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Name:
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MotorMan
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Subject:
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New condos at N. Lake Martin..
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Date:
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3/27/2005 1:02:56 PM
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If a person rents a lot here is what happens:
You bid on a lot and that money is gone. You then pay a monthly rent for a fixed time like 30 years.. Then the rent goes up. You build a house. In perhaps 60 years it is junk and must be torn down. You then have nothing.
However, while you lived in the house, it cost less to occupy. There is a new house near me for sale on a APC lot with $385/mo rent for a sales price of $285,000. If this included title to land, the price might be $500,000. The sales brochure says that would save $1135/mo In 360 months that is (figure it out I don't have my business calculator) around $400,000. saved.
Also, the $1135 could be invested in gov. bonds and have future value of $600,000 or so.
But I have seen cottages that sold in SE Wisc. in 1957 for $55,000 now selll for a million. So, if you just want a nice house to live in, rent. If you want an investment, buy.
My condo in florida jjust sold for 93,000. I bought it in 2000 for $45,000. I made money. The person who bought it in 1979 paid $39,000. Since they got paid in inflated dollars, they just got their shelter needs net.
morale: If you pay too much, you can lose money in real estate. Notice that the person I bought my condo from could have had a nice profit, if she waited 5 more years.
Ken
URL: Ken's home page
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