Why Not to Buy a Home

[HereWeGoAgain]

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.

True enough.
You should hear the stories the wife brings home about banks they have acquired and the flat out ignorance they showed in basic banking and investment practices.

 

[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!

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

Mine are the reason I sold my house. Just not worth it.

 

[Jarlaxle]

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.

So...are you flat broke, or just a miser?

 

[Harry Dresden]

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

not good investments?....my house has gone up in value about 75,000 bucks in the 3 years i have owned it....just had it appraised...and its better than paying someone elses mortgage...

 

[Marion Morrison]

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.

Mine are the reason I sold my house. Just not worth it.

So what's your housing cost per month now?

 

[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.

So...are you flat broke, or just a miser?

I have to watch what I spend right now. It is what it is, but my needs are met. I make more than enough to make it.

 

[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!

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

Mine are the reason I sold my house. Just not worth it.

So what's your housing cost per month now?

Just a bit more than my property taxes were.

 

[Marion Morrison]

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.

Mine are the reason I sold my house. Just not worth it.

So what's your housing cost per month now?

Just a bit more than my property taxes were.

That's not a figure.

 

[Jarlaxle]

Don't forget the property taxes!

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

Mine are the reason I sold my house. Just not worth it.

So what's your housing cost per month now?

Just a bit more than my property taxes were.

That's not a figure.

None of your business.

 

[Marion Morrison]

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

Mine are the reason I sold my house. Just not worth it.

So what's your housing cost per month now?

Just a bit more than my property taxes were.

That's not a figure.

None of your business.

Looks like I'm winning with $140/mo then.

It should be less.

Survey says you pay 10x that.

 

[Votto]

Don't buy a home?

Nope, I have to live somewhere with a little personality, not some cookie cutter apartment.

 

[Jarlaxle]

I have a full apartment with 2-car garage, shop, parking, and a nice area. You do not. (We both know that, so don't bother.) I expect you have a single room, probably illegally rented.

 

[Marion Morrison]

I have a full apartment with 2-car garage, shop, parking, and a nice area. You do not. (We both know that, so don't bother.) I expect you have a single room, probably illegally rented.

I have a 2600 sq foot house (4/2) with a 2-car garage, long driveway, big back porch, big yard to maintain, and a decent size shed.

$140/mo. I have not averaged in maintenance costs of course.

+$550/yr so far

Thievetry is nonexistent here thus far.

I have what I have, and you have what you have.

 

[Marion Morrison]

This is an absurd thread, definitely buy a home. It's cheaper.

I like cheap!

 

[MarathonMike]

There is some luck involved with real estate to be sure. Where you live and when you buy especially during a market top can put you under water on a mortgage for years. And home maintenance is definitely not everyone's cup of tea. I don't mind it, I just chip away at the honey do list. The only thing I hate doing is plumbing.

 

[Marion Morrison]

There is some luck involved with real estate to be sure. Where you live and when you buy especially during a market top can put you under water on a mortgage for years. And home maintenance is definitely not everyone's cup of tea. I don't mind it, I just chip away at the honey do list. The only thing I hate doing is plumbing.

The "+"

can range from $250 to $11k +, true story. I'm at the top of the hill, so there's that.

 

[MarathonMike]

There is some luck involved with real estate to be sure. Where you live and when you buy especially during a market top can put you under water on a mortgage for years. And home maintenance is definitely not everyone's cup of tea. I don't mind it, I just chip away at the honey do list. The only thing I hate doing is plumbing.

The "+"

can range from $250 to $11k +, true story. I'm at the top of the hill, so there's that.

Me too, it's always nice to have a view from a hill.

 

[Jarlaxle]

I have a full apartment with 2-car garage, shop, parking, and a nice area. You do not. (We both know that, so don't bother.) I expect you have a single room, probably illegally rented.

I have a 2600 sq foot house (4/2) with a 2-car garage, long driveway, big back porch, big yard to maintain, and a decent size shed.

$140/mo. I have not averaged in maintenance costs of course.

+$550/yr so far

Thievetry is nonexistent here thus far.

I have what I have, and you have what you have.

Liar.

 

[Jarlaxle]

There is some luck involved with real estate to be sure. Where you live and when you buy especially during a market top can put you under water on a mortgage for years. And home maintenance is definitely not everyone's cup of tea. I don't mind it, I just chip away at the honey do list. The only thing I hate doing is plumbing.

My mortgage wasn't the issue. The issue was the skyrocketing property taxes! Again: I am in a nice apartment for not moch more than I was paying just in taxes.

 

[Dont Taz Me Bro]

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

It all depends on the individual’s life style. Research also shows that homeownership provides stability for families with children