I talk with people young and old on a daily basis and most say a home is a great investment. However, I've found that the older
owners will never see there investment as they die with the home only to pass it on to there kids or relatives, thus in my eyes they never seen their investment they died with it? As for the younger folks, they talk of buying and selling for a profit only to buy a bigger home, a home in which they will most likely die in someday as the older folks a referred to above. So is a home really great investment or a giant material mass that you die with?
Most of my friends are living to pay off there mortgage. While I take vacations and enjoy my fleeting youth. I think people fail to invest in there life and soul......
2006-09-28 20:29:41 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
I've done both. I bought my first house in 1973 for $43,500. I'm now living in a house worth over $600,000.
I've been to 49 of the 50 states (and DC, too) and I've been to 6 other countries. Next year, I've got a trip scheduled for my 50th state, Alaska.
Just don't expect the government to support you in your old age. Because, Social Security is going bankrupt and the Ds (and some Rs) won't let it get fixed.
2006-09-28 20:43:27 · answer #1 · answered by SPLATT 7 · 1⤊ 0⤋
Think of buying a home as doing two things simultaneously. Fulfilling a need that everyone has - housing - and making an investment in your future. I bought 15 years ago, and now you can't find rent as cheap as my monthly housing payment. Not to mention the effects of leverage. I programmed a spreadsheet about a year ago, taking into account everything but state income tax, and it's very difficult to come up with a scenario that doesn't have someone who buys financially ahead of someone who rents and invests any difference tax free within five years.
2006-09-29 03:14:34 · answer #2 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
It is an investment. Many homebuyers don't invest wisely, but the advantage of buying a home over renting is that you do acquire ownership in the property you are living on.
You should buy a home that fits your income and lifestyle, and you should consider other investments as well.
2006-09-28 20:42:00 · answer #3 · answered by Warren D 7 · 0⤊ 0⤋
While it is important to enjoy life while you are young you can't go wrong by purchasing a good home. The difference between you and your friends is that when they retire they will have already paid for their home and won't have the cost of rent to deall with. How many thousands of dollars a year do you think that will be when you get around to retiring ??
There are definite tax advantages to owning vs renting and it also helps your credit rating.
2006-09-28 20:35:56 · answer #4 · answered by Cain 3 · 0⤊ 0⤋
A home is a place you live. A house can be considered an investment, but it is rather faceless and heartless to invest in anything. Maybe you should donate to charity and get some tax refunds.
2006-09-28 20:32:37 · answer #5 · answered by sangheilizim 4 · 0⤊ 0⤋
It is a form of an investment, which can turned into an asset or a liability.
2006-09-28 21:30:59 · answer #6 · answered by Price is what you pay for value. 3 · 0⤊ 0⤋
My wife and I, we're over 60 years. We sold our house. Why? Money makes people greedy!! You'r still in the box, and they're already fighting, who get's what? If they want money, let them make it!!
2006-09-28 20:35:53 · answer #7 · answered by alfonso 5 · 1⤊ 0⤋
To me it is and to someone else it may not be. It is more personal that a rule.
Matt
http://www.diversifiedlender.com/
http://www.minnesota-mortgage-rates.net/
http://www.realestateagentlive.com/
2006-09-29 03:41:06 · answer #8 · answered by Matt J 3 · 0⤊ 0⤋
if you acumelate a milion bucks any other way, you still have the same problem at the end
2006-09-28 20:37:58 · answer #9 · answered by acid tongue 7 · 0⤊ 0⤋