Saturday, August 28, 2010

Buying Real Estate

Check out this brilliant post on why buying real estate in this country is a truly bad idea.

I know that this isn't the kind of news that anybody wants to hear, but the reasoning in this post is unassailable.


Z said...

Very good points. I did buy, but only because where I was and am rents are oddly very high in comparison to the cost of mortgages, so that buying was the more affordable option. With maintenance and all I probably have been spending as much in total as I would have done renting, but in the meantime I've got a nicer place to live than anything I could have rented, and I'll be paid up soon, and I'll be able to sell. It'll go for about twice the price I bought it for, which means the interest will be covered, so I'll have lived all this time just for the cost of maintenance, which is about a third the cost of rent, so all in all it will have worked out well for me but I will *not* have made a killing and it will *only* have worked out this well because my buying price was so low and rents are so oddly high here.

eric said...

Excellent article, though I do own without regrets. I left a comment on the article.