01-23-2007, 06:41 PM
WRXtranceformed Wrote:Sure you are, but over the years that interest payment gets less and less as you pay off the principle.
But, over time you're still paying an enormous amount in interest to the bank. There is no way around it. And THAT Is throwing money away in the worst sense. Your total bill for that $600k house is almost $1.3 million. Not including property taxes and HOA/Condo/etc fees.
Quote:Now is the time to buy, this is the best the market will be for buyer for a long time.
If you are in it for the long haul, maybe. But prices are still dropping....
Quote:If you wait and wait and wait for the market to "bottom out" you're going to wait forever and miss out on the chance to own your own home and make some money while doing it.
How are you going to make money? I'm really lost here. Owning a home is a very long term investment, and its not an investment in the traditional financial sense.
That $600k house you bought will probably sell for $1.3 mil when you sell it in 10-15 years, but then all the other houses you're going to buy have gone up in price just as much.
Lee you're gonna have to bring some numbers to the table - otherwise it just looks like you're freebasing the kool aid mix. Sure its the great american dream to have a house with a white pickett fence (or go-kart track, pherhaps) but lets be realistic about the costs.