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REAL ESTATE Uncle G: Is Buying a House The American Dream?

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Kevin88660

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The Answer is yes except the last question. My focus & curious is on Equity.
Is it a good deal to have equity if I stay 5 to 8 years - something like that?
Depends on the market price 5-8 years later which we would not know.

One factor is look at the current rental yield of the house. If the yield is good, for example 5 percent per annum, even if the market price in the future is not as good you still can continue to pay for the mortgage and rent the property out, when you are no longer living in the house.
 

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21elnegocio

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I have come accrossed this video: Is buying a house the American Dream?

Here is the hypothetical scenario:
I buy a house = $150K
Downpayment = $15K
Years: 30 Years
Monthly Mortgage: $1300 excluding renovations

My Question: If I buy a house and get equity (depending on years) from it ? Is it a bad deal?


You have to understand buying a house is a big expense, especially if you do a conventional loans with the higher down payment. Those who own a house understand buying a house does not only mean you purchased it and your done, you still need to invest money into the house unless you purchased a brand new home with great curb appeal. Other than that you will be investing into making it look good, the maintenance, and taxes.


You just need to know what you will be doing in the next 5 years and go from there.
 

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