If you’re in the wealth accumulation phase of your life, I think buying a home is a terrible decision (in most cases). Prove me wrong. Seriously. I’m not being rhetorical. I want to see if there’s math that says otherwise.
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Buying these for emotional reasons is great. Be happy. But so many justify it financially. And I don’t get that.
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would you say in this phase your focus should just be on buying stocks and starting businesses?
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I don’t think I know even to advise. But for me, my private company has create lots of wealth (hard work, high risk) and my stocks have done ok (low medium risk, no work).
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Houses to live in are not investments. But the math works assuming your rent vs ownership cost has parity esp on a post tax basis. Plus mortgage tilt - $5k rent today will not be $5k in 29yrs. but your mortgage payment will be the same in 29yrs
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I think it depends on whether you believe you can “time the market” or not.
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At least buy one with an ADU that you can rent if you’re going to
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Also Primary Home ownership has massive tax advantages during ownership and tax sheltered profit on sale.
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It’s not a terrible decision here is my experience
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Bought the house in 2014. Paying the loan each month was roughly +15% renting something same size. Now renting something like this would cost around +15%, so it flipped.
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I wrote this article on the financial cost benefit analysis of buying vs renting. TL;DR With interest rates on debt at record low, buying actually stacks compared to renting.https://www.linkedin.com/pulse/buying-house-financial-suicidebut-i-did-anyway-jason-andrew/ …
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Nice writeup Jason. Thanks for sharing.
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