Quote:
Originally Posted by Mike33
Moral of the story: if you're making real money in real estate, you're not doing it using the house that you live in. You're doing it with rental properties, developing, or fixing & flipping houses frequently, or a combination thereof. The house you live in is for your own satisfaction and you're not banking on it to make you any money.
However, I think most people would benefit from home ownership because as somebody said, it's a forced savings account. Most people will not save money or invest successfully. In the US, it's a paycheck-to-paycheck and credit card debt lifestyle so very few will save or invest. Being able to sell one's house after 25 years or live in it with the mortage all paid off, is ideal for most people.
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very true but I still think a home could turn into profit if you run into financial prob down the road depending on how much you put down and how much you paid off and ofcourse how smartly you bought the house to begin with.