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amother
Lilac
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 Thu, Oct 07 2021, 7:42 am
| amother [ IndianRed ] wrote: | | What you did isn't really possible to do nowadays in the tri state area. Buying a home now is very expensive. Prices might drop in the next few years. Houses that are selling now for 1 million, aren't really worth that amount. |
Houses are worth whatever people are willing to pay for them. If interest rates skyrocket, that will cool down the market.
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amother
Aubergine
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Thu, Oct 07 2021, 7:46 am
Every month when I pay my mortgage, that payment is really working for me. The principal amount builds up my equity in the home, and the interest amount is tax deductible. Not to mention that because of inflation, my monthly payment is less than the young couple renters (bought 10 years ago) and like others mentioned, the security of knowing that no one can kick me out as long as I pay the mortgage.
In my husband’s yeshiva they also encourage home buying so that people can tap into the equity to make weddings for their kids.
Lastly, it’s a Jewish idea - “echol batzel v’yesheiv b’tzeil” better eat onions and scrimp and save to buy your own home and live in the shade of your own place.
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notshanarishona
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Thu, Oct 07 2021, 7:49 am
When I lived in E”Y we had to leave our apartment 3 times because the owner decided to sell, renovate, etc. each move cost a lot of money, time , and agmas nefesh and that’s besides for constantly having to worry about the rent going up, dealing with a landlord’s mercy when you need repairs.
Obviously renting isnt the end of the world but it’s not ideal to be still paying rent at retirement age.
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amother
IndianRed
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Thu, Oct 07 2021, 7:49 am
| amother [ Lilac ] wrote: | | Houses are worth whatever people are willing to pay for them. If interest rates skyrocket, that will cool down the market. |
Houses went up in price since covid for the same reason everything else when up in price. Material is expensive. Wood and metal significantly went up in price. Many new construction houses are being built without porches.
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