"My question to you: If you bought a house for 280/290k and end-of-year or next year it fell to 200k, would that ruin you? What if in 20 years it went back up to 250k?
Next question: You buy for 280k. But end of year your dream house that was 400k fell to 280k. Are you going to be okay w/the place you bought?"
Submitted by jpinpb on March 14, 2008 – 3:57pm.
JPINPB,
No, it certainly wouldn’t ruin us. This house is just a starting point for us.
As our family grows, we will buy another house down the line and use this one as a rental property or a second home.
Right now, my goal is to just buy a starter home as soon as possible for a price as cheap as possible, one that I can pay off in 10-15 years and own it outright, free and clear.
Dare I say, I don’t ever plan on selling this house? I know there might be some unforeseen things that may happen – but, for the most part I am buying this house with the intentions of a long, long, long term investment.
This is not a house that I’m planning to make money off of. It’s not a house I plan to flip. This is not a house I plan on putting a lot of money into for renovations, it doesn’t need it.
I am looking at this house with the intentions of still owning it when I retire and passing it down to our kids.
I’m not banking my future on the the value of this house doubling nor will I really lose any sleep over the house being upside down either.
What I do lose sleep over is the 55 year old nymphomaniac neighbor next door and all the tax breaks I’m giving up for the luxury of getting to share a wall with her!
