Why Not to Buy a Home

[HereWeGoAgain]

I bought my first home at twenty-five, I hated renting a people telling me what to do...I bought one more place at thirty-seven and still live there. I hate moving..As far as an investment I don't look at it like that. I have to have a place to live and whether you prefer to rent or buy you must pay to live...Having a home and secure place to exist has a domiciling effect on the psyche and makes one more secure.

The grass isn't always greener on the other side of the hill. I'm trying to buy a little plot of land and put a trailer on it up by Flagstaff so I can do the two things I love; get on 40 and drive out to Cali; and go to the Grand Canyon.

I'd say something nasty but I cant find fault in your location or reason.
I just dream a little bigger.

 

[HereWeGoAgain]

there are good sides to having and not having kids..Hope you didn't retire too early Money tends to run out

He says he makes 30K+ on dividend income.... do with that what you will.

When your wife has worked with top minds in banking for thirty years you get some great experience in investing.
I mean I know that sounds like a pipe dream to someone like you but it actually happens to smart dedicated people.

I'm not even claiming to be the smart on in my marriage when it comes to handling money.
That'd be the wife.
However I made damn good money making everything from medical equipment such as artificial hearts to flight hardware for the shuttle program.
In fact between her smarts with money and my smarts with things mechanical we made a great team!
And I retired at 46 with her blessing.

And tinker in the garage.

Absolutely!!!!
I cant wait to move outta this house.
While it has a four car garage thats not near enough room between my SxS,trailer and my truck.
The other two are for the shop which limits me to welders,blast cabinets,plasma cutters and basic metal working tools.
When we build the Barndominiom in the next few years i'm hooking up a mill,lathe and an upright bandsaw.

 

[edward37]

I assume in making money you included mortgage payments as part of the investment...guessing you are including that.

We've only had a mortgage on the first house we bought after we got married.
Paid 75k for it and paid it off in 12 years and sold it for 114k the following year.
Ever since we've paid cash.
Our current homes monthly mortgage would be around $2500 a month if we made payments.
We've lived here for 13 years without a mortgage payment.
Saving us a shit ton of money.

Smart ,,,,,,I couldn't afford to not have a mortgage but lowered my payments as rates went down Then paid it all off after 10 years still in the same home for 25 years Tripled in value

Being DINKS made it much easier.

DINKS? No fair that's too easy.

It wasn't that easy.
Neither one of us has a college degree and I dropped out of high school in the tenth grade.

Don't let anyone tell you you didn't do great

 

[candycorn]

My grass is really green.

nice. enjoy your weekend.

 

[candycorn]

I bought my first home at twenty-five, I hated renting a people telling me what to do...I bought one more place at thirty-seven and still live there. I hate moving..As far as an investment I don't look at it like that. I have to have a place to live and whether you prefer to rent or buy you must pay to live...Having a home and secure place to exist has a domiciling effect on the psyche and makes one more secure.

The grass isn't always greener on the other side of the hill. I'm trying to buy a little plot of land and put a trailer on it up by Flagstaff so I can do the two things I love; get on 40 and drive out to Cali; and go to the Grand Canyon.

I'd say something nasty but I cant find fault in your location or reason.
I just dream a little bigger.

Some would say you fantasize....

 

[fncceo]

I have always been taught that rent is a wasted expense and that mortgage is an investment. However, after recently selling a house I held for 15 years, the profit from the sale, minus the interest payments, minus the cost of maintenance and improvements, minus the cost difference of renting a similarly sized house in the same neighborhood, added up to a net loss.

This is on a house purchased at a market low.

 

[HereWeGoAgain]

We've only had a mortgage on the first house we bought after we got married.
Paid 75k for it and paid it off in 12 years and sold it for 114k the following year.
Ever since we've paid cash.
Our current homes monthly mortgage would be around $2500 a month if we made payments.
We've lived here for 13 years without a mortgage payment.
Saving us a shit ton of money.

Smart ,,,,,,I couldn't afford to not have a mortgage but lowered my payments as rates went down Then paid it all off after 10 years still in the same home for 25 years Tripled in value

Being DINKS made it much easier.

DINKS? No fair that's too easy.

It wasn't that easy.
Neither one of us has a college degree and I dropped out of high school in the tenth grade.

We all do it our own way. Congrats on your ultimate success.

As anyone who achieves success knows.
It's all about the hard work and sticking to "The Plan"!!!!
Which we started working on in 1988 and never deviated.

 

[HereWeGoAgain]

When your wife has worked with top minds in banking for thirty years you get some great experience in investing.
I mean I know that sounds like a pipe dream to someone like you but it actually happens to smart dedicated people.

I'm not even claiming to be the smart on in my marriage when it comes to handling money.
That'd be the wife.
However I made damn good money making everything from medical equipment such as artificial hearts to flight hardware for the shuttle program.
In fact between her smarts with money and my smarts with things mechanical we made a great team!
And I retired at 46 with her blessing.

And tinker in the garage.

Absolutely!!!!
I cant wait to move outta this house.
While it has a four car garage thats not near enough room between my SxS,trailer and my truck.
The other two are for the shop which limits me to welders,blast cabinets,plasma cutters and basic metal working tools.
When we build the Barndominiom in the next few years i'm hooking up a mill,lathe and an upright bandsaw.

Come over and let's build an underground bunker fer me, with noxious gas plumes for the entrance...or maybe flame throwers..

Sounds stupid.
You're on your own on that project.

 

[HereWeGoAgain]

We've only had a mortgage on the first house we bought after we got married.
Paid 75k for it and paid it off in 12 years and sold it for 114k the following year.
Ever since we've paid cash.
Our current homes monthly mortgage would be around $2500 a month if we made payments.
We've lived here for 13 years without a mortgage payment.
Saving us a shit ton of money.

Smart ,,,,,,I couldn't afford to not have a mortgage but lowered my payments as rates went down Then paid it all off after 10 years still in the same home for 25 years Tripled in value

Being DINKS made it much easier.

DINKS? No fair that's too easy.

It wasn't that easy.
Neither one of us has a college degree and I dropped out of high school in the tenth grade.

Don't let anyone tell you you didn't do great

Hell,I'm no less shocked than my mother.
But I credit the Wife for making me turn my life around.
I had the drive but not the knowledge in financing.

 

[2aguy]

In my lifetime, I’ve only “owned” one home and that’s because my wife at the time wanted one better than the one she had. My current wife has been nagging me for 25 years to buy a home and I’ve done my best to deal with it – we still rent.

Here’s a financial planners reasons for not buying:

1. Single family homes are not good investments

2. There's an opportunity cost to saving (for a down payment) versus investing

3. It's harder to manage cash flow as a homeowner, making it difficult to consistently invest

4. A house can limit your freedom and flexibility

5. Renting means getting to live lighter

6. I'm just not interested [This is me!]

Explanations @ I'm a financial planner — here's why I won't buy a home

One reason....? You live in a Blue State and need to leave to find a real state to live in....... Illinois is doing everything it can to push people out of the state...

 

[my2¢]

The lesson I take from this topic is simply don't put your money where your interest doesn't lie. I'm the same way, not with real estate but in regards to the stock market. Oh starting out 40 years ago and throughout the next 30 years I gave it a shot. Recall in the late 70's Saturday mornings in my apartment on the couch looking over Friday's Wall Street Journal while watching Looney Tunes. I guess that should have provided me a clue right there. Made some bucks dabbing into the market here and there, but had no discipline and would have killed it just handing my dough over to a professional to manage, even through the market crashes. I lived and learn, from his tale Longknife learned what was right for him and lived.

 

[EGR one]

In my lifetime, I’ve only “owned” one home and that’s because my wife at the time wanted one better than the one she had. My current wife has been nagging me for 25 years to buy a home and I’ve done my best to deal with it – we still rent.

Here’s a financial planners reasons for not buying:

1. Single family homes are not good investments

2. There's an opportunity cost to saving (for a down payment) versus investing

3. It's harder to manage cash flow as a homeowner, making it difficult to consistently invest

4. A house can limit your freedom and flexibility

5. Renting means getting to live lighter

6. I'm just not interested [This is me!]

Explanations @ I'm a financial planner — here's why I won't buy a home

You need a financial planner that knows what he is talking about. A good home is one of the best investment options around.

 

[HereWeGoAgain]

In my lifetime, I’ve only “owned” one home and that’s because my wife at the time wanted one better than the one she had. My current wife has been nagging me for 25 years to buy a home and I’ve done my best to deal with it – we still rent.

Here’s a financial planners reasons for not buying:

1. Single family homes are not good investments

2. There's an opportunity cost to saving (for a down payment) versus investing

3. It's harder to manage cash flow as a homeowner, making it difficult to consistently invest

4. A house can limit your freedom and flexibility

5. Renting means getting to live lighter

6. I'm just not interested [This is me!]

Explanations @ I'm a financial planner — here's why I won't buy a home

You need a financial planner that knows what he is talking about. A good home is one of the best investment options around.

If you're paying a financial adviser to buy a house you're a moron.

 

[Jarlaxle]

Dumped my house a few years ago and quite happy to do so. Massive drop in living expenses (my rent is a bit more than the property taxes on the house), and I no longer have the unpaid part-time job that is maintaining a house.

 

[Jarlaxle]

I have always been taught that rent is a wasted expense and that mortgage is an investment. However, after recently selling a house I held for 15 years, the profit from the sale, minus the interest payments, minus the cost of maintenance and improvements, minus the cost difference of renting a similarly sized house in the same neighborhood, added up to a net loss.

This is on a house purchased at a market low.

Don't forget the property taxes!

 

[fncceo]

I have always been taught that rent is a wasted expense and that mortgage is an investment. However, after recently selling a house I held for 15 years, the profit from the sale, minus the interest payments, minus the cost of maintenance and improvements, minus the cost difference of renting a similarly sized house in the same neighborhood, added up to a net loss.

This is on a house purchased at a market low.

Don't forget the property taxes!

I did a couple of times ... they have no sense of humor about it.

 

[fncceo]

Smart ,,,,,,I couldn't afford to not have a mortgage but lowered my payments as rates went down Then paid it all off after 10 years still in the same home for 25 years Tripled in value

Being DINKS made it much easier.

DINKS? No fair that's too easy.

It wasn't that easy.
Neither one of us has a college degree and I dropped out of high school in the tenth grade.

We all do it our own way. Congrats on your ultimate success.

As anyone who achieves success knows.
It's all about the hard work and sticking to "The Plan"!!!!
Which we started working on in 1988 and never deviated.

Unless your plan actually sucks.

 

[HereWeGoAgain]

Being DINKS made it much easier.

DINKS? No fair that's too easy.

It wasn't that easy.
Neither one of us has a college degree and I dropped out of high school in the tenth grade.

We all do it our own way. Congrats on your ultimate success.

As anyone who achieves success knows.
It's all about the hard work and sticking to "The Plan"!!!!
Which we started working on in 1988 and never deviated.

Unless your plan actually sucks.

Well yeah.
But than idiots shouldnt make plans when it comes to financial matters.
Leave that up to the pros if you dont know what you're doing.

 

[fncceo]

DINKS? No fair that's too easy.

It wasn't that easy.
Neither one of us has a college degree and I dropped out of high school in the tenth grade.

We all do it our own way. Congrats on your ultimate success.

As anyone who achieves success knows.
It's all about the hard work and sticking to "The Plan"!!!!
Which we started working on in 1988 and never deviated.

Unless your plan actually sucks.

Well yeah.
But than idiots shouldnt make plans when it comes to financial matters.
Leave that up to the pros if you dont know what you're doing.

Having worked in the finance sector for a couple of decades, I can attest that the 'pros' often have no idea what they're doing.

 

[Marion Morrison]

In my lifetime, I’ve only “owned” one home and that’s because my wife at the time wanted one better than the one she had. My current wife has been nagging me for 25 years to buy a home and I’ve done my best to deal with it – we still rent.

Here’s a financial planners reasons for not buying:

1. Single family homes are not good investments

2. There's an opportunity cost to saving (for a down payment) versus investing

3. It's harder to manage cash flow as a homeowner, making it difficult to consistently invest

4. A house can limit your freedom and flexibility

5. Renting means getting to live lighter

6. I'm just not interested [This is me!]

Explanations @ I'm a financial planner — here's why I won't buy a home

You go ahead and "live higher"

My housing cost is $140/mo

What's yours? If its any more than that, you're throwing money away.

I live low, I eat Ramen noodles and beans and ham.

I am not "royalty". But I bet I'm living cheaper than that. I like cheap.