3 ms·

I think you've missed the point. The point is there is some amount of money that affords you the ability to do what you want. Possessions have the effect of t

by base698 13y ago

I think you've missed the point. The point is there is some amount of money that affords you the ability to do what you want. Possessions have the effect of tying you down. Buying a house, assuming you get a mortgage, is a huge expense requiring you to work to pay for it. It ties you to one geographical area and puts stress from having to make the payments. You could spend the downpayment on a house as a down payment of yourself. Find somewhere or something you'd rather do.

waylandsmithers 13y ago
| Possessions have the effect of tying you down. This is getting to be a little off topic, but I see comments like this often from people who imagine a mortgage as a massive amount of debt hanging over your head. While I agree that home ownership is not the right move for everyone, and it's definitely true that you can't just up and leave, you can sell your house. It will probably take longer than the 30 or 60 days notice you would have to give to a landlord, but it's not as if you are signing a contract to live there for the next 30 years. | Buying a house, assuming you get a mortgage, is a huge expense requiring you to work to pay for it. Doesn't rent fit that description too? Unless you are crashing on someone's couch or living with your parents, housing is going to cost something. In my experience, first+last+deposit was the standard amount due upon moving in. At the end of the day you at least get to keep some of the money paid on a mortgage. Plus, if you do make it to the end of the loan, you could be paying the same monthly payment that you locked in 30 years ago, whereas rent will probably rise over time.
- philwelch 13y ago
  If you're moving, it's likely because the house you live in has become less desirable for some reason, like "all the jobs are gone". So in most cases, if you want to move you're also likely to have trouble selling your house. As far as investment value goes, it goes against every rule of investment to hold a highly leveraged position in a single, undiversified asset. If you can own several houses you might be okay.

by base698 13y ago

waylandsmithers 13y ago

| Possessions have the effect of tying you down. This is getting to be a little off topic, but I see comments like this often from people who imagine a mortgage as a massive amount of debt hanging over your head. While I agree that home ownership is not the right move for everyone, and it's definitely true that you can't just up and leave, you can sell your house. It will probably take longer than the 30 or 60 days notice you would have to give to a landlord, but it's not as if you are signing a contract to live there for the next 30 years. | Buying a house, assuming you get a mortgage, is a huge expense requiring you to work to pay for it. Doesn't rent fit that description too? Unless you are crashing on someone's couch or living with your parents, housing is going to cost something. In my experience, first+last+deposit was the standard amount due upon moving in. At the end of the day you at least get to keep some of the money paid on a mortgage. Plus, if you do make it to the end of the loan, you could be paying the same monthly payment that you locked in 30 years ago, whereas rent will probably rise over time.

philwelch 13y ago
If you're moving, it's likely because the house you live in has become less desirable for some reason, like "all the jobs are gone". So in most cases, if you want to move you're also likely to have trouble selling your house. As far as investment value goes, it goes against every rule of investment to hold a highly leveraged position in a single, undiversified asset. If you can own several houses you might be okay.