You are young and have a spare bit of cash: 1 buy a nice car, 2 put down deposit for a house, 3 take a business risk ??? explain thanks!
2007-01-09 23:10:06 · 9 answers · asked by Amazoon 2 in Cars & Transportation ➔ Buying & Selling
Invest the money for the future. My investment went from $80,000 to $220,000 in two years. Definitely buy a house - the value will remain over time if you buy in the right area. Limit your search to a home which you can fix up, be sure to check essentials - plumbing, electrical, foundation, roof. Don't get worry about what it looks like in it's present condition (carpet, paint, trim, fixtures) think about what it could look like. Consider living in it for two years to get around capital gains tax then either renting it out or selling. Get a good home inspector. I put a lot of money into my home and it shows but from experience, I would not do as much as I did. Just keep in mind the two most important rooms are bathrooms and kitchens. If you already have a car to get you to and from where you need to be forget a new car. You'll have to make payments, the value depreciates over time and if you lease you'll be throwing money down the toliet. Business risk - I take it you mean open a business. I would consider this only after you invest the larger amount in real estate, then use the extra funds to the house up; as you're doing all that you'll have time and money put aside for a business if you want to do it by then. My former landlord bought homes and fixed them up as rentals - he recently sold them all and moved to a fancy ski resort area in Colorado where he renovated a larger hotel. My parents did the same and live comfortably - I grew up helping and watching my parents fix homes up as rentals or to sell.
2007-01-09 23:29:32 · answer #1 · answered by lawofconstantcomposition 2 · 1⤊ 0⤋
Definitely 2 or 3. If the business was in an area where I had some expertise I'd lean in that direction. If not, a home is nearly always a safe investment.
A home or business can serve you for the rest of your life.
A car has a finite life and will virtually always lose value and eventually will be worthless. I'd only consider it if 2 and 3 were already taken care of.
2007-01-10 07:18:21 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Buy a house. Real estate goes up in value. Cars go down, and a business might flop. I use to buy a new vehicle every 5 years for 19 years. I learned the hard way it was money wasted. Now I buy used cars no more than $3000. and invest in my home.
2007-01-10 07:15:41 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Unless the car you are contemplating buying has a high resale value, the car purchase is the worse investment you can make. It depreciate the instant you register it. Real estate is safe as long as the market holds up and they don't put up some property lowering value industry in the area. Risky business speaks for itself, however, the riskier the business the greater the return usually.
2007-01-10 07:43:22 · answer #4 · answered by P.A.M. 5 · 0⤊ 0⤋
U should probably put the money on a house only if u plan on living there until u die. Houses are just as expensive as buying a car ( that is new) that could break down and the bussiness going under.
2007-01-10 07:49:59 · answer #5 · answered by jasmine42000 2 · 0⤊ 1⤋
I will use that spare cash firstly to build a house such that I rent that house in order to accumulate more cash then next business such that you own your it yourself then finally to buy a luxury nice car
2007-01-10 07:17:49 · answer #6 · answered by ConRob 2 · 0⤊ 1⤋
Buy the home it has more tax advantages and more equity potential plus its a lot easier to live in
2007-01-10 09:03:49 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Brand new car of course!!!!! The more expensive the better!
2007-01-10 07:56:23 · answer #8 · answered by Anonymous · 0⤊ 1⤋
house,do research on compares,interest rates are good now
2007-01-10 07:57:48 · answer #9 · answered by vincent c 4 · 0⤊ 0⤋