A lot of couples busy making money to just earn enough to pay their monthly mortgage payments (for a 15/30 years term). There is just very little money left for basic living needs after paying the big monthly mortgage payments.
Is it really worth scarify the quality of life, just to own a house?
2006-12-26 03:57:43 · 12 answers · asked by Anonymous in Entertainment & Music ➔ Polls & Surveys
No, I don't think so. My parents sacrificed all they had to own a home. WE lived very poor. My parents thought that was the American Dream. Yet, I went to school, with mysisters hand me downs. I was so embarrassed growing up. And then what happened? My parents got very old and sick and my sister could not take care of them anymore. They wanted to go into a nursing home, not to put pressure on us kids. And the home went for sale to pay the bill of the Nursing home. We, the kids didnt even get the house. What a shame!
2006-12-26 04:01:25 · answer #1 · answered by Anonymous · 3⤊ 0⤋
The decision to buy a home when it will cause you to have less recreational income is really a sacrifice made to have more recreational income in the future. If you don't refinance your home and you have a fixed rate mortgage the amount of your payments 25 years from now will be the same as they are today. Hopefully 25 years from now your income will be higher leaving more discretionary income. If you were to keep renting the rent will increase over that same 25 year period whereas your mortgage payment could stay the same.
2016-05-23 07:56:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
it is for me. I have made some good financial decisions and I'll be free of my mortgage in about 7 or 8 years. Then I won't pay rent or mortgage. The amount I'll save will be huge. It's part of the sacrifice now for reward later scheme.
2006-12-26 04:02:12 · answer #3 · answered by moviegirl 6 · 1⤊ 0⤋
you should never be house poor but owning a home is a great investment. I own my home with my brother. That was the only way I could afford it. He lives in one unit and I am in the other one. We get into the market for a lot less than other people in our area.
2006-12-26 04:02:17 · answer #4 · answered by cma80 5 · 0⤊ 0⤋
My quailty of life is better in my new home. I am not giving money to my landlord every month with nothing to show for it. I already have $70,000 equity in our home and we have only been in two months. I love to go home, we can do what ever we want, paint, plant, anything. My friend pays as much in rent as we do to own our home. It is worth it to me!
2006-12-26 04:35:12 · answer #5 · answered by Lindsey J 3 · 0⤊ 0⤋
I wouldn't. Born and raised in an apartment. I find them much more comfortable - houses are too big for my taste and take a lot of work. The kind I dislike.
2006-12-26 04:04:07 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Yes. Because eventually you will make a profit off of that initial investment. Unlike renting, you will have something to show for your money when it is all said and done.
Your house will increase in value and you can sell it. When you rent, you are just losing money and will have no revenue return.
2006-12-26 04:01:12 · answer #7 · answered by Nep-Tunes 6 · 2⤊ 1⤋
Owning your own home also give you stability and a good investment but many own a home that is well priced beyond their means. There has to be a middle ground.
2006-12-26 04:00:09 · answer #8 · answered by fyrechick 4 · 2⤊ 0⤋
My mother is and she owns her own house and she loves it and she can repair without having to get permission from someone else and also having to get/give estimates on repair to a landlord.
2006-12-26 04:02:00 · answer #9 · answered by Anonymous · 0⤊ 0⤋
I guess in the long run it pays off- but what scares me isn't the note but the upkeep.
2006-12-26 04:09:33 · answer #10 · answered by d☻min☺ 5 · 0⤊ 0⤋