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Even if your home never appreciates... one day when you are too old to work you will really appreciate a place to live that you only have to pay property taxes
by gscott 10y ago
Even if your home never appreciates... one day when you are too old to work you will really appreciate a place to live that you only have to pay property taxes on.
However there are reasons not to own a house like wanting to be very mobile, not wanting the responsibility, wanting to live in more of a "group" environment, etc. If you live on the edge and can't save money then you shouldn't own a house because if you loose your job you won't be able to continue making the payments.
- VLM 10y agoJust keep in mind the costs of home ownership. Roofs and HVAC systems and plumbing don't stop deteriorating because the owner has retired... Aside from "normal" maintenance of course. I dropped $400 on a new lawnmower this spring, $7K on a new roof a couple years ago, $800 on a new kitchen stove last year. Two years ago it was a washer and dryer for $1500 or so. It adds up. My mom is retired and on SS and her rental is cheaper than her income and is the same every month. I worry about my retired MiL living in her house, she's one furnace replacement away from a panic sale or having to take out an heloc.
- revicon 10y ago| and is the same every month That's nice if you can get into a rent controlled house and don't have a landlord that decides to "reoccupy" the property for whatever reason. Renters in most areas do not have these assurances.