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But as long as you need a place to live, you can't use it as an asset. You might be able to get a few loans on it, but that just means you keep paying monthly,
by falcolas 3y ago
But as long as you need a place to live, you can't use it as an asset. You might be able to get a few loans on it, but that just means you keep paying monthly, like you're renting.
It's not an investment asset if you require it to live.
That said, renting is just as expensive as owning right now too. You're paying a mortgage and taxes and repairs and insurance either way, and with renting, you're also paying for a bit of landlord profit.
- bluGill 3y agoA you own house is both an asset and a place to live. If your accounting models cannot handle that concept then you need to update them. Accounting 101 probably can't as it is complex and tricky, but more advanced models can. Now because you have to live someplace a house is not an asset you can just go and trade for whatever, but it is still an asset.