Money Expert: "Don't buy a house"

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Home owner Brehs...

If I bought a house Would my home/Land REALLY belong to me?

When I die will my Home/Land go to my children, and it will belong to them?

Property taxes/ estate taxes.... those must be paid off first and foremost...

 

[Sunalmighty]

im on my 2nd property. 1st house i used my VA Loan in california. moved to GA and bought this house via NACA 0.375% interest. its worth it depending on the situation. upkeep is bananas. if you cant afford the maintenance, don't do it. but when you sell and you get that equity in your account, man THAT is a good feeling.

 

[winb83]

Good point, this is why I sold my cars and ride the bus everyday. I'm killing it now. I showed a homeless at the bus stop man my stock portfolio and he was really impressed.

You don't have to own your own home to have a place to live. You can live with family rent free. You can rent your own place. People have options. There are also people who don't own cars and just use ride sharing. It depends on what you do for a living.

It doesn't matter what people are impressed with. Look I get it. Home ownership is all most of you know and you can't let go of the idea there might be a better way. It's like my boomer parents only knew go to college after graduation from high school.

 

[Mike Nasty]

Home ownership is all most of you know and you can't let go of the idea there might be a better way. It's like my boomer parents only knew go to college after graduation from high school.

I bought a house cause I hated living in an apartment and paying rent seemed retarded. Nobody told me to do anything.

 

[Mike Nasty]

When I die will my Home/Land go to my children, and it will belong to them?

Are you married? Do you have a will?

 

[Richard Glidewell]

On the flip side. ...... my mortgage just jumped 800 dollars because of bullshyt. ....... how you a whole ass business conglomerate and your analysts fall so far short on predictions you fail to realize that large of gap was not accounted for.........

 

[winb83]

I bought a house cause I hated living in an apartment and paying rent seemed retarded. Nobody told me to do anything.

Everything has its trade offs. I don't like living in an apartment either but there are trade offs with everything. I don't spend hours of unpaid time and spend money on yard care equipment. I haven't cut grass or shoveled snow in almost 2 decades.


For you to sit around and act like it isn't ingrained in society that renting is throwing money away is laughable. I tell people all the time I rented the same apartment for 15 years and they think I'm crazy because that's the narrative pushed. The reason I can easily save and invest substantially more than I spend on housing per month it because I rent.

Even now with home ownership being mostly for upper class and wealthy people society can't cope with exploitation of other options. People don't seem to get that home ownership (especially via a mortgage) is more likely to financially set them back than make them better.

 

[Conan]

I hate blanket advice. It's not a good situation for everyone and it's not a bad situation for everyone. People get foreclosed on every day P.

A home is a long term commitment where things can go very wrong or very right.

This issue with this topic is people with homes never keep it 100. It's always "It's was the best decision I ever made!"

People talk about home ownership the same way they talk about being a parent. Everything is sunshine and rainbows in public but in private people be sliding down doors.

Any topic where the majority of people who participate in it downplay the negatives is something you should take a long hard pause before doing it. There is a reason that.

I owe you rep for this, gotta circle the block

And you ain't say nothing but the truth

Advocates for homeownership get so emotional at alternate perspectives. The idea that you can build equity and live a responsible, comfortable and healthy financial life without owning a home is anathema to some of them, like how dare you "invalidate" my experience

 

[Mike Nasty]

. The reason I can easily save and invest substantially more than I spend on housing per month it because I rent.

That's awesome, now imagine how much you could invest if you were homeless and had zero living expenses.

 

[™BlackPearl The Empress™]

I owe you rep for this, gotta circle the block

And you ain't say nothing but the truth

Advocates for homeownership get so emotional at alternate perspectives. The idea that you can build equity and live a responsible, comfortable and healthy financial life without owning a home is anathema to some of them, like how dare you "invalidate" my experience

They won't talk about how interest rates will have some of they paying an additional 30% or 100% of the homes worth either...plus taxes, plus HOAs + repairs.

Many people sitting on a dub but don't know it because they don't do the math.

 

[MJ Truth]

What dumb ass propaganda to make gen z feel better about the housing market boxing them out.


If you can "afford" to purchase and live in a home, it is a smart investment.

I purchased a small home when I was in college and made it a rental property and flipped it.

Any purchase is dumb when you can't "afford" it.

You’re better off having your money in the stock market and just paying rent. Your home is way more of a liability than it is an “asset” until/unless you pay it off, and even then it’s not generating any money for you unless you’re renting out a room, which most people don’t ever WANT to do. Not to mention it ties you into a specific area for however many years. Owning a home is good, and there’s nothing wrong with it as long as goal, but it’s definitely not the smartest thing you could do with your money

 

[Sonic Boom of the South]

You’re better off having your money in the stock market and just paying rent. Your home is way more of a liability than it is an “asset” until/unless you pay it off, and even then it’s not generating any money for you unless you’re renting out a room, which most people don’t ever WANT to do. Not to mention it ties you into a specific area for however many years. Owning a home is good, and there’s nothing wrong with it as long as goal, but it’s definitely not the smartest thing you could do with your money

Get the actual fukk outta here.

 

[rico_85]

My first post in the thread is that I wouldn't buy unless I have a husband. I live in a house now we don't own. The upkept is significant though we don't pay for it. We previously owned and then sold it. But of course ya'll know everything about everybody.

Ma’am all I know is I’m not tied to a 30 year bill IM FREEEEEEEE

 

[winb83]

That's awesome, now imagine how much you could invest if you were homeless and had zero living expenses.

Why would you need to be homeless? Human beings typically need a place to live. There are a variety of options to solve that.

It's a good thing that financial influencers are coming around to the fact that buying a home for many can be financially crippling to them. It is surprising how little thought people put into such purchases. Conventional buy a home dogma comes from an era where home ownership was affordable to most. We don't live in that era anymore.

The cost of home ownership outpaced incomes and that's flipped on its head now. Been past time to reevaluate it.

 

[winb83]

What dumb ass propaganda to make gen z feel better about the housing market boxing them out.


If you can "afford" to purchase and live in a home, it is a smart investment.

I purchased a small home when I was in college and made it a rental property and flipped it.

Any purchase is dumb when you can't "afford" it.

People ran the numbers and realized where we are now in many places you can rent cheaper than you can buy. If you are disciplined and invest that savings you can get ahead.

Also from an investment standpoint the stock market returns while more volatile in the short term outperform real estate long term. Owning a rental property is a whole different argument.