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Hell Puppy · 08-10-2005

If you're gonna LIVE in the condo, then it's a no brainer to buy. Rent is money flushed down the toilet. Even if the condo doesn't appreciate as quickly as a house, you're still gaining equity as you pay it down.

There really are no hidden secrets other than the fact you own it, so you're responsible for the maintenance. But the advantages are enormous, anything you add to it improves value, you can deduct the interest from your taxes, etc. It's no different from a house in those regards.

Now if you're buying for an investment, it's all about price and location. And I'd lean more toward undeveloped property at this point. I agree there they may be a bubble forming on the housing market. Housing prices have been steadily going up up and up, to the point that in many regions a brand new house is not affordable to the average blue collar family. Meanwhile, low interest rates and hellacious deals from the banks have had people buying more house than they can really afford.

All this adds up to bad news if the interest rates go up. A lot of those ARMs are gonna come home to roost and there's gonna be a glut of housing on the marketing and prices will drop.

08-10-2005	#12
Hell Puppy Fat Fucking Nobody Want to see your own Advertising Here! Join Date: Oct 2002 Posts: 6,523	Re: Buying property...question? If you're gonna LIVE in the condo, then it's a no brainer to buy. Rent is money flushed down the toilet. Even if the condo doesn't appreciate as quickly as a house, you're still gaining equity as you pay it down. There really are no hidden secrets other than the fact you own it, so you're responsible for the maintenance. But the advantages are enormous, anything you add to it improves value, you can deduct the interest from your taxes, etc. It's no different from a house in those regards. Now if you're buying for an investment, it's all about price and location. And I'd lean more toward undeveloped property at this point. I agree there they may be a bubble forming on the housing market. Housing prices have been steadily going up up and up, to the point that in many regions a brand new house is not affordable to the average blue collar family. Meanwhile, low interest rates and hellacious deals from the banks have had people buying more house than they can really afford. All this adds up to bad news if the interest rates go up. A lot of those ARMs are gonna come home to roost and there's gonna be a glut of housing on the marketing and prices will drop.