Where I differ is that the size of a purchase, in relation to net-worth, is very relevant to one’s financial well-being.
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seattle-relo, it might be worth talking to an attorney about the problems in your house.
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rustico, I believe it’s helpful to look at housing in terms of cost-of-shelter. I could’ve sold my house, invested the money and rent. I’m lucky that I bought a while ago and that my property taxes are low. I would have to pay through the nose to rent an equivalent house. I think that I’m better off staying put.
I want to keep my low property tax basis for when I’m old.
“California passed two propositions that can help people 55 and older avoid a major property-tax jolt when they move. Thanks to Proposition 60, which was passed in 1986, those seniors can transfer their old property tax basis to a home bought (or newly constructed) within the same county, and pay taxes at the same low rate. Proposition 90, which was passed in 1988, lets seniors do the same thing when they move between certain counties. (A third proposition, 110, extended those rights to the severely disabled of any age).”
By saving in properties taxes, I could afford to take trips to Europe every year when I’m old and grumpy.
