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And also, the article says "don't buy a house". I put both of these into the principle of save more than you spend. Some of us consider those necessities in lif
by rexreed 5y ago
And also, the article says "don't buy a house". I put both of these into the principle of save more than you spend. Some of us consider those necessities in life, however, and we're willing to make the necessary tradeoffs.
- ac29 5y agoThe article doesn't say "don't buy a house", it says there are pros and cons to home ownership, which is true. Buying and selling homes is extremely expensive - it doesnt make sense for someone who wants to have the ability to move with little friction. Its also putting a lot of one's financial resources into a single asset. A housing market downturn could be financially ruinous, a series of expensive repairs could easily cost far more than an entire year's of rent. Property tax, maintenance, and potential HOA fees mean that even after paying off your mortgage, you're never actually free of ongoing housing expenses. However, if you have kids or other ties to an area, owning housing can help make your expenses both lower and more predictable than renting. Over long enough periods of time, the housing market also tends to go up, which means it can be a good investment.
- deleted 5y ago[deleted]