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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
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Something interesting a friend at work said to me...
he lives in Northport on 3/4 of an acre. his taxes are $14K per year. he told me that if he and his wife stayed in their 2 bedroom rental, they would have been able to save more $ than they have in equity since they bought their house. then he said that he wonder if it was even worth it since owning his house and taking care of it and his huge yard has been nothing but a PIA.
I haven't been able to stop thinking about what he said... 
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Posted 1/20/08 12:09 PM  |
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Goobster
:)
Member since 5/07 27557 total posts
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:)
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Re: Something interesting a friend at work said to me...
To me, nothing beats owning a home. And I do think it is the best investment for your future children (if you have any). But it's not for everyone, sounds like he rather not take care of a home. Or if you really are house poor, that may be another story too.
I just see paying rent as paying someone else's mortgage or taxes. No thanks for me. If money was tight for us, I personally would rather live tight on funds as a homeowner over renting.
Message edited 1/20/2008 12:46:41 PM.
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| Posted 1/20/08 12:43 PM |
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Chatham-Chick
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Member since 5/05 10311 total posts
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Re: Something interesting a friend at work said to me...
How long has he owned his home for? Could he have possibly bought over his head? Some people budget for the house, but forget what goes into maintenance when it comes to larger properties...both economically and time wise.
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| Posted 1/20/08 1:12 PM |
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sunnyplus3
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Member since 11/05 8749 total posts
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Re: Something interesting a friend at work said to me...
I rented as a single mom for 15 years. Homeownership was something I always dreamed about. Sure renting is less expensive especially with two incomes but to me even a long term rental is never really "home".
We chose to buy a lower priced home in an area that's not about "keeping up with the joneses" to avoid that house poor feeling. Unfortunately lots of people don't think the whole thing through when they buy big. Maybe a home in Northport (certainly a desired upper middle class area) & such a big piece of property really isn't a reasonable first step to make for someone accustomed to being a tenant.
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| Posted 1/20/08 1:23 PM |
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Goobster
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Member since 5/07 27557 total posts
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Re: Something interesting a friend at work said to me...
Posted by KellyFG
Maybe a home in Northport (certainly a desired upper middle class area) & such a big piece of property really isn't a reasonable first step to make for someone accustomed to being a tenant.
Good point! Very likely too huge of a jump.
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| Posted 1/20/08 1:26 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
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Re: Something interesting a friend at work said to me...
this guy is probably in his mid to late 40's and owns a flat in London too (that's where he's from). I don't know when he bought the house, but I think it was about 5 yrs ago, maybe longer.
it's funny b/c at the peak of the market, he was singing a different tune.
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| Posted 1/20/08 1:45 PM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
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Re: Something interesting a friend at work said to me...
Posted by SweetestOfPeas
this guy is probably in his mid to late 40's and owns a flat in London too (that's where he's from). I don't know when he bought the house, but I think it was about 5 yrs ago, maybe longer.
it's funny b/c at the peak of the market, he was singing a different tune.
well a flat in London usually doesn't require much landscaping, maybe he should have bought a townhouse or something with no yardwork involved.
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| Posted 1/20/08 2:05 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
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Meaghan
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Re: Something interesting a friend at work said to me...
Besides the pride that comes from owning you own home- he is looking at it as strictly as a $$$ investment- while he could have saved more than he has in equity he is forgetting about the tax deductions he gets as well as that equity he has being pretty muc tax free!
If he was renting, the money he would have in his savings accout- the investment incole would be taxed
Homeownership is not for everyone and there is nothing wrong with that- but over 30 years you own your place and have an asset to show for it
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| Posted 1/20/08 4:53 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
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Susan
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Re: Something interesting a friend at work said to me...
buying real estate is never a bad idea of the long haul if that's what you are in it for.
Now he's saying that because of the price drop. His taxes are rather high too.
It's a big piece of property..maybe more than I would have taken on.
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| Posted 1/20/08 6:57 PM |
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