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Secure employment is a huge assumption though. It may be true for you, but in general, owning a house reduces your liquidity and mobility. Those are the two thi
by pesfandiar 9y ago
Secure employment is a huge assumption though. It may be true for you, but in general, owning a house reduces your liquidity and mobility. Those are the two things you need most during a downturn and with under-/un-employment.
- Sodman 9y agoRight, it's a massive assumption, although luckily one I believe to be true in my particular case. As far as mobility goes though, I figure networking / "who you know" is always the easiest way to get a job - during or outside of recession. Point being, I don't think for most established folks it's worth relocating geographically, so we're talking about moving to somewhere nearby, at a cheaper monthly cost... Which is significantly harder if you owe more on your mortgage than your house is now worth, I guess. Moral of the story for me here seems to be "don't buy a house that you can only barely afford", instead of "never buy a house". I'm happy living in a house at half the monthly rate I can afford, at the cost of not living in a mansion during the good times.