From the course: Start Young for Your Best Retirement
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Rethinking real estate
From the course: Start Young for Your Best Retirement
Rethinking real estate
- Most people want to own their own home and it makes sense. A home offers security and stability and it binds you to a community and there can be economic benefits to buying a house. A house closer to work can lower your transportation costs and a house in a good school zone can be a tremendous boost for your kid's future prospects and some economic systems also give advantages to home ownership by offering a tax deduction on mortgage interest expenses. But if you're thinking about buying a home as an investment and you're rooting your retirement strategy on the increased value of your home, think twice. First of all, as with any asset, there's no guarantee that the price of a home will go up. We saw in the US in 2008 that housing markets can fall significantly in value. So gains in home prices aren't guaranteed. And houses are expensive. There's fees for brokers, home inspections, appraisals, surveys, title fees, origination fees. And when you own a home, you have to pay to maintain…
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