Moneyshifted S50's everywhere

[DrMcDave]

usually for the cost of rent or a bit more you can pay for a house, its stupid to rent unless its short term.

[RobertK]

People tend to forget that once you OWN a home there is no Landlord to pickup the tab when things go wrong.. this is usually always overlooked and never estimated into the cost of ownership.

Just like cars... things on houses break and rarely are people prepared to fix them financially. Thus the introduction of HELs.

Buying a house is great only if you can pay it off within 15 years and let it be the only money you borrow. You will quickly find that you have the ability to buy whatever you need with cash.

[ed94r]

If you pay off your mortgage before term, you will be left with no significant tax deduction. Uncle Sam will then come 'a knockin' and all your "spare" cash will go to taxes. And then what, you sell your place after 15yrs in which you have a ton of equity only to be faced with the largest Nationwide real estate bubble in history and your big cash won't even get you a condo.

I am fortunate that I bought about 7 years ago. I feel sorry for anyone looking for a home in a decent area these days...250K is entry level around here. I couldn't afford the house that I'm living in now if I were shopping. Not by a LONG shot.

Sorry 4 contributing on the OT.

Ed

[bfrank1972]

We're dragging this way off topic but....

"usually for the cost of rent or a bit more you can pay for a house, its stupid to rent unless its short term."

Depends on where ya live. The buyers market is so freakin overinflated everywhere that you'll do pretty well renting. Did some figuring here in NYC, renting is just about the same as buying even when you include your tax breaks *and* equity...at least for the next 10 years. I say wait a coupla years and watch the whole thing deflate (everywhere). Now back to our regularly scheduled programming :)

[Beej '86 325es]

...wow this thread got way off topic, but a good topic at least.

I put an offer in on a house last night...let's hope it goes through!
:cross fingers:

EDIT: You're looking at a proud new homeowner. :woowoo: