Nope. Crunch the numbers. The amount that is invested in the house AND interest AND higher utilities AND HOA AND repair costs AND maintenance costs far outweighs the possible growth potential as an investment. In Cleveland, after 30 years, it's cheaper to have rented that whole time than bought and sold that house.
Halp How fast is too fast to pay off a mortgage?
- Thread starter dbzeag
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I had to sell at the bottom, relocation. fortunately it wasn't a HUGE loss and work covered a lot of it.
Valve1138
I like the AB in the GB
Yeah. I sold my old place in Maine not quite at the bottom. Still broke even after the renovations I did.
Valve1138
I like the AB in the GB
All that stuff that you pay is built into the cost of rent...
BTW, sometimes renting does make sense if you have to live far outside a city to be able to afford a house.
http://www.mrmoneymustache.com/2015/07/27/rent-vs-buy/
This article covers Toronto and Ottawa, but the gist is the same.
http://www.mrmoneymustache.com/2015/07/27/rent-vs-buy/
This article covers Toronto and Ottawa, but the gist is the same.
Mean Mr. Mustard
Always shouts out something obscene
Nah one word explains it all - "Cleveland" aka mistake on the lake. Only those who live there ever think it's a nice place to live.
Our house on the other hand has more than doubled in value since we purchased it and never dropped below even when the housing bubble burst. But we don't live in a craphole part of the state (which is admittedly a lot of it for living).
If market timing were real, the stock market wouldn't be able to exist. There is no way to know when a market, or stock, bottoms out or is at it's peak. You can make an educated guess, but it's still just that - a guess.
Absolute peak or absolute bottom?. Sure, those points are hard to hit but that's a small, finite point. Knowing when it's about to bottom, that isn't guesswork. Can it do something widely different, sure? But typically you can gauge a relative peak, or valley, with some research.
Valve1138
I like the AB in the GB
If you're comparing like properties then no. If you buy a house and have to pay property taxes every year, so does the landlord and guess who he passes those onto?
We bought a house in 2006 then luckily a few months later Kyle was laid off so we made a location change causing us to put it in the market the middle of 07. We sold it mere months before everything went downhill and we're able to get out with a couple thousand in the bank.
But seriously it was all luck. If he hadn't gotten laid off we would have stayed and been way upside down and likely would have stayed in Utah till it went back up.
We still would have gotten the value eventually as I believe Utah has completely recovered but man my life would be different.
But seriously it was all luck. If he hadn't gotten laid off we would have stayed and been way upside down and likely would have stayed in Utah till it went back up.
We still would have gotten the value eventually as I believe Utah has completely recovered but man my life would be different.