Monday, May 9, 2011

0%: The Long-Term Return. It's Not an "Investment," It's a Place to Live

Expecting a house to be a "nest egg" or to "force savings" is, let's face it, a bubble-era dream, especially in this day and age where nearly 30% of homedebtors owe more than the house is worth. Houses, condos, and townhouses doen't generate $$, they take it in the form of agent fees, closing costs, upgrades, maintenance, annual taxes, etc.

Everybody needs somewhere to live. But the idea that property is an "investment" should be crossed off the list of reasons to purchase.

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