--- In [email protected], "authfriend" <[EMAIL PROTECTED]> wrote: > > --- In [email protected], "jim_flanegin" <[EMAIL PROTECTED]> > wrote: > > > > --- In [email protected], 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. > > These days even if you own your home you may be > tossed out via eminent domain. Of course they > do pay you something for the house they tear down, > but I'm not sure how it stacks up to what it would > be if you sold it on the open market. > Yep. What a terrible decision that was!
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