Is buying a house a waste of money for a single man

[ChristopherColumbus]

That's the plan. So many houses are being built here.

What happens when there are too many overpriced homes with no prospective owners?

Australia, perhaps the biggest bubble in the world, is not looking good. They tightened up on the rules for Chinese buyers... and the market is stalling out.....

We are in the middle of the biggest debt bubble the world has ever seen. It's likely that a lot of perceived wealth will be destroyed.

 

[bigdave17]

It's only worth what you can sell it for. If interest rates go up, and the banks tighten up credit, it could drop in price just as quickly.

which is fine, I can keep this thing for a long time...and still only pay 600 a month while others are paying 2K in rent for the same thing

 

[devilkingx2]

if you can afford it then it's not a bad decision

if you need a trillion years of debt to afford it then no. 10 year mortgage at the very maximum

 

[Designer Man]

Town house or an apartment is always a good buy. It offers plenty of benefits, just make sure you buy a newly built.

I have to disagree. Most apartments are hard to sell on stay on the market a long time and definitely no to a new build ha. They are built shoddily compared to houses of yesteryear where they used bricks and not timber.

If you are looking to buy, a house would be your best option. What people are likely to buy a house? A young couple starting out or a family. Most people want houses if they have kids and gardens are usually a big draw.

Most single men rent apartments due to the high cost of purchasing and they tend to be professional people who will move around quite a bit too.

 

[Red Legg]

We are told that home ownership is the American Dream and path to prosperity, but I’m not seeing it.

1). I’ve pretty much accepted the fact that I’m not going to get married or have any kids, and buying a house seems kind of pointless for a single mobile male.

2). Houses are expensive and require hefty down payments, but they don’t put a single dime in your pocket at the end of the day. Yes, you can hypothetically rent out rooms, but that’s mostly chicken **** talk people say to justify buying a house and I’d rather rent what I own, not. Live where I rent. Plus, there’s more to it which can go in another topic.

3). You lose mobility. The only thing holding here is a lease that I can just pay 2 months rent upfront to break. A mortgage is a lot harder to break out of.

4). You have to pay your own maintenance and repairs. Ewww

5). The only houses I could afford would be in some bum **** Egypt beyond the pale banjo area or be some pioneer living some ghetto. Rent wise, I can afford to live downtown in a prime area or an inexpensive cozy suburb.

I am a 47 year old retired military veteran and I have asked myself the same fvcking question..should I buy a home and use my VA loan ?The answer I came to was a resounding "fvck no ".I would lose mobility (I like to travel) is the main reason,also I hate yard work.I don't even have a lease I live in a nice hotel with maid service so I can leave whenever the fvck I want.I save 75 % of my income and live like a king whatever you do make sure you have maximum freedom.

 

[Von]

I have to disagree. Most apartments are hard to sell on stay on the market a long time and definitely no to a new build ha. They are built shoddily compared to houses of yesteryear where they used bricks and not timber.

If you are looking to buy, a house would be your best option. What people are likely to buy a house? A young couple starting out or a family. Most people want houses if they have kids and gardens are usually a big draw.

Most single men rent apartments due to the high cost of purchasing and they tend to be professional people who will move around quite a bit too.

Great point.

Interestingly.... House in the Suburbs are getting harder to sell than Downtown (central city) condo/appartment.

Why ? Most Millenials - New Generations... are not having kids or have max 1 kids (2 kids if really streching it)

Why buy a big house (likely old) with a huge garden?
When: You have no kids, no need for the space, don't have time for maintenance, road-traffic stress, accessibility being hard (high cost, rising rates)
Results: Millenials and New HomeOwner are avoiding the ''big house''

If you are to buy: A house likely is a good option because you avoid ''condo fees'', you will have space for ''change'' (more kids, becoming a couple etc.)

However, don't consider your ''house'' your retirement project... it might bite you in the ass.

 

[mrgoodstuff]

You can get a starter to small home where mortgage works out to be the rent for an apartment.

Then you have the equity. So you get most of your $$$ back when it's time to move.