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Is Home Ownership a Farce?

 
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bebe88 View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote bebe88 Quote  Post ReplyReply Direct Link To This Post Posted: Oct 28 2013 at 10:00am
Originally posted by jonesable jonesable wrote:

Read Rich Dad , Poor Dad.
He says you home is a liability not a asset.
He shoots down the claim Sang made also.


I still plan to become a home owner though.
I love that book. I will not be buying a home until I am.able to.pay for it cash.
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Post Options Post Options   Thanks (1) Thanks(1)   Quote danni7 Quote  Post ReplyReply Direct Link To This Post Posted: Oct 28 2013 at 12:27pm
I think home ownership being an asset or liability REALLY depends on where you live.

I'm in NYC. About an hour away from the city in Long Island the cost of houses are about $300k for a shoe box + and property taxes are about $6000+ depending on the neighborhood.

So for anyone around here I'm sure home ownership is a liability but if I lived somewhere where I could pay $20k for a house or $100k for a large house or even $300k for a multiple family , then hell yea it's an asset.


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Post Options Post Options   Thanks (0) Thanks(0)   Quote bg Quote  Post ReplyReply Direct Link To This Post Posted: Oct 28 2013 at 12:49pm
Originally posted by afrokock afrokock wrote:

And tbh homeownership is about guaranteeing your comfort and your kids comfort

You can't get to your retirement years renting, what happens when you become too frail to earn? How do you plan on covering your rent?

Secondly, leaving a home to your kids when they become of age is the best you can do to give them a head start in life, because saving for a home takes ages and often leaves them damn near destitute ..

It's cut and dry for me.


i agree with the bolded...my sis and i were fortunate enough to have two family homes left to us by our grandparents and great-grandparents

they are paid off and will always be 'family homes', they will not be sold to anyone

that was my grandparents and great grandparents wishes so that our family members will always have a 'home'

BUT people have to do what's best for them whether its renting or home ownership

home ownership comes with a lot of responsibility that maybe some people are not able to handle (maintenance, taxes, etc.)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote PurplePhase Quote  Post ReplyReply Direct Link To This Post Posted: Oct 28 2013 at 1:27pm
This reminds me of an article I read a few months ago comparing buying vs. renting costs  based on location, and the break even point. It listed cities where  renting was a better option than buying (especially in short run), based on how long it would take to see a savings benefit with  buying. The gist was that if it takes more than a couple of years before owning costs less than renting, you may be better off renting-- if your future plans aren't in stone.

Some areas in DC would take over 7 years to make buying a better choice than renting.

If I recall, other locations on list was Philly, Seattle, and NYC was #1 lol



Edited by PurplePhase - Oct 28 2013 at 1:33pm
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Post Options Post Options   Thanks (1) Thanks(1)   Quote afrokock Quote  Post ReplyReply Direct Link To This Post Posted: Oct 28 2013 at 2:42pm
samone posted a thread once about wealth and in that article it said those with greater liquid assets where likely to have inherited their homes from grandparents



Edited by afrokock - Oct 28 2013 at 2:51pm
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Post Options Post Options   Thanks (1) Thanks(1)   Quote PurplePhase Quote  Post ReplyReply Direct Link To This Post Posted: Oct 28 2013 at 2:48pm
we're leaving our home to whoever is willing to take care of the cats.  lol
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Post Options Post Options   Thanks (0) Thanks(0)   Quote afrokock Quote  Post ReplyReply Direct Link To This Post Posted: Oct 28 2013 at 2:51pm
lol i'll look after some pusssy cats for your house purp

i remember the pic you once posted years ago of the back yard from the landing

y'all wanna adopt a grown afro-anglo gent?


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Post Options Post Options   Thanks (0) Thanks(0)   Quote PurplePhase Quote  Post ReplyReply Direct Link To This Post Posted: Oct 28 2013 at 2:53pm
apparently we can't give it away. My sis said she'd find a n ice home for them .  lol

I told her this is their home.


Edited by PurplePhase - Oct 28 2013 at 2:53pm
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Post Options Post Options   Thanks (2) Thanks(2)   Quote zsazsa Quote  Post ReplyReply Direct Link To This Post Posted: Oct 28 2013 at 2:56pm
It really depends but I would take having a mortgage debt than renting. It feels more secure for me. 

In this country, the government can sell your home to pay for your old age care Dead

Everything is a con. Just a big FAT con. My generation def didn't get the good end of the stick with buying. My parent's generation was everything when it came to buying and being able to invest in properties. That dream is out of most people's reach. 

Renting is HUGE in all parts of the world. It is only in Western countries that a huge deal is made about being a home owner. It's all about that 'you've made it' aspiring crap that's taunted about and how owning a home is everything. Unless you've paid for your home outright you're effectively paying rent to the banks. 

My only issues with renting would be the possibility of being asked to move by the landlord. The lack of security is worrying. It would keep me up all effin night worrying. 


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Post Options Post Options   Thanks (0) Thanks(0)   Quote EasterBell Quote  Post ReplyReply Direct Link To This Post Posted: Oct 28 2013 at 3:06pm
Rather put that money I pay on rent into my mortage.. They are about the same amount to me. Not a big difference..
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