Quote:
Originally Posted by retiredguy123
I need to take issue with your post. I have a courtyard villa and my monthly cost to move into The Lofts would triple. I have done the math down to the penny, having lived in the villa for 7 years. The costs you cited are all included in my calculations. I pay someone to do all of the landscaping, so I have no maintenance work. My total cost per month for all of the things you mentioned is less than $900 per month, not $1,000 plus. Yes, you do earn interest on the money in the villa, but, you need to also consider the annual increase in the value for the villa, which is a wash at best. Also, the interest on the value of the villa is taxable income, but the income from an increase in the value of the villa is tax free because it is your primary residence.
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$400 property taxes, $189 amenity fee, $250 insurance, $50 lawn service, plus I included $100 for other fees of maintaining home. Total $989. In my opinion, these are average costs. Yours may vary. My 1000 plus figure comes in for the purchase of new appliances, a new roof, landscaping, remodel, etc. These fees should not be ignored.
I did say a person has to determine if investing in a home is better than the income you will make by investing the cash. That is the choice everyone must make. For some it will be investing the cash, for others a home is wiser. It depends on your circumstance. Renting is not always a bad choice.