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Real Estate
Reply to "Renting vs Buying in this current market"
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[quote=Anonymous][quote=Anonymous]People bash homes. But my current home I paid $1,325,000 in 2017 now worth $1,625,000. I put a lot down so mortgage plus taxes plus insurance is $4,000 a month. My house would rent $6,000 a month. I spent $240,000 on monthly payments last five years and home rose in value $300,000. I did do $50k work on home so my cost is $10,000 positive. Zero cost to own. Renting at 6k would be $360k for my house over 5 years [/quote] Your home is only worth what someone will actually pay for it. If you sold right now, it is possible for could make a killing. But if you had to sell in a year or two, you may not get what you paid for it. Real estate increasing is never guaranteed. What you have is a nice place to live & the benefits of privacy, freedom. I sold 2 homes, after improvements, buying & selling costs, not even including mortgage interest- I lost money on both homes. Timing & luck needs to be on your side. [/quote]
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