If you had to buy your house today, for what it is worth today, could you afford it? Would you buy it for today’s value?
2007-01-05 10:43:18 · 6 answers · asked by Gabzilla 3 in Business & Finance ➔ Renting & Real Estate
NO ... I purchased this home as a young woman on Active Duty in the Military ... and kept the home (paying the mortgage) all the time I was serving ... Retirement from the Military happened .. and within a short time later the HOME was fully paid for. Now ... in Florida .. The Value and Prices have risen so tremendously that I am amazed ... That is why I am renovating the home myself (and re-purposing the whole property) for me to age in place.
2007-01-05 10:54:24 · answer #1 · answered by sglmom 7 · 2⤊ 0⤋
Absolutely yes. I just bought a house 3 months ago and prices are still going up.
Furthermore, paying a mortgage you are paying less then you would do if you are paying rent.
If house prices drop rental prices will not drop immediately (there would probably be a 6 - 12 month lag) as the landlords have to still service their old mortgages. This is getting less and less likely all the time as UK property buyers are getting more sophisticated and are more likely to sit on a property then sell it in a bad market (you only lose money if you sell).
Having a property gives you all sorts of other benefits in terms of your financial status from the point of view of financial institutions.
If you wish to move on you can always remortage or rent out the property instead of selling it. This way you can take advantage of an property value increase WITHOUT GETTING HIT FOR THE TAX.
2007-01-05 11:28:24 · answer #2 · answered by Cure Rios 1 · 1⤊ 0⤋
Living in Vegas...no, I would not pay what my house is worth...but I can't sell it because then It would be a step down.
2007-01-05 10:46:03 · answer #3 · answered by fungaljoe 2 · 2⤊ 0⤋
no of course not(be able to buy my house), i live in the bay area, and got it at the right time in my life....
2007-01-05 10:53:41 · answer #4 · answered by tshark44 5 · 1⤊ 0⤋
No, I buy low and add a floor. I would not buy it as is, too nice.
2007-01-05 10:47:11 · answer #5 · answered by Anonymous · 1⤊ 0⤋
nope
2007-01-05 10:45:41 · answer #6 · answered by TrofyWife 4 · 1⤊ 0⤋