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You aren't building equity just because you buy a home. You need a flat market or appreciation and it would have to exceed the transaction cost to sell the house before there is any benefit on the equity side. This is a bad misconception far too many people have
My home has appreciated 50% since I bought it 5 years ago. This means I could sell it tomorrow and walk away debt free with well over $125,000 in my pocket. Now, how much do you think you'll walk away with if you decided to move out of your rental?
My home has appreciated 50% since I bought it 5 years ago. This means I could sell it tomorrow and walk away debt free with well over $125,000 in my pocket. Now, how much do you think you'll walk away with if you decided to move out of your rental?
Very good point!
Our home has not appreciated much since we purchased it several years ago, but our monthly payments (which are about the same as the rental payments could have been) have reduced the principal by almost $80,000.
That's like a great big piggy bank.
Our house will be paid off in less than 10 years. Then we'll have only taxes. Just using basic common sense, that's a sweet deal.
What a pity that no one builds these homes any more. It's all about the 3,000+ square foot, ugly-as-sin, vinyl-clad McMansion.
When did it become unfashionable to live in the houses that our grandparents so cherished?
There was a time when we considered very modest housing a fine place to start (aquiring equity). Heck, a mere 80 years ago, people turned to Sears Roebuck and ordered a 12,000-piece kit (with a 75-page instruction book) and built their own home.
Nice house. Around here it would sell for over 250k. Hell, buildable house lots cost over 100 grand without any water, sewer or drive way. Fortunately many people have the incomes to support these prices but they are not beginners, uneducated or ordinary workers. Lower income people are simply not welcome in this town.
My home has appreciated 50% since I bought it 5 years ago. This means I could sell it tomorrow and walk away debt free with well over $125,000 in my pocket. Now, how much do you think you'll walk away with if you decided to move out of your rental?
You are assuming that the renter did not find low enough a rent that the difference could be invested in higher-returning assets than real estate.
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Houses
