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Absolutely no regrets with our home purchase. Size is good enough, neighborhood is great,
That's us. No regrets. Not too big, not too small. Brand new ranch, low maintenance and perfect for us in our retirement. And when only one of us is left, it won't be a huge burden for the survivor.
I follow this entrepreneur called Grant Cardone. His philosophy on home ownership is "dont". He says "rent where you live and own where you rent". Basically, dont get tied down and become a slave to your mortgage. What he does say is "own property that you can rent out profit off of".
I have a good friend who just recently retired and purchased a beautiful home in Florida. It was his dream to retire, move south and buy a home.
It's been 2yrs and he's now regretting the purchase. Although it was a fairly new build, he tells me that home ownership is a money pit. He's now looking to sell and purchase a simple condo. He says he'd rather pay a small HOA fee and have them maintain everything. He says he'd rather free up the cash to travel rather than constantly having to spend it on maintaining the house.
I have a good friend who just recently retired and purchased a beautiful home in Florida. It was his dream to retire, move south and buy a home.
It's been 2yrs and he's now regretting the purchase. Although it was a fairly new build, he tells me that home ownership is a money pit. He's now looking to sell and purchase a simple condo. He says he'd rather pay a small HOA fee and have them maintain everything. He says he'd rather free up the cash to travel rather than constantly having to spend it on maintaining the house.
Just wait, this guy isn't even a millennial either, speaking from someone who is 28 this is going to be the majority of the younger generation's mindset just wait, going to turn the housing mark for a loop in another 15- 20 years. These bigger houses are just money pits, and younger people are less materialistic then older generations, we want experiences more then things and we now clearly see the trappings of the modern day rat race.
I follow this entrepreneur called Grant Cardone. His philosophy on home ownership is "dont". He says "rent where you live and own where you rent". Basically, dont get tied down and become a slave to your mortgage. What he does say is "own property that you can rent out profit off of".
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,348 posts, read 8,567,170 times
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Quote:
Originally Posted by louie0406
I follow this entrepreneur called Grant Cardone. His philosophy on home ownership is "dont". He says "rent where you live and own where you rent". Basically, dont get tied down and become a slave to your mortgage. What he does say is "own property that you can rent out profit off of".
Another thing is, do you ever really own your home? Even if you completely pay it off, try not paying your property tax (which always rises) and see how much you own your home.
Back when I lived in NY there was an elderly couple who were devestated as they were on a fix income and the constant increases in property tax forced them to sell as they could no longer afford it despite the fact that their house was paid off.
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