Giving in

[GH]

I think you have the right attitude about owning a home. It is a functional place to live and stability for your family, not an investment opportunity. Too bad so many others do not see it this way or you would have paid a lot less. Still, congrats and enjoy your new home…

[ctr70]

It could definitely be a long while for a you folks who bought to just break-even (as you have stated that you already know). Because your property has to really go up say at least 15% just to break even. Because of all the costs real estate has when you buy and sell:

1. Closing costs when you buy
2. All the money you put into fixing up the house
3. Paying 6% to a Realtor when you sell
4. Closing costs that you have when you sell

…So even if there was a 10-15% appreciation, all that would do would allow you to break even maybe when you did sell. If prices were flat you would actually lose a nice chuck of change if you had to sell a few yeas down the road. So it certainly is not out of the question that it could be a decade+ to just be able to sell and break even. Especially in higher priced North County Coastal where there are so many headwinds facing any future price appreciation (rising interest rates, fannie mae lowering the loan limit from $729k to $625k, etc…)

But I guess they say “your home” is not supposed to be an investment.

[ctr70]

It could definitely be a long while for a you folks who bought to just break-even (as you have stated that you already know). Because your property has to really go up say at least 15% just to break even. Because of all the costs real estate has when you buy and sell:

1. Closing costs when you buy
2. All the money you put into fixing up the house
3. Paying 6% to a Realtor when you sell
4. Closing costs that you have when you sell

…So even if there was a 10-15% appreciation, all that would do would allow you to break even maybe when you did sell. If prices were flat you would actually lose a nice chuck of change if you had to sell a few yeas down the road. So it certainly is not out of the question that it could be a decade+ to just be able to sell and break even. Especially in higher priced North County Coastal where there are so many headwinds facing any future price appreciation (rising interest rates, fannie mae lowering the loan limit from $729k to $625k, etc…)

But I guess they say “your home” is not supposed to be an investment.

[ctr70]

It could definitely be a long while for a you folks who bought to just break-even (as you have stated that you already know). Because your property has to really go up say at least 15% just to break even. Because of all the costs real estate has when you buy and sell:

1. Closing costs when you buy
2. All the money you put into fixing up the house
3. Paying 6% to a Realtor when you sell
4. Closing costs that you have when you sell

…So even if there was a 10-15% appreciation, all that would do would allow you to break even maybe when you did sell. If prices were flat you would actually lose a nice chuck of change if you had to sell a few yeas down the road. So it certainly is not out of the question that it could be a decade+ to just be able to sell and break even. Especially in higher priced North County Coastal where there are so many headwinds facing any future price appreciation (rising interest rates, fannie mae lowering the loan limit from $729k to $625k, etc…)

But I guess they say “your home” is not supposed to be an investment.

[ctr70]

It could definitely be a long while for a you folks who bought to just break-even (as you have stated that you already know). Because your property has to really go up say at least 15% just to break even. Because of all the costs real estate has when you buy and sell:

1. Closing costs when you buy
2. All the money you put into fixing up the house
3. Paying 6% to a Realtor when you sell
4. Closing costs that you have when you sell

…So even if there was a 10-15% appreciation, all that would do would allow you to break even maybe when you did sell. If prices were flat you would actually lose a nice chuck of change if you had to sell a few yeas down the road. So it certainly is not out of the question that it could be a decade+ to just be able to sell and break even. Especially in higher priced North County Coastal where there are so many headwinds facing any future price appreciation (rising interest rates, fannie mae lowering the loan limit from $729k to $625k, etc…)

But I guess they say “your home” is not supposed to be an investment.

[ctr70]

It could definitely be a long while for a you folks who bought to just break-even (as you have stated that you already know). Because your property has to really go up say at least 15% just to break even. Because of all the costs real estate has when you buy and sell:

1. Closing costs when you buy
2. All the money you put into fixing up the house
3. Paying 6% to a Realtor when you sell
4. Closing costs that you have when you sell

…So even if there was a 10-15% appreciation, all that would do would allow you to break even maybe when you did sell. If prices were flat you would actually lose a nice chuck of change if you had to sell a few yeas down the road. So it certainly is not out of the question that it could be a decade+ to just be able to sell and break even. Especially in higher priced North County Coastal where there are so many headwinds facing any future price appreciation (rising interest rates, fannie mae lowering the loan limit from $729k to $625k, etc…)

But I guess they say “your home” is not supposed to be an investment.

[aldante]

Thanks all and good point ctr. Maybe in the end renting would have been wiser but I feel powerless to a landlords whim when they raise rent. I simply don’t have any leverage because I hate moving. This deal seems to be moving forward but threy may not perform the needed repairs. If they do not I will seek another property.

[aldante]

Thanks all and good point ctr. Maybe in the end renting would have been wiser but I feel powerless to a landlords whim when they raise rent. I simply don’t have any leverage because I hate moving. This deal seems to be moving forward but threy may not perform the needed repairs. If they do not I will seek another property.

[aldante]

Thanks all and good point ctr. Maybe in the end renting would have been wiser but I feel powerless to a landlords whim when they raise rent. I simply don’t have any leverage because I hate moving. This deal seems to be moving forward but threy may not perform the needed repairs. If they do not I will seek another property.

[aldante]

Thanks all and good point ctr. Maybe in the end renting would have been wiser but I feel powerless to a landlords whim when they raise rent. I simply don’t have any leverage because I hate moving. This deal seems to be moving forward but threy may not perform the needed repairs. If they do not I will seek another property.

[aldante]

Thanks all and good point ctr. Maybe in the end renting would have been wiser but I feel powerless to a landlords whim when they raise rent. I simply don’t have any leverage because I hate moving. This deal seems to be moving forward but threy may not perform the needed repairs. If they do not I will seek another property.

[earlyretirement]

Congratulations. I wouldn’t sweat it. Yeah, prices will go down some more but if you bought the home you love and you plan to stay in it for the long term….. it’s a decent time to buy.

You don’t necessarily need to look at a home to live in as an investment rather than a shelter to live in for you and your family.

I also just bought and know prices will head a bit lower but in investments it’s impossible to always catch the absolute highs and the absolute lows. I bought for the long term in a house my family and I will enjoy living in for the next 10 to 15+ years.

Enjoy your new home.

[earlyretirement]

Congratulations. I wouldn’t sweat it. Yeah, prices will go down some more but if you bought the home you love and you plan to stay in it for the long term….. it’s a decent time to buy.

You don’t necessarily need to look at a home to live in as an investment rather than a shelter to live in for you and your family.

I also just bought and know prices will head a bit lower but in investments it’s impossible to always catch the absolute highs and the absolute lows. I bought for the long term in a house my family and I will enjoy living in for the next 10 to 15+ years.

Enjoy your new home.

[earlyretirement]

Congratulations. I wouldn’t sweat it. Yeah, prices will go down some more but if you bought the home you love and you plan to stay in it for the long term….. it’s a decent time to buy.

You don’t necessarily need to look at a home to live in as an investment rather than a shelter to live in for you and your family.

I also just bought and know prices will head a bit lower but in investments it’s impossible to always catch the absolute highs and the absolute lows. I bought for the long term in a house my family and I will enjoy living in for the next 10 to 15+ years.

Enjoy your new home.

[earlyretirement]

Congratulations. I wouldn’t sweat it. Yeah, prices will go down some more but if you bought the home you love and you plan to stay in it for the long term….. it’s a decent time to buy.

You don’t necessarily need to look at a home to live in as an investment rather than a shelter to live in for you and your family.

I also just bought and know prices will head a bit lower but in investments it’s impossible to always catch the absolute highs and the absolute lows. I bought for the long term in a house my family and I will enjoy living in for the next 10 to 15+ years.

Enjoy your new home.

[Author]

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