Home Ownership

[Naethyn]

Originally Posted by Gatordash [You must be logged in to view images. Log in or Register.]

Most can't afford to buy a home without a loan. Most mortgages are 30 year fixed rates so you don't technically own it until you pay it off after 30 years. But there is kinda no point to it because most people don't actually live in their home for 30 years so I look at it like you are paying rent. The good part about it though, in general over time, home prices go up. So when you sell your house, you have to pay back the rest of your loan, but you get to keep the money that has appreciated over time, where as rent you obviously don't.

And then you use that cash to write a check on the next home. And then you use that home as equity to get a loan on an another home that will appreciate more, because it is worth more. Repeat.