3 ms·

Depending on the city, buying a house is a big liability too, and just doesn't make any financial sense unless you're sure you're going to be there for at least

by magduf 9y ago

Depending on the city, buying a house is a big liability too, and just doesn't make any financial sense unless you're sure you're going to be there for at least 8 years. What if you get a new job on the other side of town? What if you want to move in with your significant other, and they work somewhere else? As a renter, it's not that hard for you to pack up and move to a more convenient location so your commute isn't so horrible (or to have a more equitable commute between you and your partner), but when you own a house, you're going to lose a huge amount of money just by selling it thanks to ridiculous closing costs.

icebraining 9y ago
You can also rent the house you bought if you need to move (particularly if you're just moving to another part of town). Although that requires decent savings, since you can't depend on the rent coming every month.
ryanmarsh 9y ago
Or you could turn the home into an income producing asset by renting it. Invest a small amount in some repairs and paint, do it yourself. Light fixtures and doorknobs go a long way. Rent it for more than your costs, or just at your costs and earn the equity over time.
vonmoltke 9y ago
> What if you get a new job on the other side of town? For starters, I'm not moving. I hate moving and find it very stressful and disruptive.
- magduf 9y ago
  Ok, so you just got laid off at your job, and you can't find anyone on your side of town to hire you. However, there's a company on the opposite side of town that will. What are you going to do? Spend 45-60 minutes commuting each way, or move?
  - ryandrake 9y ago
    Work on the other side of town? 45-60 minutes? LOL. My commute is 2 hours each way. It’s not the end of the world and living this far from everything allows me to own a home and put my kid in a good school. I’m not going to rent a shoebox in a gang war zone just so I can get a 20-30 minute commute.
  - vonmoltke 9y ago
    Commute. It is what I have always done. My door-to-door commute is over an hour now anyway.

by magduf 9y ago

icebraining 9y ago

You can also rent the house you bought if you need to move (particularly if you're just moving to another part of town). Although that requires decent savings, since you can't depend on the rent coming every month.

ryanmarsh 9y ago

Or you could turn the home into an income producing asset by renting it. Invest a small amount in some repairs and paint, do it yourself. Light fixtures and doorknobs go a long way. Rent it for more than your costs, or just at your costs and earn the equity over time.

vonmoltke 9y ago

> What if you get a new job on the other side of town? For starters, I'm not moving. I hate moving and find it very stressful and disruptive.

magduf 9y ago
Ok, so you just got laid off at your job, and you can't find anyone on your side of town to hire you. However, there's a company on the opposite side of town that will. What are you going to do? Spend 45-60 minutes commuting each way, or move?
- ryandrake 9y ago
  Work on the other side of town? 45-60 minutes? LOL. My commute is 2 hours each way. It’s not the end of the world and living this far from everything allows me to own a home and put my kid in a good school. I’m not going to rent a shoebox in a gang war zone just so I can get a 20-30 minute commute.
- vonmoltke 9y ago
  Commute. It is what I have always done. My door-to-door commute is over an hour now anyway.