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Beachmel, I meant, that is just common sense that each case is different there is no rule for all.
For example, People with a good credit standing may do better by paying mortgage then by paying rent. Those who have bad credit rating definitely rent. Now, this is just one aspect. There are many many others.
I am glad you did great on your home!
Beachmel, I meant, that is just common sense that each case is different there is no rule for all.
For example, People with a good credit standing may do better by paying mortgage then by paying rent. Those who have bad credit rating definitely rent. Now, this is just one aspect. There are many many others.
I am glad you did great on your home!
Yes, I definitely agree with you there. Also, with the way the economy is going right now, I'm not sure I'd recommend that anyone, unless they have a great deal of cash available to them, invest right now. Banks are increasing the size of downpayment required and let's face it, a job could be here today and gone tomorrow.
For those who DO have that stockpile of cash, however, there are a whole lot of "fixer uppers" available at rock bottom prices right now.
Speaking about fixer uppers, you know, Beachmel, nothing personal, just a little bit an off-topic.
I saw a very nasty add on the TV of one guy who offers lessons to enemployed basically people how to filp the houses. I mean how to buy foreclosures and fix them and sell them. Gosh I was outraged! they just advertise this thing on the TV which is basically a fraud.
If you are not a builder I do not recommend to buy houses that need TLC. You have NO IDEA how expensive things may be! Nobody will give you an accurate quote until you are up your neck and have problems to fix for real. We did just a little bit of remodelling and we were thinking that the contractor work would cost about 6 K, when it came to the point of actual work we paid about 15K at least. Nobody can tell you what is behind the walls until they start breaking them.
Speaking about fixer uppers, you know, Beachmel, nothing personal, just a little bit an off-topic.
I saw a very nasty add on the TV of one guy who offers lessons to enemployed basically people how to filp the houses. I mean how to buy foreclosures and fix them and sell them. Gosh I was outraged! they just advertise this thing on the TV which is basically a fraud.
If you are not a builder I do not recommend to buy houses that need TLC. You have NO IDEA how expensive things may be! Nobody will give you an accurate quote until you are up your neck and have problems to fix for real. We did just a little bit of remodelling and we were thinking that the contractor work would cost about 6 K, when it came to the point of actual work we paid about 15K at least. Nobody can tell you what is behind the walls until they start breaking them.
Oh gosh, you're right. I've seen commercials like that as well and it upsets me, because to people who don't KNOW how much it could cost or how bad things can be behind those "bandaids", could end up in a lot of trouble. Something else people need to be aware of (and first-time homebuyers quite often aren't) is that some homes are located in areas where you need a permit to FART! Okay, well not litterally, but you know what I mean. Someone's right there, up in your business if you try to do ANY improvements on your home.
When I say folks should look at these rock-bottom-priced homes, I'm not talking about house flippers here, because right now, with the way the housing market goes, just about anything would be a poor investment. LOL If someone knows how to pinch pennies though and they're looking for a home (because one was way out reach before), IF they're willing to shop around, hit HFH stores, hit the sales and Craigslist, they could make themselves a liveable home. It's not for everyone though.
Honestly, we've never hired a single person, in 22 years to do anything for us. In fact, right now, my daughter and I are currently replacing the sill plate & beams, some floor joists & flooring, & replacing the wall studs in a 20 ft section of our 2 story shop. We're seeing the light at the end of the tunnel. Giiiiiiirrrrrrlllllllll POWER! lol
I never thought of buying property as an investment. It has certainly been for a life/style, for personal preferences that involve owning. Dogs are a big thing in my area, and rentals have never been affordable (and rental houses are relatively rare).
My "American dream" has nothing to do with a house or "two cars," etc. It has to do with equal treatment under the law, fair play, and justice.
Maybe it would be easier to just want a house!
Buy a home today and you need seven years in my estimation to get back out with your investment. Unless you measure your investment as cost of living over seven years in an apartment, and would rather have the option to recoup that at some point. But if real estate appreciates at a nominal and conservative 3% per year, and our local market is down by 30%, do the math. I would love to be proven wrong.
I believe in home-ownership for myself and for a lot of people. But, its not for everyone. Yes, with interest rates below 4% right now you can most likely afford to buy for less that what the brisk rental market commands. But the motto of the next few years will be to buy and hold. So if you think your life will change (don't we all wish we could predict that?) dramatically and that you will want to move before seven to ten years from the day you buy your home/condo/townhouse, be prepared to take a loss after your cost to sell. There are exceptions (the dirt-cheap bank-owned property that needs a total rehab, etc), but most properties are not going to appreciate at a higher rate than the economy will support otherwise.
Enjoy your life without attachments if that is what floats your boat. Real estate can be a tether if you don't have the financial fortitude to weather the risk of renting, the required liquid reserves and/or the time needed to break even in the future. Gone are the days of the fast, dirty flip. Back are the days of down-payments and longevity of ownership.
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