10-02-2009, 07:10 PM | #57 |
Drives: Infiniti G37S, Suzuki B-King Join Date: Jul 2009
Location: Dallas, TX
Posts: 81
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I don't understand this house thing either. I'm going to get one only when I need the space (I.E. when I start a family), because owning a house for any other reason isn't economical if you're investing your money properly.
http://www.smartmoney.com/personal-f...nership-21111/ Renting an amount of space appropriate for your needs will always be more economical than owning the same amount of space (unless you bought a shack in the ghetto). Taking the money you save by renting and investing it wisely will net you capital gains that you can actually realize through the sale of assets non-essential to your basic needs (food, water, SHELTER, etc). When you want to realize the gains on appreciation on a house (which never really happens given the cost of maintenance, interest payments, etc...save for bubble markets that are merely passing fads), you have to sell that house. Typically buying a house is a somewhat permanent (i.e. your goal should be to pay it off, own it, die in it, etc)...and if you don't sell an asset...it's not really an asset, is it? Nevermind that most people don't even own their "asset" until they're done paying off their 30-YEAR MORTGAGE! If you want to make an investment, buy stocks and commodities. Those are appreciating assets that you can sell. Anything that you need for basic survival should never be called an asset...because you need it to survive.
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10-02-2009, 07:14 PM | #58 | |
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10-02-2009, 07:16 PM | #59 |
So true. After re-reading every single response for about the tenth time it's really up to me to take it from here. rolnslo does throw a kink in what seems like an obvious answer though.
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10-02-2009, 07:37 PM | #60 | |
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10-02-2009, 08:06 PM | #61 | |
Rolling along...
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Good luck in your decision.
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10-03-2009, 01:42 AM | #62 | |
Drives: 2010 Camaro 2SS/RS IOM/IOM 6M Join Date: Jun 2009
Location: Delaware, Ohio
Posts: 242
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Have you not been watching the stock market over the last year and this week? Your idea of guaranteed gains is just a gamble that hasn't been paying off for many folks.
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10-03-2009, 01:44 AM | #63 | |
Drives: 2010 Camaro 2SS/RS IOM/IOM 6M Join Date: Jun 2009
Location: Delaware, Ohio
Posts: 242
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2SS/RS 6 speed manual. VIN# 2G1FT1EW7A9116851
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10-03-2009, 01:54 AM | #64 |
Drives: 2010 Camaro 2SS/RS IOM/IOM 6M Join Date: Jun 2009
Location: Delaware, Ohio
Posts: 242
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You should check the date on that link again. It’s from 2007 before all the world’s economies came crashing down and everyone’s investments and 401K tanked and thousands upon thousands lost their jobs. I wonder how the author feels about his investments now and if he wishes he at least owned some equity in his own home.
If you lose your job and can’t pay your mortgage or rent you can be evicted much quicker from an apartment than from a home you have bought because it takes much longer to foreclose on a home loan.
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2SS/RS 6 speed manual. VIN# 2G1FT1EW7A9116851
No Mod's love it just the way it is. Last edited by CamaroSS_LS3; 10-03-2009 at 02:05 AM. |
10-03-2009, 01:57 AM | #65 |
Drives: 07' TAHOE LTZ Join Date: Aug 2009
Location: Arizona
Posts: 151
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I wouldn't buy a house yet, but it sounds like you can afford a camaro, so why not!! Many car enthusiasts have purchased cars they maybe shouldn't have but tell that to the guy who is the original owner of a cobra or yenko camaro etc in his garage
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10-03-2009, 11:12 AM | #66 | |
Too Many Great Choices
Drives: Grand Sport/Z07 Join Date: Jun 2009
Location: A Mountain Road
Posts: 7,454
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I'm a R/E agent and even though the market is now down that will change. More than an investment, a home is a Hedge against inflation!(as the above poster mentioned). Don't buy a condo/townhouse, reason $ per square foot is crazy then add the H/O fees (crazier), plus as you get older you'll want more privacy (or pick up the guitar like me). |
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10-03-2009, 11:15 AM | #67 |
Too Many Great Choices
Drives: Grand Sport/Z07 Join Date: Jun 2009
Location: A Mountain Road
Posts: 7,454
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10-03-2009, 12:29 PM | #68 |
Drives: 2013 Camaro 2SS/RS Join Date: May 2009
Location: MD
Posts: 203
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I agree. Unfortunately sometimes you don't have a choice -- in my area nearly all condos, townhomes and even single family homes fall under the umbrella of an HOA. If you want to buy a home, you have to pay HOA dues (unless you live out in the country). At least with a single family home the HOA is significantly less than with a townhome, but it's still a complete rip-off!
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10-03-2009, 12:38 PM | #69 |
Drives: 2010 ABM 1LT/RS Camaro "Blu Bruzr" Join Date: Oct 2009
Location: SouthWest Florida
Posts: 596
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have you considered leasing the vehicle, you wouldnt be paying a huge amount, and in 3 or 4 years when your reading to buy a home or whenver, you can make a decision on cost factor, if the car and house would be too much. you could give the car up then, or buy it fully with whatever the value would be at the time. they only prob is mileage, gotta keep it down.
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10-03-2009, 01:00 PM | #70 | |
CGM 2SS/RS
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I'm currently paying about $1400 a month in rent (only because I can't put down roots yet) and I don't have a garage, just a tiny covered spot. Even in SoCal, I could get a reasonable place for that. As it is now, when I leave, I'll have nothing to show for it. |
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