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Nope...still dont agree with that...How can anyone know 15,20, whatever amount of years down the road your home will gain in value??
It doesn't have to gain in value to be a valuable investment, there are tax benefits aside from building equity.
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Originally Posted by todd72173
How do you know you will NOT get fired/downsized/relocated, etc from your job?
Relocation is at my option. If I get fired, there are a number of companies in the same area (NYC) who are interested.
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Originally Posted by todd72173
How do you know you will NOT have any more kids?
Because we aren't having kids for a while. There are these things called contraceptives.
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Originally Posted by todd72173
How do you know you will never get divorced/get married?
We aren't married, and if we were, that just means more money (since we won't until she finishes her second degree).
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Originally Posted by todd72173
There are way too many variables that are not controllable. There is never a guarantee you will get your money back.,
There is risk in any investment; but your "variables" are pretty useless in the equation.
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Originally Posted by todd72173
Oh, and all the this equity talk.. All that is a loan from your mortgage company. Taking out more loans is never a wise choice. They give you that option so you pay them interest and then some. Another foolish move.
Equity <> equity loan. Do you have any clue what you're talking about?
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Originally Posted by todd72173
Nobody should ever think of their home as an 'investment'. If you do, you already lost out.
Big fat negative. Thanks for trying, please come again.
Nope...still dont agree with that...How can anyone know 15,20, whatever amount of years down the road your home will gain in value??
This is incredibly flawed logic. Investment ALWAYS involves risk. How do you know that the mutual fund or the stock you buy is going to increase in value? You do your research, read the market, and try to invest wisely, but ultimately you don't know. On September 10th, 2001 I'm sure a lot of folks thought a lot of the stocks they bought were a sure bet-and they were. No one could have foreseen the 9/11 attacks' devastating effect on the economy. By using your reasoning no one would ever invest in anything.
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Originally Posted by todd72173
How do you know you will NOT get fired/downsized/relocated, etc from your job?
How do you know you'll won't find another one that's also commutable from your home?
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Originally Posted by todd72173
How do you know you will NOT have any more kids?
Well, I don't really want to get into the birds and the bees but those things can be prevented with a reasonable amount of effectiveness. Also, considering that most homes are 2 bedroom and up you can either convert a room or add on.
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Originally Posted by todd72173
How do you know you will never get divorced/get married? There are way too many variables that are not controllable. There is never a guarantee you will get your money back.
That's why it's an INVESTMENT!!! There's no ironclad guarantee that the Google or Microsoft stock you own will be worth anything in ten years, but that's the way to bet.
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Originally Posted by todd72173
Nobody should ever think of their home as an 'investment'. If you do, you already lost out.
Well that what is an "investment" to you and how is it better/less risky than real estate?
Im guessing you guys own a home.. Enjoy your $$$$ going down the tubes.. HAhahahah
And I guess you live with your parents???
While there's a chance that a home will lose value in the short term, in the long term, it'll typically appreciate or at least hold it's value. With renting, you're definitely, 100%, without a doubt not gaining any value, so it's definitely a losing proposition- at least with home ownership you've got a chance of coming out ahead.
Im guessing you guys own a home.. Enjoy your $$$$ going down the tubes.. HAhahahah
Ok what gives-who is this? VictorianPunk? avpbvguy? In any event, its obvious that you aren't answering the questions posed by CuCullin or myself because you realize you'd prove yourself wrong by doing so. By the way, in a few years I'm hoping to acquire some rental properties and I'd be glad to take in $1500 a month from you
Is there a time when you know you did the research, made the calls, inspected the smallest details, questioned everything,... but in the end you sit in your new home drinking a beer and feel dissatisfied with your decision?
<...RANT...>
I wish I was a renter again. I didn't care. Yes there was 1k layers of paint on the wall. Yes there was a 1957 kitchen. Yes the tile was coming up. Yes the place was way too small for me and my family.... But... I didn't care. I didn't have to do anything... It wasn't my responsibility... No special assessments I must pay... No 1/4 million dollar mortgage on my back... I could just leave..Walk a way.. Find another place to live... 2 more months until the lease was up.. Let's find another place.. was it throwing money down the drain... Sooo.. What do you think I'm doing now - oh yeah - I'm throwing it to banks who will invest in bad loans and post enormous losses... which in turn shakes up the economy which then makes my once secure job insecure..
<... EoR...>
In the End do I think i made the right decision... I did all the research, asked all the questions, got "good deals" when I had to, met 90% of my requirements,.... .... ... did I make the right decision... ... ... I don't know.... and that's killing me....
s
From what I hear, it takes about a year to settle into a new place. You take one day at a time.
My 1st priority was unpacking things we always use. Since we came from a house that we sold, a lot of the stuff we could live without was in storage.
I then set aside some time to try to shop for curtains & furniture (both online and stores) food shopped, then decided to tackle outside. On nice days I will be working in the garden, crummy days I will putz around inside.
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Originally Posted by todd72173
Contrary to belief, owning a home is NOT a good investment. period. When will people realize this??Maybe in a few years when they are all bankrupt and have nothing left. Renting offers so much more, mainly the ability to relocate when needed. Todays world is alot different than last generations. Jobs come and go. People get downsized, etc. You need to be able to move easy, quickly, and without going bankrupt., That said, I am glad I sold my 1/4 million dollar BAD investment and am now renting. Not needing to worry about selling, etc. There are many other places I can invest in, and a home will not be one of them!
No, it is not an investment, it is a house.
I know people that have always rented, then when they retire they still need money for rent. When you own your home, you need money for taxes after it's paid off, so it will eventually offer you a cheaper way of living when you retire. That's how I look at it.
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