15 Jan 2024 2:23 pm
Not to mention this tax perk that comes in handy.Cannonpointer » 15 Jan 2024, 9:10 am » wrote: ↑If a house merely holds its value, you get your money back for living in it. You get tax write offs. Loans are cheaper because home-ownership ups your credit score. No one is the boss of you. If ya want, you can have a dog. I thoroughly enjoyed owning a home - well, when I was single. Cheaper than renting - though the utilities are higher than an apartment. But the mortgage is lower than rent. It has to be.LowIQTrash » 14 Jan 2024, 11:43 pm » wrote: ↑ I thought about relocating to Vegas but then I realized it’s one of the cancer capitals of America…so yea.
Owning a house in general is just a huge drain on time and resources, regardless of what the Suze Ormans and Dave Ramseys tell you about how “owning a personal house builds wealth” (BS).
Cuz the folks renting spaces have to pay a mortgage and clean up after renters and chase renters for payment AND make a profit. All a home owner has to do is pay the mortgage. I had a four bedroom with a pool in a nice neighborhood and my mortgage was is the nine hundreds at its highest. Then interest rates dropped twice - down to zero, the second time, and the local banks were charging 2.5, maybe a tad less. My mortgage dropped twice - once to the high eights and the next time to the low eights. .
And people who rent out their homes or apartments, they don't have the benefit of paying 600 bucks a year for a home warranty and having pretty much everything in the house covered against failure. They just have to swallow hard and buy stuff - all the damned time. And that risk and aggravation goes into what they charge for rent.
So, yeah - owning is cheaper than renting. And you get tons of perks for owning a home.
If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse