Wow, my pencil is wood!aknowledgeableperson wrote: Nope. And have not painted the brick either. Nor the kitchen cabinets. And the kitchen table and chairs, along with the dining room furniture is also wood.
It is not a matter of a lack of taste, what one person says, but what one prefers to live with. Hey, if that is the way you like to finish and furnish your living space then more power to you.
wtf?hoghead wrote: So you spend $ 990.00 a month plus a $100.00 a month for parking,if you buy in a place you get at least 1 parking space.So every $1090. a month goes for what absolutly no return on your money? Get real.
Get modern, go mechanical like I have.loftguy wrote: Wow, my pencil is wood!
You think it makes more sense for him to spend an extra ~$600 a month AND have the likley risk of taking a bath on whatever tiny ammount of equity he might have accumutlated when he has to sell it fast in two years? Doesn't seem like sound advice. "Building equity" doesn't make sense for every situation - contrary to what real estate propaganda would have had us believe the last few years.hoghead wrote: So you spend $ 990.00 a month plus a $100.00 a month for parking,if you buy in a place you get at least 1 parking space.So every $1090. a month goes for what absolutly no return on your money? Get real.
Tell that to someone who has seen the value of their home decrease 10-20% in the last few years and now needs to move. Many times renting IS the best option.hoghead wrote: So you spend $ 990.00 a month plus a $100.00 a month for parking,if you buy in a place you get at least 1 parking space.So every $1090. a month goes for what absolutly no return on your money? Get real.
I wouldn't say too many people have been drinking that Kool-Aid, but that more have listened to the wrong advice. It is more of an example that the decision to rent or own should really be based on one's individual needs or wants instead of some advisor's pet advice. If one expects to live a very mobile life then rent might be the way to go. On the other hand, if one plans to be in one place for 20 years then owning might be the way to go.lock+load wrote: Tell that to someone who has seen the value of their home decrease 10-20% in the last few years and now needs to move. Many times renting IS the best option.
Too many people have been drinking the home ownership Kool-Aid for too long.
Except most don't pay cash for a house. They borrow, and most of their monthly payment is interest. In this market, the depreciation can easily exceed the equity you are building. Of course if you plan to stay 20 years buying is probably the better choice. Very few people stay anywhere for 20 years though.aknowledgeableperson wrote: Yes, home values have dropped recently but so has the stock market. For example, two years ago if one had $200,000 and needed a place to live that person could have bought a home for cash with that $200,000 or invested it and rented a place for, say, $1,000 a month. After two years that $200,000 place to live might be worth $170,000 now. After two years that $200,000 investment might be worth $130,000 and the person is still out the $24,000 in rent payments.
Yeah, I know the example was an extreme but that is all that it was, an example.lock+load wrote: Except most don't pay cash for a house. They borrow, and most of their monthly payment is interest. In this market, the depreciation can easily exceed the equity you are building. Of course if you plan to stay 20 years buying is probably the better choice. Very few people stay anywhere for 20 years though.
