If you don't own a home by your 40s, you never will. And you'll end up poorer than those who do.; Silly bears who think they can rent their way to wealth are only fooling themselves...
Tweet Topic Started: 10 Oct 2016, 07:29 AM (8,610 Views)
Your own link says most people should be able to pay off a mortgage in 12 years.
The reason most hold a mortgage for longer is because they choose to upgrade to better dwellings as they pay off their loan and build equity through capital gains.
It's much easier for homeowners to upgrade like this, because they can take their capital gain with them, using it to upgrade to a better dwelling while keeping mortgage repayments just as low as they were before.
It's one of the reasons why elderly people, if they still rent, tend to be renting small sub-standard units or townhouses, perhaps in retirement villages or other low-cost locations.
Whereas elderly homeowners tend to own impressive freestanding homes. A valuable asset to pass down to the kids.
So if we assume the homeowner upgrades to a better dwelling, say every 10-15 years, then this only makes the case for home ownership even stronger, and accelerates the homeowner's wealth accumulation due to capital gain on increasingly valuable dwellings.
I have lived in a tent, a shed, under a tarp on the road, a storeroom, a caravan, a concrete room in Marble Bar in summer with no airconditioner, now that was something.
Mom and dad bought and sold over 120 houses.
We shifted continuously in the early years.
Why the obsession with houses???
Peter
My moms house in Canada was about 30m2.
In the bush next to a train line, just out of Thunder Bay.
Grandpa on dads side had a pile of rocks in the highlands of Scotland, Grandmas dad in Western Australia had a bullock train hauling to Wiluna.
They lived on the road.
So mix up a concrete milkshake princesses and harden the f-ck up.
"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
I have lived in a tent, a shed, under a tarp on the road, a storeroom, a caravan, a concrete room in Marble Bar in summer with no airconditioner, now that was something.
Mom and dad bought and sold over 120 houses.
We shifted continuously in the early years.
Why the obsession with houses???
Peter
My moms house in Canada was about 30m2.
In the bush next to a train line, just out of Thunder Bay.
Grandpa on dads side had a pile of rocks in the highlands of Scotland, Grandmas dad in Western Australia had a bullock train hauling to Wiluna.
They lived on the road.
So mix up a concrete milkshake princesses and harden the f-ck up.
None of your poems rhyme.
Collecting desperation. Ex-Bp Golly April 2 2015. "I see with a slight overshoot -70% [fall in Sydney house prices] as being well within possibility"
"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
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