Quote:
Originally Posted by CyberPunk223
yeah, because you bought the house 18 years ago in a market with normal interest rates, now rates are at record lows which drives up housing prices creating a bubble. Also the government subsidizes the banking industry by allowing home mortgage deductions which they shouldn't be doing, If mortgage rates were normal like they were 18 years ago then your house wouldn't be worth anymore than the day you bought it. I'm not sure where you are getting this tripling in value BS, it's the same house it was 18 years ago so why is it worth more?, infact it's worse because it's older.
Just like all those idiots who thought they were rich in 2007
your ignoring the fact that you have put over $400,000 into the house during those 18 years and had to spend countless hours to maintain the property yourself, I can live in an apartment, not have to lift a finger the entire time and don't have to pay a cent in maintenance or upgrades or repairs, and only pay a fraction of the cost, not be house poor and do other things with the money. not to mention you can leave a rental anytime you want,you don't have to spend months to sale the place, pay a commission and closing costs. Most people should not be buying houses because they cant afford them, a lot of people learned that the hard way in 2008 when they were left with nothing but their eyes to cry with and are now renting which they should have been doing in the first place.
And don't forget, when you rent, your not hundreds of thousands of dollars in debt either.
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at this point, it isn't even worth it. your just making up numbers that are so far from reality it's scary. again, have fun buying property for other people. I'm sure they appreciate it. I will enjoy the 150k I would have in my pocket if I sold tomorrow, and the 350k it will be worth when paid off. you enjoy you camaro (if it's still running 15 yrs from now), and paying rent till the day you die. I will definitely enjoy not having to pay anyone for a place to live in 12 years when I'm only 51 yrs old. I'll probably go buy a vett or something
and just so you know, I have not put anywhere near 400k into my home. I have no idea where you came up with that number, but your about 250k off. at most I've spent about 180k. which is probably less than 18 years of renting. you seem to forget, I locked in the payment in 1994. I'm paying 1994 prices. my mortgage doesn't go up every year like your rent.