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Why buy a house?
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. But the more I think about, the less sense it seems to make for me. Here's why: 1. "You'll save a fortune on taxes." True. But the property taxes will pretty much cancel out any savings you got on the income taxes. 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! By that time, an assisted living apartment. And let's be realistic. You're NOT going to be like those power couples in Money magazine who claim they're going to pay off the mortgage in 5 years and retire in 10. Yeah, right. 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. 4. Maintenance. I'm lucky if I have time to clean my apartment, let alone a house. I've worked customer service for plumbing, HVAC, and home maintenance companies before, and I hear how much people pay for this stuff. In an apartment, it's all FREE. 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. |
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