Going forward you should own as little house as possible if you want to build your wealth. At 6% rates, 1% property tax + maintenance you are guaranteed to become poorer every year you own the house. The more house you own the poorer you become. As a result it is now smarter to buy a condo than a home as you have less dead money locked up in housing.
Renter spotted.
But then you would have to live in a condo.
Just a reminder that you don't need a place to live, you can generate more wealth if you stack a couple of cardboard boxes and sleep under it and eat from the dumpster next to the restaurant after 9pm.
Except if you own your house outright with the mortgage paid off.
When you are about to die after 30 years
You just need to spend a little more to pay it off in 15 years. Thatâs what I did .. and then I started trading up with cash deals. My first property was a townhouse in Santa Clara. It cost 230K and I was earning about 50K. Sold that one for 565K and bought a San Jose home for 765K. I was probably earning 110K .. but only borrowed 150K. Paid that one off .. bought a home for 1.5M cash .. sold that one for 1.85M. The 1.5M was purchased in 2019 and it is now worth over 2.2M.. paid in full.. Rest of my portfolio is about 4.5M in mutual funds .. a combination of retirement and non- retirement So .. after 30 years.. I would say that based on my experience.. OP doesnât know what heâs talking about
Not everything is an investment. You buy a primary residence house because you need the space and you think long-term in decades. If condo fits your needs, go for it. With dual incomes, most tech couples can easily afford a sfh with just base salaries.
Brb selling my house
Just a reminder that renting is now a liability. Every month you pay rent you are poorer.
Only people who hate themselves live in a condo
You must love fixing leaking roof and taking care of termites. I live with a swimming pool and have 0 worry about loosing a job tomorrow.
Leaking roof? Termites? What kind of shithole houses have u lived in! (those issues are wayy few and far between) Your full of pee Community swimming in your karen filled condo community that you pay $200/month HOA for.. got it đ
This is definitely a renter mentality. Own your house that you feel comfortable in and take care of it. You get it back eventually. This fast fix mentality is what is wrong with most things in the west now.
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I am sure you are a renter.
đ„
Ha