Re: OT for those that purchased a home 2 years ago
On Jul 31, 9:48 am, arlo payne <arlo_pa...@xxxxxxxxxxx> wrote:
I hope you purchased your house as a home and not as a short term investment.
If you did buy it as an investment odds are you are stuck pretty damn deep.
One thing that was always pounded into my head as a youth. Buy a house as a
home. If you really feel the need to invest in real estate then buy land,
appartments or commerciall units. There is no true profit on houses due to
repacement costs in most cases.
You are right. I bought our house 4 years ago for $200,000 (new
construction) when rates were low (we locked in at 5.375% on a
30-year fixed mortgage).
Now, we are hoping to sell for close to $260,000. $60,000 after
four years sounds pretty good, until you consider closing costs,
realtor commission and four years of property taxes and mortgage
interest, not to mention the amount of money we've spent on
improving the house.
After all is said and done, I calculated that it has cost us about
$400/month (even after calculating tax deductions for property
taxes and mortgage interest) to live in that house. That's still
pretty good, considering it would've cost us about triple that for
our family of three to live in a cramped apartment in this area
(West Suburban Chicago).
.
Relevant Pages
- Re: OT: AARP
... My house appraises for well over that, and I live in a place where housing is relatively modest. ... And before you say, then don't buy a house because you can't afford it, the rentals - modest rentals, little 2-bedroom apartments - are comparable in monthly cost. ... I have a very good grasp of what is available and how much it costs. ... I understand the reasoning behind buying a house versus renting, but if one cannot afford to buy, one rents until the money is saved up for a sizeable down payment so the mortgage and interest don't keep them from doing the truly important things in life. ...
(sci.med.transcription) - Re: OT: AARP
... religion, ... If you "want" something that costs $100,000 that is fine. ... My house appraises for well over that, ... sizeable down payment so the mortgage and interest don't keep them from ...
(sci.med.transcription) - Re: it feels like recession (rant)
... The mortgage will be for 10 years, ... retire, we have a house here to let out, and an inland house in Spain ... consider investing in trust funds...lazy money will inflate... ... of any kind of money investment. ...
(uk.politics.misc) - Re: OT: AARP
... I sincerely doubt there is any state in the union that doesn't have housing for less than $100,000. ... My house appraises for well over that, and I live in a place where housing is relatively modest. ... I have a very good grasp of what is available and how much it costs. ... I understand the reasoning behind buying a house versus renting, but if one cannot afford to buy, one rents until the money is saved up for a sizeable down payment so the mortgage and interest don't keep them from doing the truly important things in life. ...
(sci.med.transcription) - Re: OT: AARP
... If you "want" something that costs $100,000 that is fine. ... My house appraises for well over that, ... And before you say, then don't buy a house because you can't afford it, ... with as much mortgage as they can possibly get. ...
(sci.med.transcription) |
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