MoveAlong · 70-79, M
Not in the least. A house is an investment if you choose wisely and maintain or improve it.
A car is a necessity for most of us but buying an expensive one is usually not smart. They lose thousands, or even more the minute you drive them off the lot.
So put money in your house and buy moderately priced autos and take care of them.
I get what you are saying though. Home ownership might not be ideal for a vagabond.
A car is a necessity for most of us but buying an expensive one is usually not smart. They lose thousands, or even more the minute you drive them off the lot.
So put money in your house and buy moderately priced autos and take care of them.
I get what you are saying though. Home ownership might not be ideal for a vagabond.
ElwoodBlues · M
@MoveAlong Yep. I might add that the tax code is also designed to make home ownership a good investment.
In the words of Google's AI, the tax advantages include:
Mortgage Interest Deduction: Homeowners who itemize deductions can subtract interest paid on up to $750,000 of mortgage debt ($1 million if bought before Dec. 15, 2017).
Property Tax Deduction: Homeowners can deduct up to $10,000 for state and local taxes (SALT), which includes property taxes.
Capital Gains Exclusion: When selling a primary residence, individuals can exclude up to $250,000 (or $500,000 for married couples) of profit from capital gains taxes if they lived in the home for at least two of the last five years.
Exclusion of Imputed Rental Income: Unlike stocks, the rental value of a home you live in is not taxed, making it a form of tax-free income.
Mortgage Interest Credit: A specific credit is available to low-to-moderate-income individuals holding a Mortgage Credit Certificate (MCC) from state/local governments, allowing them to reduce their tax bill based on interest paid.
Energy-Efficient Improvements: Taxpayers can claim credits for installing renewable energy systems, such as solar panels.
In the words of Google's AI, the tax advantages include:
Mortgage Interest Deduction: Homeowners who itemize deductions can subtract interest paid on up to $750,000 of mortgage debt ($1 million if bought before Dec. 15, 2017).
Property Tax Deduction: Homeowners can deduct up to $10,000 for state and local taxes (SALT), which includes property taxes.
Capital Gains Exclusion: When selling a primary residence, individuals can exclude up to $250,000 (or $500,000 for married couples) of profit from capital gains taxes if they lived in the home for at least two of the last five years.
Exclusion of Imputed Rental Income: Unlike stocks, the rental value of a home you live in is not taxed, making it a form of tax-free income.
Mortgage Interest Credit: A specific credit is available to low-to-moderate-income individuals holding a Mortgage Credit Certificate (MCC) from state/local governments, allowing them to reduce their tax bill based on interest paid.
Energy-Efficient Improvements: Taxpayers can claim credits for installing renewable energy systems, such as solar panels.
GoFish ·
i don't but lately was about the worst time to become one because of the extra high interest rates but some people were for ed to because of the rental price hike at the same time owning was the less expensive option
if you are tired of being in one place you can sell or or lease your house.. if its in a good vacation or tourist area you could rent it out even but .. personally i like being a homeowner i like being in one place and not having to move constantly but maybe you are a high energy adventurous type and don't like to be tied to one residence
if you are tired of being in one place you can sell or or lease your house.. if its in a good vacation or tourist area you could rent it out even but .. personally i like being a homeowner i like being in one place and not having to move constantly but maybe you are a high energy adventurous type and don't like to be tied to one residence
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I got tired of moving every year because they raised the rent.
I only bought when I did some research to know that the city could support me even if I lost a job.
I only bought when I did some research to know that the city could support me even if I lost a job.
PenguinPuncher33 · 36-40, MVIP
@emiliya actually yes. It probably sounds counterintuitive but renting was less expensive overall so I could blow a lot more money on traveling and such
Ramrod · 46-50, M
No,not at all,all three houses were a different part of my life,first house was about getting out on my own for the first time,i had a good job making good money,a partying lifestyle,a new truck, motorcycle, money to burn,2nd house good times bad times,marrage,two kids,divorice,i went thru some really dark times during this period,now house #3,a new women,kids are grown,a beautiful ranch with a nice yard and a pond,a nice deck,a great place to chill and relax,and the two car garage is my man cave. lol
ElwoodBlues · M
Adrift · 61-69, F
As a matter of fact lately yes.
We are getting close to paying it off and now its needing major things done to it.
As you get older the upkeep can get to be too much.
We are getting close to paying it off and now its needing major things done to it.
As you get older the upkeep can get to be too much.
Justmeraeagain · 56-60, F
Yes, my husband died, and the upkeep is more than I can handle on my own
zonavar68 · 56-60, M
No because now every dollar goes to increasing my equity and paying off my own house, instead of paying off something belonging to someone else.
Additionally, as the mortgage is slowly paid off, the finances available to my children after I die increases.
Additionally, as the mortgage is slowly paid off, the finances available to my children after I die increases.
Fukfacewillie · 56-60, M
Rent goes up, but not your mortgage. Over time you are paying inflated dollars for an older purchase. It would be like being able to buy a new car priced where it was in 2000 with a 2026 income. Plus, you get to take “difference” in the form of equity with you.
Home ownership is freedom. You can move around and rent it and you'll have a passive income. And you'll know that if you have nowhere to go, you at least have your own place that nobody can kick you out from.
Crazywaterspring · 61-69, M
You have to live somewhere. Why not buy your own place?
A car (or truck) is just a tool. It is a vehicle to get around.
A car (or truck) is just a tool. It is a vehicle to get around.
LadyBronte · 61-69, F
HumanEarth · F
Sometimes, but I have more freedom to let my place to be dump or fix it up.
Nice thing about not living in the city
Nice thing about not living in the city
DeWayfarer · 61-69, M
If you have no ties, do what you are able and willing to do. It's the ties that hold people back. And rightly so.
I won't be the wayfarer that I once was. From coast to coast and back as well from south to north to south. My ties here just are too deep. It's where I was born and raised, as wide an area as that was. So I limit my wandering to just the Internet. 😊
The world is still my playground.
BTW I didn't settle down until my middle 40s after both my parents had passed away. After they passed I had that final 1200 mile fling.
I won't be the wayfarer that I once was. From coast to coast and back as well from south to north to south. My ties here just are too deep. It's where I was born and raised, as wide an area as that was. So I limit my wandering to just the Internet. 😊
The world is still my playground.
BTW I didn't settle down until my middle 40s after both my parents had passed away. After they passed I had that final 1200 mile fling.