Exactly. The absolute only time it's beneficial is if you are selling. And usually it ends up that when it's time to sell, the market is in a down period.
In 2012 we bought our house for $195K which I think is a reasonable price for the house considering the size and the location. Maybe even up to $250K for a price. Fast forward 9 years and 2 houses on our block just sold in the last 45 days and both went for over listed asking price and both sales were for more than $500K for similar homes. It's ridiculous. There's no way these houses are REALLY worth more than a half million dollars.
lost in melb. (08-18-2021)
Investment companies have been out bidding potential home owners all across the country for over a year. Sometimes buying up entire blocks to turn into rentals. Seems that property management could be the career of the future.
I've been getting offers in the mail to buy my house. Not sure what their end game is but at least I'm content where I am with no plans of moving.
That's just it, if you want to sell, sure, you get a good price for your home, but the house you end up wanting is now selling at $700K or $800K so you aren't really making any gain, you're in the same amount of debt owed, possibly going into more debt depending on the house you end up buying.
That's the double edged sword of owning a house. It's great to build up equity in and can turn into a nice little profit if it works out right, but unless when you sell you put that profit right back into buying another house, they screw you on those capital gains.
Teh One Who Knocks (08-17-2021)
What happened to "taxation without representation"..?
DemonGeminiX (08-17-2021), Griffin (08-17-2021), Muddy (08-17-2021)
There's too many men, too many people, making too many problems
And not much love to go around
Tell my why this is the land of confusion
Warning: The posts of this forum member may contain trigger language which may be considered offensive to some.
Music was better when ugly people were allowed to make it.
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