On 6/11/2013 2:55 PM, Adam D. Ruppe wrote:
...and if you sell it, unless you own multiple houses, you're now homeless. And housing prices are up, so getting a new house will erase the gains you got from selling the old house!
Yeah, I love that one.
But I do feel the house is worth it financially because it erases an ongoing cost down the road. The sum of my taxes and homeowner's insurance are about 1/3 what I was paying in rent,
Don't forget mortgage interest.
so after the house is paid off, it is like erasing eight rent payments a year. It'll still take time for that to exceed the mortgage cost, but it eventually will, and when that happens, the house could have a $0 market value and that wouldn't matter to me because it still does what I need it to do.
