5 ms·

I strongly object to 2: If I was in OP's position, the last thing I wanted would be carve up a hole in any part of the world and settle there for the rest of m

by listic 18y ago

I strongly object to 2: If I was in OP's position, the last thing I wanted would be carve up a hole in any part of the world and settle there for the rest of my life. Real estate is big investment; while investing in it may be an ok choice for a wage slave, it is not so for those who are eraching financial independence.

jrockway 18y ago
Most people want to have some sort of permanent address. If you can afford to buy a home outright, it's cheaper than paying the bank interest, or paying someone else to live in their property. So I'm not sure why you'd object to this. Everyone needs shelter, and if you can afford to buy it, you save money.
- kingkongrevenge 18y ago
  Housing will not bottom until around 2012. Buying now is stupid any way you slice it. You are buying a depreciating asset for no good reason. Furthermore, municipalities all around the country are set to jack property taxes through the roof. The owner of the representative property on the market for rent right now is losing money every month if they had a mortgage written in then last few years. Rents are cheap. Renters are still subsidized by bozos who think houses will appreciate, or are desperately trying to make their payments. I'm not sure how applicable all this is to Canada, however, as their property market never went quite so insane. It will probably bottom sooner and after a shorter correction.
  - jrockway 18y ago
    This is probably true overall, but not true for every location you could possibly want to live. I doubt Manhattan is going to get cheaper.
    - kingkongrevenge 18y ago
      Manhattan is one of the biggest bubbles of all. I actually have some short positions betting on that. NYC real estate is going to crash over the next two years.
zmimon 18y ago
Buying a house is important for reasons that are not financial at all. It simply feels good to know that you have basic shelter with no overheads to pay. Also, basic things like a house are protected in many circumstances under bankruptcy provisions. This means that owning at least a modest place of your own can give you a platform of security for going about your life that you cannot get any other way. It may not make a lot of sense on an accountant's balance sheet, but the psychological benefits of it are wonderful. Buying a modest house would be one of the first things I would do in this situation. Especially in a buyer's market like there is now.

by listic 18y ago

jrockway 18y ago

Most people want to have some sort of permanent address. If you can afford to buy a home outright, it's cheaper than paying the bank interest, or paying someone else to live in their property. So I'm not sure why you'd object to this. Everyone needs shelter, and if you can afford to buy it, you save money.

kingkongrevenge 18y ago
Housing will not bottom until around 2012. Buying now is stupid any way you slice it. You are buying a depreciating asset for no good reason. Furthermore, municipalities all around the country are set to jack property taxes through the roof. The owner of the representative property on the market for rent right now is losing money every month if they had a mortgage written in then last few years. Rents are cheap. Renters are still subsidized by bozos who think houses will appreciate, or are desperately trying to make their payments. I'm not sure how applicable all this is to Canada, however, as their property market never went quite so insane. It will probably bottom sooner and after a shorter correction.
- jrockway 18y ago
  This is probably true overall, but not true for every location you could possibly want to live. I doubt Manhattan is going to get cheaper.
  - kingkongrevenge 18y ago
    Manhattan is one of the biggest bubbles of all. I actually have some short positions betting on that. NYC real estate is going to crash over the next two years.

zmimon 18y ago

Buying a house is important for reasons that are not financial at all. It simply feels good to know that you have basic shelter with no overheads to pay. Also, basic things like a house are protected in many circumstances under bankruptcy provisions. This means that owning at least a modest place of your own can give you a platform of security for going about your life that you cannot get any other way. It may not make a lot of sense on an accountant's balance sheet, but the psychological benefits of it are wonderful. Buying a modest house would be one of the first things I would do in this situation. Especially in a buyer's market like there is now.