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FIND YOUR DREAM HOME OR APARTMENT

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Dec 29, 2013 4:13PM
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to d4489:  Apparently you are not aware of the concept of "equity".  This would indicate that you are young.  Let me explain this to you.  As you rent your money goes one way--out.  So at the end of the lease you are left with nothing.  Whereas with buying a house part of your payments go to you as the owner plus the value of the house can increase which is basically free money.  So when you go to sell the house you get your equity back plus the increased value of the house.

       So let's use my house as an example. My wife and I are buying a $220,000 house.  We put down $40,000 as a down payment.  We have lived in the house for 7years so far.  We have made payments of $1000.00 a month, about the same as a nice sized apartment.  The difference is this:  if we were in an apartment an we moved out today we would get nothing.  But if we moved out of out house today and sold it we would get our $40,000 back plus an additional $50,000 in equity that consist of the payments we have made plus the increased value of the house, so we would walk away with about $90,000.  That is why you buy property---to make money doing nothing more than paying the same as you would rent on an apartment, which is basically giving your money away.

Dec 26, 2013 9:54AM
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There's little advantage to following advice in this article, unless one is willing to buy a derelict property.  The one real piece of advice is, should there be a lot of snow covering the property, one cannot see any deficiencies.  Better come back to look when things have cleared.  Most states have laws protecting buyers if a seller withholds information on a known problem with the property.  However, if the problem is one that is obvious to the naked eye, it's unlikely a court would be sympathetic to the buyer even if the seller didn't forthrightly point out the deficiency.
Dec 20, 2013 5:32AM
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Buy a home for the holiday's ?  For the average Joe or Jane the odds are better if they asked Santa for it. 
Dec 20, 2013 4:18AM
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I wouldn't buy a house for a dollar. Why would I want an anchor around my neck?
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