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Answers (4)
Best Answer
- sunnyview
- Contributions:25127
I think that buyers should expect both. A primary residence may not completely pencil out as an an investment property, but it is always good to know what your soon to be house would rent for if you ever needed to move. Things happen and planning ahead never hurt anyone.
Keeping your PITI (mortgage, taxes, insurance) close to rent is one way to maintain some flexibility no matter what the market does. A homebuyer may not recoup maintenance, but disregarding the investment aspect of owning is a mistake and leads to problems. Buyers should look at the numbers first and then indulge in think about what color they want to paint the walls. Not the other way around. A smart buyer can have both.
Keeping your PITI (mortgage, taxes, insurance) close to rent is one way to maintain some flexibility no matter what the market does. A homebuyer may not recoup maintenance, but disregarding the investment aspect of owning is a mistake and leads to problems. Buyers should look at the numbers first and then indulge in think about what color they want to paint the walls. Not the other way around. A smart buyer can have both.
- hpvanc
- Contributions:2570
So why don't you tell us how the market is in the Champaign-Urbana area?
Has the presence of the university and its secure jobs allowed values to hold up better than the national average? Also since central Illinois was not a big participant in the bubble and has not seen the wholesale decline in employment like MI and OH, how has that played out with the collapse of the bubble? What has been the effect of general deflation at the national level had on the market has the change in values exceeded it? What about the instability of the state finances is that having an effect on the perceived job security at U of I and by proxy the housing market either family or student?
Has the presence of the university and its secure jobs allowed values to hold up better than the national average? Also since central Illinois was not a big participant in the bubble and has not seen the wholesale decline in employment like MI and OH, how has that played out with the collapse of the bubble? What has been the effect of general deflation at the national level had on the market has the change in values exceeded it? What about the instability of the state finances is that having an effect on the perceived job security at U of I and by proxy the housing market either family or student?
- Dan, "the_country_hick"
- Contributions:4693
I want to buy a house to die of extreme old age in (perhaps in another billion or so years). However, planning on being in it that long I do not want to overpay.
If I overpay now for the rest of my life I will realize that had I only waited another 1-3 years I could have saved tens of thousands of dollars. Instead I was so excited to buy that my future was harmed financially from buying to soon.
To avoid that kind of scenario I am waiting for the real low prices to arrive. Who wants to pay extra today knowing that black friday sales are not very far away?
If I overpay now for the rest of my life I will realize that had I only waited another 1-3 years I could have saved tens of thousands of dollars. Instead I was so excited to buy that my future was harmed financially from buying to soon.
To avoid that kind of scenario I am waiting for the real low prices to arrive. Who wants to pay extra today knowing that black friday sales are not very far away?
- Ryan Halset, "RyanHalset"
- Contributions:730
How about both?
Are you looking for a long term investment or shelter for you and your family?
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- 4.4/5.0
- (1 review)
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