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20
CONSOOM Property Ownership (cdn.videy.co)
posted 29 days ago by linden687 on scored.co (+1 / -0 / +19Score on mirror )
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USSDefiantJazz on scored.co
29 days ago 1 point (+0 / -0 / +1Score on mirror ) 2 children
In 2015 I had enough for a substantial downpayment on a house. Instead of buy, I chose to rent and invest that along with the difference every month. This made me a multi-millionaire and I continue to rent. A house is dead equity. If you look at the balance sheets of the wealthy, while many do own houses, it usually makes up less than 10% of their net worth. Houses are a lifestyle expense, not an investment.
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Vlad_The_Impaler on scored.co
29 days ago 3 points (+0 / -0 / +3Score on mirror ) 1 child
Yes but after about 5 years the rent on a place exceeds the mortgage. That mortgage payment is locked in for 30 years. Your rent goes up every year. Also equity is better than no equity.

There's many more factors to consider.
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USSDefiantJazz on scored.co
29 days ago 1 point (+0 / -0 / +1Score on mirror ) 1 child
I think it depends on where you live. In a high cost of living city like Toronto, the 5 years rent does not exceed mortgage. Also in Canada mortgages reset every 3-5 years (depending on the term of your mortgage), not 30 like in the USA.
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Vlad_The_Impaler on scored.co
29 days ago 0 points (+0 / -0 ) 1 child
Ah well that all changes the decision making process.

In USA I think getting a primary residential mortgage is a good deal. Also the equity can be tapped for more loans. Many people get rich off constantly getting finance from equity and buying more properties.
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USSDefiantJazz on scored.co
29 days ago 0 points (+0 / -0 ) 1 child
Yes, in the US there are still lots of houses for reasonable prices everywhere (even in the outskirts of Jew York City). You want to know what's crazy? In Niagara Falls, Ontario a house is like $1 million dollars. Literally just cross the border to Buffalo, New York (as Warren Buffett once called it, the armpit of America) and the houses are like $250k. This shows you how truly fucked up house prices are here in Canada.
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Vlad_The_Impaler on scored.co
29 days ago 0 points (+0 / -0 ) 1 child
Is it a supply demand issue?

Cost of materials?

Why would it cost so much more than usa?

There is lots of wilderness in Canada. I haven't ruled out loving there into far rural wilderness.
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Thenoticingcontinues on scored.co
27 days ago 0 points (+0 / -0 ) 1 child
What'd you invest in?
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USSDefiantJazz on scored.co
26 days ago 1 point (+0 / -0 / +1Score on mirror )
Stocks
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