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Real Estate
Reply to "If you were born in 1990, how do you plan on ever affording a house?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You buy something...say, a townhouse in a growing neighborhood and build equity. Sell in 5-7 years. Use equity and savings to buy a small house. Renovate and live there or sell and move on up. Buying houses is a long, slow, lifelong grind for the middle class. It's certainly not impossible, but it's not super fun either. [/quote] Foolish! You don't build equity in 5-7 years generally. The cost to buy and sell a house will eat up 6% anyway. You will make only tiny principal payments in 5 years anyway. The house may appreciate or it may not. It's too little time for equity building[/quote] Agreed. People saying 5-7 years are giving terrible advice. [/quote] Yup that ship has sailed. I've come across homes in neighborhoods inside the beltway that are listed for the same amount they sold for in 2006...sometimes less. [/quote]
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