Quote:
Originally Posted by Choker
So my married daughter is hell bent on buying a house. I have showed her stats of depreciation, mortgage tables, etc etc and still she insists. With 5% down the moment you move in you owe more than it's worth. Add in depreciation of about 8% or so and you are fucked.
Do you think it's a good idea to buy a house in today's market? I think it's dumber than dumb.
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A lot depends on what area you're talking of...and other factors.
Is your daughter's husband a handyman and capable of doing work on the house to offset the depreciation? Are they thinking of perhaps renting out a room to a student boarder to help cover costs? Is it a bad house in a good neighbourhood worthy of fixing up and flipping for a profit?