I'm probably in the minority, but I believe you buy what you need in a great neighborhood.

You have to live somewhere, but you need flexibility in case you need to move for whatever reason.

Interest never takes a day off. I hate owing money. I carry a mortgage, but it is well below what most realtors would advise at my income level.

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Posted by Ric Flair

Charlotte

Member since Oct 2005

13681 posts

Posted on 4/3/17 at 7:08 pm to Hawkeye95

quote:

why are you moving?

I don't think I am. The actual mortgage doesn't bother me so much as the increase in property tax, HOA fees, CC membership, wealthier "Joneses" for the wife to try to keep up with, etc.

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Posted by Strannix

District 11

Member since Dec 2012

49037 posts

Posted on 4/3/17 at 7:48 pm to dabigfella

quote:
as a home is the biggest investment for most people

Biggest liability

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Posted by reb13

Member since May 2010

10905 posts

Posted on 4/3/17 at 8:07 pm to dabigfella

quote:
That's fine assuming you're buying prime real estate not in the suburbs. It's best to buy as big a home as you can early and ride that growth throughout life as a home is the biggest investment for most people. Ideally you would buy at a better time as most markets are pretty pricey now but long term you should be more than fine assuming 4-5% growth in a prime property

DBF says lots of crazy things and frankly I agree with most of it but disagree with his delivery. But this is extremely sound advice and don't understand all of the downvotes. The first markets to tank are the ones furthest from metro areas and I believe early home ownership is a key to financial security (one of many but a big one).

This post was edited on 4/3/17 at 8:08 pm

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