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Old 04-19-2012, 11:35 PM
 
1,570 posts, read 925,717 times
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I wonder how many remortgaged when values were high...

...Regardless, so your house is worth a lot - the only way you see that value is by selling and moving somewhere with a lower cost of living - even then, on average, what, maybe an extra 400k lying around? Hardly rich.
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Old 04-20-2012, 12:47 AM
 
14,221 posts, read 26,502,315 times
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Quote:
Originally Posted by CA4Now View Post
Who's still living in the same house they bought in the 1970s? People don't hang on to houses simply because they're a good investment. Most people outgrow, move up, retire, move down, etc, just as they do today.
I bought into a neighborhood where I am the kid...

All my neighbors and I do mean every neighbor on my entire city block either built there homes or have live their since the mid 50's and 60's...

My home is in Oakland California.

To the right the man is 92... the couple across the street in their 80's, the house next to them the woman is 104, etc... I think I am the only one not retired.... it makes for a great safe neighborhood... plenty of people home during the day and old people don't miss a thing...

Slow and steady wins... at least this is what my Grandfather told me...

By the way...

All have homes free and clear... except for me on one other that took a mortgage to help their kids and all that did was put them in debt...

The Depression is/was very real to these people... they are generous, at least to me and very frugal... they spurn credit cards... just like my grandparents...
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Old 04-20-2012, 06:48 AM
 
Location: So Ca
5,576 posts, read 5,360,203 times
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Quote:
Originally Posted by Ultrarunner View Post
I bought into a neighborhood where I am the kid...
But my point was that people don't stay in their homes simply because they're a good investment. You probably bought there because it brought back happy memories, not because you thought you'd become a millionaire. (And as I recall, don't you own several homes?)

Quote:
To the right the man is 92... the couple across the street in their 80's, the house next to them the woman is 104, etc... I think I am the only one not retired.... it makes for a great safe neighborhood...
Our last "original owner neighbor" who was 94--and built his home in the late 1950s--died a couple of years ago. He and his wife had owned it free and clear since the 1970s. (But "permanently rich" as the OP suggests? Far from it.)
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Old 04-20-2012, 10:43 AM
 
14,221 posts, read 26,502,315 times
Reputation: 8375
Quote:
Originally Posted by CA4Now View Post
But my point was that people don't stay in their homes simply because they're a good investment. You probably bought there because it brought back happy memories, not because you thought you'd become a millionaire. (And as I recall, don't you own several homes?)
I bought because the home was close to work, great neighbors and the property has a second garage/shop in the back... very unusual for this city...

It was more of utilitarian decision as compared to many of my friends and co-workers that bought new homes and now commute an hour or so each way...

Can't really think of anyone buying a single family home to reside thinking it would make them a millionaire... homes can be expensive.

Single family home ownership is just as much as a lifestyle as anything else.

i bought my first home while still in college... it was dump in every sense of the word... if I posted pictures it would turn your stomach...

From years of plumbing leaks the bathroom floor had rotted so bad it exposed the dirt crawl space... 700 square feet on a 25' wide lot and it was all mine!

Cheaper then rent, learned real life skills going into a situation I knew nothing about and against my families wishes... well, everyone buy Mom... she said you have to start somewhere and work your way up...

I had always worked... paying into Social Security since age 12... had money saved and couldn't get a loan if my life depended on it... the criteria was very strict for the borrower and the property.

Anyway, I went through every square inch of the home while living there and a year later was able to take out a home equity loan and buy my next fixer... a little bigger, not as bad and in a little better neighborhood... at least at that time... hey, it even had a single car garage!

This was back in the early 80's... the worst unemployment since the great depression and interest rates about 4 times higher then today...

A few years back I was really doing well... the price run-up exceeded anything I could have imagined... I did not cash out... too many many families would have been disrupted... some going on 15 or 20 years... now, prices are just like they were 20 years ago in some of my neighborhoods...

I have kept nearly every home that I have bought because I don't have a pension to fall back on... Real Estate provides an opportunity to make your own way if you are willing to make a go of it.
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