Quote:
Originally Posted by tvbound
"BTW - You will not profit six figures or any amount until after you sell and move out of your residence."
A simple fact, that all too many don't seem to be able to grasp. Like stocks, you haven't "made" anything until you sell or in the case of a home, use a HELOC and/or refinancing to take out equity. The universal philosophy ahead of every single bust or recession this country has ever been through, is along the lines of - "buy now, prices will always be going up."
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You are right. The first house I bought didn’t increase in value for 15 years. Although I brought up a family in that home. Then prices started to increase, year after year - after 15 years of holding steady. When we sold the house it was 5 times for what we paid but it was 30 years later. It was a sad affair for me, I hoped to live out my life in that home.
But then I could afford a better property. Actually 2, one here in TV.
The price of houses in TV are going up but I bought a home not an investment. In an emergency it would serve as an investment. But for me what counts is not how many zeros I have in my bank account, but the quality of life I can live each day.