"George" wrote in message ...
"victor" wrote in message
news
Ok, ok, ok. My friends and family keep nagging at me to stop renting
and buy a house. I'm so sick of them droning on about points-this and
closing costs-that.
(snip)
2. "You're throwing rent money down the toilet." True. In all
likelihood, your mortgage payment will be twice your rent. By the time
you pay it off, you'll be drinking Ensure, wearing Depends, and too old
to maintain the house. Then you'll be wanting to move back to ... AN
APARTMENT!
Maybe so, but if you own, you'll have something valuable to include in
your estate for your family, friends, a charity, etc. Leaving an
estate is very important to some people.
(snip)
3. "It's one of the few things you buy that appreciate in value."
Assuming that you find someone who is willing to pay your inflated
selling price. Assuming that the neighborhood doesn't go down the
tubes. Assuming that the new house you buy will end costing as much as
you think it's going to (not!). Too many assumptions.
I agree there are risks. But there are risks involved in renting too,
like the rent rising, as compared to paying the same monthly payment
on a fixed-interest mortgage for 30 years. After some years go by,
that monthly payment can look pretty low. Another risk is that a
landlord can decide to kick you out, go condo with the place, sell it,
tear it down, etc. and you'll have no say in that matter.
(snip)
In the end, I suppose it's a matter of personal preference. But I do
wish my home-owning friends would cut out the holier-than-thou attitude.
OK by me. Don't buy unless you want to.
One thing I've notice: Buying that first home is really hard, but then
the second and later homes are much easier. As a homeowner, you're
kinda already in the game and have a home that's probably appreciated,
making it easier to afford the new place. Selling that provides a
springboard into the next home, IME. Kinda like having an old car to
trade in when you buy a new car, except a home probably has maintained
or appreciated in value.