--- In FairfieldLife@yahoogroups.com, akasha_108 <[EMAIL PROTECTED]> wrote: > > --- In FairfieldLife@yahoogroups.com, "jim_flanegin" <[EMAIL PROTECTED]> > wrote: > > > > --- In FairfieldLife@yahoogroups.com, akasha_108 <[EMAIL PROTECTED]> wrote: > > > > > <big snip> > > > > If one can rent the same property for 1500/mo, rather than buy it with > > > a mortgage of 3000/month, the renter is saving $1500 / month. The > > > buyer is pouring money down the drain unless home prices apprciate. > > > But there are strong indications that that train will not be back in > > > town for 5-15 years. > > > > > The one thing overlooked here is a measure of security after the > > mortgage is substantially paid off- In a rapidly developing area, and > > I know of people caught in this trap here, rentals may be converted to > > condos, or demolished for housing, leaving the renters, as seniors no > > where to go, except leave an area where they have established friends > > and costs. I understand we are all renters, but there is definitely > > more control over our assets if we buy, i.e. rent money from the bank. > > > Sure, home ownership has other non-monetry benefits. I like owning, > and planting a garden, and being able to tear down a inside wall if I > want. > > But ownership has some burdens too. Several times I had job offers in > other areas, but moving/ selling my home etc was a big hurdle. Owning > ties you to an area. > > And i currently rent a house now. At about 25% of the cost to buy. The > yard sprung a big leak. I was glad to have the owner deal with it. > > And sure, with the condo conversion craze -- soon to end I think as we > sink in a glut of oversupply -- can force renters to move. One has > less control as a renter. But we are in a renters market now. When > rents are so much below mortgages, it gives renters power, -- and > other options. Though, as you point out, it may mean moving out if teh > neighborhood. > > So there are tradeoffs. My main point is that the price apprciation > bandwagon may be over for some time -- and that requires rethinking a > lot of "conventional wisdom" and observed longtime trends. > Yep. I understand that. I was never much for 'flipping' either.
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