soldier4402

I also view buying a house as a retirement policy. It will either give me a free place when I retire to live, or I can sell it and have a huge lump sum to buy something else or travel.

Adamcoover

I understand you need a house to live in. I understand it's better to buy than rent if your a long term resident of the property. But as far as an investment. A home is an absolute horrible investment unless your a cash buyer. Goto www.bankrate.com use the calculators and look at how much interest you actually pay and when. People worry about payin cars off quickly and dumb stuff like that. Pay off the house before anything. Well depending what your into. I know people that have 15 year loans on boats. That's absurd as well in my opinion.

soldier4402

I agree 15 years on a boat is well your dumb and really no arguement for it but to each his own.

I played with the calculator for my home loan the other day and I pay 100 extra a month, house will be paid off 5 years early and save me 50k.

I would agree as a house isnt necessarily an investment, but an insurance/retirement policy. I bet if you were to add up housing cost over a 50 year life span owning probably is the better route.

And even if owning a home is worse, theres something to be said to be able to walk out my back door and take a leak or punch a whole in the wall without any reprecusssions from a land lord.

Adamcoover

Agreed take your loan for as long as you can and pay it as if t were ten years long. I got flat 2% on my home and I double pay

Yes Long term owning is better as atleast you have something. Bugbear people who own a house for ten years and paid 250 and get 260 actually think they made 10. No no jack. Look at the numbers again

soldier4402

lol right everybody has to look at numbers. I have to say whatever route you go one should look at numbers for say a 20-30-even 40 period. Also you have to look at intangibles like if I rent I can always dump the place and dont have something tieing me down, would be good for younger, rescent divorcee etc, or if I own and I know Il be here a while I know when i retire I have a free place or I can sell and have six figures in pocket to do whatever. Renting if your water heater breaks call the land lord not on you. Owning a home if you want a couch in the front yard and raise hippos in the back yard, its all yours.

articfriends

iTrader: (1)

Good luck buying a boat after BK, going to be hard. For years I had worked 40 hours a week at my day job and 20-50 hours a week at my night/weekend business of rebuilding transmissions and the like, when the economy really died off here around 2005 my yearly gross from my transmission business fell from about 150,000$ to 15,000$ , a TENTH of what it had been, not even enough to keep my yellow page ads, shop phones and minimum over head paid, just like everyone else you become accustomed to a certain income level and could not possibly live on my meager income from my day job as a journeman plumber. Bankruptcy was a option, I decided however I would get a second job(or I guess in my case a 2nd and 1/2 job) even if it meant great personal sacrifice going that route. 7 years later, my business has picked back up, I have 1 full time employee and truck, boat , house and all my business equipment is paid off. For six years though I worked 80 to 124 hours a week plus still did any transmission rebuilds that came in , it really sucked at times but no one ever said life was going to be easy. These days I only work 48--84 hours a week at one job and work at my business 4 to 6 hours a day (mon thru fri), I call it only working half days-12hours out of 24!
RBeyer-hope you get back on your feet again soon and that you can get re-established!
Randy (CNC)-them Indians must be passing the peace pipe-342% interest!!!???

articfriends

iTrader: (1)

Yeah, a house is NOT the greatest investment BUT once its paid off as long as you can come up with enough to keep the taxes current no one can take it from you and you will always have a place to live!!