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So many totally erroneous posts on this issue . Readers beware on this one
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Paid ours off right after we bought the house in 2009!
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Ditto, paid ours off after bought in 2011--I was taught ," interest makes rich people rich," while it keeps poor people poor"--Benjamin Franklin raved about the benefits of compound interest--learned this in elementary school
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So for me the answer is simple....my satisfaction has all to do with whatever allows me to earn and accumulate more each year. |
I paid mine off when I bought my used home. I look at this like credit card debt, bad debt. Interest with no tax write-off.
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Not all debt has to be "bad debt".
One example; If one has sufficient funds to pay of the 3 or 4 percent interest rate home mortgage ........do not pay off the mortgage....instead invest the same amount where one can earn 6% and better. Hence allowing a 3 or more percent interest earned each year......by keeping the mortgage. Not a matter of right or wrong or good or bad....just a very personal and to each his own comfort choice. |
Homes in Lake County never had bonds and district #1 north of 466, bonds are paid off. District #2 bonds will be paid off soon.
A tip for people looking to buy a pre-owned home. |
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Makes you wonder if by adding the bond to the cost of the house makes it overpriced? If the bond was added to the home price where it would be deductible, would they sell better?
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You pay property tax on the market value of the house. The market value is influenced by the price of the house you sell/buy it for. If the bond is paid off and it is added to the price if the house then the buyer will be paying for it in property tax. Same goes for furniture, if you increase the cost of the house because the furniture is included, or renovations etc.
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