From the course: Developing Investment Acumen
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Revisit your property strategy
From the course: Developing Investment Acumen
Revisit your property strategy
- For my parents' generation, property was a sure thing. Scrimp and save for a deposit, buy a home in your 20s for, say, $25,000, raise a family in it, and come retirement, sell it for high six figures or more. In many places around the world over the past 50 years, this is the way that it was, and the generations since then have been told that real estate's a sure thing. It never goes down. It's your basis for long-term security. But for some people, that may be true, but it's not a hard and fast rule. Here's how to rethink your property strategy. First, your primary home may no longer be considered an investment. Here's why. Mobility has increased. People move much more often for education or jobs. If you live in an urban center, housing costs can eat up almost 50% more of your income than it did a generation ago. The total cost of ownership includes paying for a mortgage, real estate taxes, and fees. This is generally much higher than rent. The difference between the two could be…
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