Quote:
Originally Posted by BMW F22
At some point homeownership becomes overrated. For most ppl it’s the largest purchase/investment of their life. But at ridiculously high prices, doesn’t it become a liability rather than an asset? I mean, you’re stuck in debt for 30 years and hopefully your home value will go up.
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I have been on both sides of this. First place I ever purchased was a condo. At the time I was commuting an hour or more each way to work and had enough of that. Bought a condo that I wasn't 100% on just as a temporary solution to allow us the time to find something better. Everyone told me I had to buy something asap because soon no one would be able to afford anything. I paid like $120k for it in 2006. The area seemed up and coming, lots of developments at the time. Come the crash of 2008 that all stopped. Some were just never built and many of the ones that were sat empty or became low income rentals. The whole area went to shit and 5 years in we had enough of it and wanted out. Ended up short selling it in 2012 for like $35k.
At around the same time I bought our current house with no intentions of selling for $200k and it's now worth like $400k. So in the first case it was definitely not worth buying and the second buying has been much better. That being said I just looked up my old condo and it sold in 2019 for like $90k. So it's almost back up to what I paid but not quite. Had I planned to stay in the condo then it wouldn't have been so bad, but no way I could of dealt with living there for 15 years.
All that being said I buy because I like having my OWN house. I can do whatever the fuck I want with it. I don't have to worry about my rent going up or my land lord deciding to sell the house or whatever. Maybe if I was a single guy with a futon and a TV and I wouldn't mind moving from place to place, but just the thought of having to move makes me sick.