Girl who dances in a cage (cagekitten) wrote,
Girl who dances in a cage
cagekitten

torn

I found this great article about why renting might actually be a better financial decision than owning a home:
http://realestate.msn.com/rentals/Article_parade.aspx?cp-documentid=7863122>1=35000

On the other hand, I can't stop thinking about a relative of mine that accidentally made a killing on his home. He purchased what is actually two very tiny one bedroom homes on the same lot. These are very small little houses, practically a one bedroom apartment size really. But he did it this way so he could have a renter in the second tiny home to help pay the mortgage. He purchased these little homelettes in Santa Monica for $400,000.00. Fifteen years later he decided to move to San Francisco and sold the homelettes for one million dollars. He put the profit in CD's and now lives off the interest. He works now and then a little bit part time. But mostly he just collects interest and lives on that.

I'm torn. I see owning a home as a ridiculous expense and it totally strangles your freedom to spend that money on travel and luxuries that renters can afford (because renters aren't paying interest or property taxes or home repairs or home insurance). On the other hand, I get the feeling if you can just sit on your property for 15 years, you can make a small killing.
Subscribe

  • Post a new comment

    Error

    Anonymous comments are disabled in this journal

    default userpic

    Your reply will be screened

    Your IP address will be recorded 

  • 7 comments