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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Also, people are only focused on appreciation, but they really aren't subtracting out all of the costs for repairs, maintenance, taxes, and insurance. You really aren't gaining that much equity when you blow $20k on a new roof, $10k on a new AC, $10k on masonry repairs, etc. Etc..it never ends. [/quote]

Most people don't wind up having to spend 100k+ on maintenance and repairs on their home. Some do, but most don't. I think where people get themselves into trouble is constantly updating/upgrading. A lot of people these days buy a home and then instantly want to renovate the kitchen (even when it's only 10-15 years old), overhaul the landscaping and outdoor spaces, maybe do a bathroom or two. This is new. It used to be that you moved into a house and you just lived with it for the most part, or upgraded slowly as you went, until it was time to sell, and then you'd do any necessary renovations to make it marketable. Now it's flipped, and people will spend a lot (often with money they have to borrow) to make their house exactly what they want.

Then if they have to replace the HVAC system or the roof 10 years in, it's like "oh no, catastrophe." But that's because they were short sighted when they bought, not realizing that stuff happens with houses and it's way more important to be able to handle those maintenance items than to have an on trend backsplash or the perfect custom deck.[/quote]

Uh are you a brand new homeowner? Or statistically incredibly lucky and oblivious to that? We’ve been in our house for 15 years and have definitely spent $100k on repairs and maintenance, and I assure you that sadly it did not involve a new kitchen or cute bathroom or any of the “sport” remodeling. Please come back after you really have replaced HVAC, roof, windows, appliances, basement flooding, had a tree fall and take out a fence, just for starters …[/quote]

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