Well, my premise is that you're living in an area where real estate appreciates over time, without fail...like California. It probably is a harder decision in other places.
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Random fashion thoughts - Page 7082post #106216 of 1090533/2/15 at 11:21ampost #106217 of 1090533/2/15 at 11:25ampost #106218 of 1090533/2/15 at 11:31am
Well, they charge for the service they provide, yeah. I think it's worth it if you have the budget (disclaimer, my wife is a designer, so I am naturally biased).
If you're friends with a designer, they could possibly hook you up with a discount sans commission though.post #106219 of 1090533/2/15 at 11:31ampost #106220 of 1090533/2/15 at 11:32ampost #106221 of 1090533/2/15 at 11:35am
and it recovered, fail again in 2009. where is it now? through the roof.
its easy to point to something like that as a rationalization to continue to what is easy, which is help pay your landlords mortgage while he sits on all that equity.post #106222 of 1090533/2/15 at 11:36amQuote:
This is simply not true. There are plenty of areas in California that have never recovered from the housing crash and most likely, never will. Just go to the East Bay and check it out. It seems to be true for highly desirably areas in major metropolitan areas, but you are a pretty affluent person to be able to buy in San Francisco. Even in Marin, which is relatively inexpensive, and is a super zip, the median house price hovers around $900K. That is simply out of reach for a lot of people. In order to pay the mortgage and *not* be in the critical housing group (more than 25% of disposable income going to housing costs), you are looking at a $150-$175K HHI. That is about 2.5x the national median HHI for households of four (about $58K)post #106223 of 1090533/2/15 at 11:39amQuote:
I think real estate is usually a good long term investment but this whole mindset of treating your short term "equity" like an atm is one that was hopefully cured in the latest crash.
If not, we can always look to the next one.post #106224 of 1090533/2/15 at 11:40amQuote:
Again, this is speaking from a position of relative privilege.
Even if they could somehow manage to pay the mortgage and property taxes, a lot of people wouldn't even be approved for a loan in ANY desirable area, which is where the appreciation will always be.post #106225 of 1090533/2/15 at 11:40amQuote:
My point is that you can get stuck in a situation. In the long run we're all dead yada yada yada ...
If you need to move because of family or career reasons, you might not be able to find a buyer at the time and price you need. So you can get stuck with mortgage payments and not even be living in the place. A house can be limbo for a while.
Selling a house isn't the same as listing a jacket on eBay.
My last apartment sold for $800k (I wasn't the buyer, obviously). My landlord was stuck trying to sell it for about two years. It was lowered from a million to $800k. He sold it cause he had to move his family back to the Philippines.post #106226 of 1090533/2/15 at 11:41ampost #106227 of 1090533/2/15 at 11:42am
hey, im just saying if you are lucky enough to buy a house, then by all means do it, it'll be the best thing to put your money...as opposed to what we do here, which is probably one of the worst things you can do with money (buy expensive clothes).
Sure, you need the actual money to do so...but I was initially responding to the thought that you had to live there for 30 years. You don't.post #106228 of 1090533/2/15 at 11:44amQuote:
An extremely long term investment and generally highly non-liquid asset.post #106229 of 1090533/2/15 at 11:47ampost #106230 of 1090533/2/15 at 11:54amI think I disagree with you guys. It's better to be building equity with that money than throwing it away for rent, plus some of it is tax deductible. Even if you loose some money in the end, you have to compare it to what you would have lost paying rent. Like my rent is over a thousand dollars. I could get something equivalen/better for $150,000, the mortgage on that would be about $600-700. In that situation I ask why do I bother renting.
I don't like in NYC or Cali though, which maybe that would make me more hesitant. And I'm not talking about $800,000 apartments.
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