room in their house.
you can do what ever you want, and have as many kitties as you want...:)))))
I've heard of cat-ladies... but never of cat-men!
Elsewhere with all the kitties he wants.....
I've heard of cat-ladies... but never of cat-men!Elsewhere with all the kitties he wants.....
I'm afraid I ruened my chances of doing that... I already had the vet "nip-n-tuck" both of em!
Thanks for all of the advice everyone!
