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  1. #14
    Member BernieCarbo's Avatar
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    Re: Advice on Buying a House

    Quote Originally Posted by Sea Ray View Post
    There's only so much space and I like to keep my posts short. I also didn't talk about paying rent from age 55-85 either. Let's be generous with maintenance on the house. Let's say you spend $10K yr on lawn services, fixing things etc. You're up to $300K. Interest on the money, say you get to $400K. You've still got to pay rent for the rest of your life.

    Most folks would likely reinvest the equity in their house and move up a couple times and they'll likely end up with a really valuable house to sell as they're pricing retirement communities.

    To each their own. If you're in a good situation renting; don't have low-life neighbors with whom you're sharing a wall, good landlord etc, I can see the appeal of not having maintenance worries, but in the end it's hard to justify putting equal amounts of money into rent that could be spent on mortgage if you're planning this from your late 20s.
    If you stuck $10k into investments instead of house maintenance, you would have at least $1 million after 30 years, not $400k. That's what I mean about looking at the true cost of owning a home. If someone wants to reinvest equity and move up and have a really valuable house to sell, that's great if it works and they have run the true numbers, but my son couldn't make the numbers work.

    Also, I said that my son and DIL moved into a new property with all of the amenities. The neighbors are awesome, the property manager is cool and responsive, etc. I'm not talking about renting from slumlords.

    Again, all I meant in my post is to consider all the options. Don't buy a house just because it's expected of you, or for some investment. If it's something that someone really wants, go for it. But renting doesn't have to be a drag, and it's great if you want mobility and flexibility.

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    goreds2 (12-16-2019),Sea Ray (12-16-2019)


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