When is buying a house NOT a good idea?

VisualMaster
VisualMaster

When is buying a house NOT a good idea?

All urls found in this thread:
http://jlcollinsnh.com/2013/05/29/why-your-house-is-a-terrible-investment/
http://www.gocurrycracker.com/how-i-made-102k-in-real-estate/
http://www.gocurrycracker.com/renters-for-life/
BunnyJinx
BunnyJinx

You don't have enough to avoid PMI (Can be ignored if you get a good enough deal and/or it's your "dream home")
You plan to move in the near future (~3 years)
You don't plan to move, but you don't like any of the houses currently on the market.
You currently live in Canada or Australia

You could make a case against any of the above, but it really depends on your personal finances, your current situation, and your goals

Nude_Bikergirl
Nude_Bikergirl

@BunnyJinx
you currently live in Canada
not really, only Toronto and Vancouver have fucked up housing markets.

King_Martha
King_Martha

@Nude_Bikergirl

This shit still cracks me up every time

Soft_member
Soft_member

@VisualMaster
Why can't I just live in my apartment for the rest of my life. It's maximum comf

5mileys
5mileys

@King_Martha
I feel blessed every time I remember that living in Montreal means that I can actually afford living.

takes2long
takes2long

@VisualMaster
When the amount you would spend on rent is less than the amount your would get in net equity in the house.

Why do you feel the need to ask stupid questions?

massdebater
massdebater

@VisualMaster
A better question: When IS buying a house a good idea?

http://jlcollinsnh.com/2013/05/29/why-your-house-is-a-terrible-investment/

http://www.gocurrycracker.com/how-i-made-102k-in-real-estate/

http://www.gocurrycracker.com/renters-for-life/

kizzmybutt
kizzmybutt

@5mileys
That's how I feel sometimes but also feel like I'm just burning money that could be going towards equity.

Carnalpleasure
Carnalpleasure

@takes2long
no poorfags allowed

TurtleCat
TurtleCat

@5mileys
Try living in drummondville. 170k got me a brand new bonneville house with 7k sqm land. ;)

VisualMaster
VisualMaster

Always.

Sir_Gallonhead
Sir_Gallonhead

@Nude_Bikergirl
I've never been to Whistler
Do I have some news for you buddy.

Evil_kitten
Evil_kitten

@Sir_Gallonhead
Let me guess you are from australia ?

viagrandad
viagrandad

@King_Martha
I fucking hate vancouver because of this.But the end for the real estate in vancity is near

5mileys
5mileys

When you didn't get some fat cow pregnant and you would rather not live in a papier mache hut and spend all your free time fawning over the stupid fucking fescue in your yard

Methnerd
Methnerd

@5mileys
Lol

Emberfire
Emberfire

You currently live in Canada or Australia

Correct.

I have about $2m in liquid cash, and I'm hesitant to spent $1.2m on a standard 3 bedroom house that would cost $200k in USA.

Fuck you Australia.

CodeBuns
CodeBuns

@Emberfire
house that would cost $200k in USA
you say this as if its coherent

VisualMaster
VisualMaster

the only time you buy a house is when you are a multi-millionaire and can afford a home in hollywood hills or beverly hills.

Methshot
Methshot

@VisualMaster
hollywood hills
Hey, no shit!
That's where I live.

Methnerd
Methnerd

@VisualMaster
When it's 2007

Need_TLC
Need_TLC

@Sir_Gallonhead
I include Whistler as part of the Vancouver housing market. Probably dumb on my part, but if it hosted events in the Vancouver Olympics, then whatever.

Booteefool
Booteefool

If its post 2012 and you're under the age of 70.

King_Martha
King_Martha

@TurtleCat
next to a town called Asbestos
it's the little things that make life worth it

GoogleCat
GoogleCat

To be honest, nothing symbolizes the cuck lifestyle for me more than the 30-year mortgage slave.

whereismyname
whereismyname

Look at historic rental yield. If rental yield is at all time lows, the housing market might be overheated.

as @BunnyJinx
said, in Australia rental yields are very low for most capital cities.

Actually I don't have much more advice apart form what that guy said.

Lunatick
Lunatick

@VisualMaster
ever

iluvmen
iluvmen

@Need_TLC
@Sir_Gallonhead

The Whistler market has nothing to do with the Vancouver market. Zip.
Vancouver has seen incredible increases.
Whistler is a great place to ski, bike, have a second or first house, but in terms of real estate as an investment, it has seen very little increase (from the perspective of a Vancouverite, anyway.)

I've lived in 4 "Olympic" cities: there is NO legacy, except debt and under-used facilities. It seems 1st-world cities are figuring this out and it is mostly non-1st-world cities that are interested these days.
If you ever have a vote in your city, about whether or not to hold an Olympic Games, make sure you vote No.

Methnerd
Methnerd

@VisualMaster

Might as well buy into the "Reverse Mortgage" meme.

Emberfire
Emberfire

@Methnerd
reverse mortgage actually isn't such a bad idea if you're a retiree without any potential heirs

takes2long
takes2long

@VisualMaster
When you don't have 20 percent down and the payment is more than a quarter of your take home pay assuming 15yr fixed

Emberfire
Emberfire

@Nude_Bikergirl
I just sold my condo in Dartmouth NS for what I bought it for 5 years ago after putting 6k of money into it...it is shit everywhere to varying degrees right now.

Nojokur
Nojokur

In my country (Norway) there are favorable taxes for owning a house for yourself, but renting it out is less favorable. Most people invest in their housings.

The capital is now having high prices. I guess it's getting bad enough to change these taxes. If this happens, I guess the prices may plummet.

Houses in my region has plummeted, but that's because a lot of oil workers have lost their work. I'm waiting to buy, but I think it will go lower. I'm also afraid of tax changes, although I guess it would be a really drastic measure to change taxes for housings.

Lord_Tryzalot
Lord_Tryzalot

@iluvmen
If you ever have a vote in your city, about whether or not to hold an Olympic Games, make sure you vote No.
i would but the fuckers just declared it a "national strategic whatthefucknot" and gave no right for the people to have a say in it.

kizzmybutt
kizzmybutt

@VisualMaster
When you don't like acruing equity in your home for the same price as you'd pay for rent anyway.

PackManBrainlure
PackManBrainlure

@Soft_member
Because either property values in your area will tank and you'll be overrun with goons, or your rent will steadily increase and you'll be that cat lady from seattle who wants rent control because she thinks she owns her apartment since she's been living there for 15 years but in reality you and your cats have merely been renting.

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