4 reasons americans are losing interest in owning a home

[L&HH]

Yea but it won't always be that way, and it's still an asset vs just renting. I've got friends who's homes were underwater so a lot of them just walked away and took the hit. I held onto my house and just decided to rent it out instead, and now it's back to positive equity (not much, but at least it's not underwater).

this is what Im saying. All these things go in cycles. So what happens when property values go back up? Then nikkas going to be saying they wished they kept onto their shyt

 

[Mr Hate Coffee]

I owned a house in a good area in 2010. They rezoned the schools and built a bunch of new properties nearby. I had to move and lost $20k.

It hurt my soul when I had to cut that check. Ever since then I realized home ownership is for the birds until you have a growing family

 

[gho3st]

But paying the mortgage is only half the battle. When you own a home you still have to pay for upkeep which can be a lot. It's currently a better decision to rent cuz in the current market mortgage + interest + years of upkeep = break even at best when you resell.

it depends. Land will always be valuable. I've seen chinese people buy houses and rent them for fair prices. All the mortgage on the house was paid for by the tenants.

 

[UserNameless]

it depends. Land will always be valuable.

As the old saying goes, you can't create new land (as of yet), but you can always build new dwellings.


Think land. Think acreage.

Think likely boom areas that are currently exurbs. Follow trends. Develop trusted associates/friends who are real estate agents.

Review planning board meeting minutes...if not outright attending some planning board meetings! And know your fukking zoning regs!

Oh, and please, review growth patterns using your city's geoData mapping system and other resources.

 

[Crakface]

Hopefully this drives prices down

 

[TLR Is Mental Poison]

My condo is so underwater, I don't even like to think about it. That is really the only thing wrong with my finances right now.

Your condo's value doesn't matter until you sell it. I couldnt live in a condo forever but if you can you are good money. I'm hoping to buy 2 houses in my lifetime tops... at least for my own residences

 

[TLR Is Mental Poison]

People talking about renting is a good idea aren't looking long term.

Imagine never having to pay rent again. That is the only way to beat the real estate game, and is only possible if you buy a house.

 

[JAY?]

But paying the mortgage is only half the battle. When you own a home you still have to pay for upkeep which can be a lot. It's currently a better decision to rent cuz in the current market mortgage + interest + years of upkeep = break even at best when you resell.

So I basically lived for free all those years

 

[Dusty Bake Activate]

Yea but it won't always be that way, and it's still an asset vs just renting. I've got friends who's homes were underwater so a lot of them just walked away and took the hit. I held onto my house and just decided to rent it out instead, and now it's back to positive equity (not much, but at least it's not underwater).

Your condo's value doesn't matter until you sell it. I couldnt live in a condo forever but if you can you are good money. I'm hoping to buy 2 houses in my lifetime tops... at least for my own residences

Yall don't realize how bad condo prices in Florida are though. I bought in early 07.

 

[BlvdBrawler]

Yall don't realize how bad condo prices in Florida are though. I bought in early 07.

Then don't sell it. Keep it as a rental property indefinitely. Good income during retirement years.

 

[Jhoon]

more proof americans are dumb

 

[ADevilYouKhow]

loose interest in owning property, brehs!

 

[L&HH]

People talking about renting is a good idea aren't looking long term.

Imagine never having to pay rent again. That is the only way to beat the real estate game, and is only possible if you buy a house.

So true. My moms been living in the same one-story house since I was born basically. She paid it off a long time ago.

You have have to think generational, not only will you not have to pay rent but neither will your kids. My moms plans on moving back to the motherland soon after me and my bro graduate, guess who the house is going to be left for? Me and my brother, we'll either live in it or rent it out, idk we'll cross that bridge when the time comes. Another indian friend of mine is in the same position but in a much bigger and netter house. It's fully paid for and his parents just got another job in chicago. He already has a job lined up. Imagine being 21 making over 60k and not having to pay rent/mortgage/etc...All that extra money to do whatever

 

[Chris.B]

So true. My moms been living in the same one-story house since I was born basically. She paid it off a long time ago.

You have have to think generational, not only will you not have to pay rent but neither will your kids. My moms plans on moving back to the motherland soon after me and my bro graduate, guess who the house is going to be left for? Me and my brother, we'll either live in it or rent it out, idk we'll cross that bridge when the time comes. Another indian friend of mine is in the same position but in a much bigger and netter house. It's fully paid for and his parents just got another job in chicago. He already has a job lined up. Imagine being 21 making over 60k and not having to pay rent/mortgage/etc...All that extra money to do whatever

times have changed.

It's still advantageous to own a house in 2014 but that advantage your parents had over renters has been severely narrowed and in some locations non-existent

 

[Rekkapryde]

It still makes better sense to me to have a home vs giving someone money every month for something you will never own

and it's tax deductible.

Just do your homework when buying. Buy in sought out areas and don't overpay.