The new gang in Washington, a gang of swaggering teabaggers and right-wing Republicans, are talking about getting rid of the very mortgage deduction that made us want to buy a house. If they manage to get rid of it, it will tank the economy again, of this I am certain, causing more people to lose their homes. Meanwhile, they are insisting that rich people should pay fewer taxes, the better to hire cheap workers from China and India to do work Americans once did.
In a few years, the whole country will experience what California has experienced: obstruction on a grand scale from nay-saying legislators who have no compunction about holding up the budget for half a year because it doesn't completely give them what they want.
Then people will discover why we've thrown them totally out of office this time around. Not that, truth to say, the other guys are wonderful or anything, just not AS objectionable most of the time.
So should I be afraid to buy a house?
9 comments:
Caution and a little fear are the appropriate emotions when buying a home. A home is a long-term investment, so while you might try to see as far ahead as you can, you just cannot foresee everything. When my husband and I bought the house I live in now in 1975, it cost twice what he made in a year and the monthly mortage payment was half of his monthly income. Our parents thought we were crazy to make such a commitment. I have never regretted our decision. You want a home you can call your own? Buy it.
This is what others have told me too. It is what I want, and I think that R wants it too. Jeremy may be forced to move into it when he transfers, so we want to get one that is big enough to accommodate him, like the place I saw listed with an attached condo unit, thrown in for the price, like a granny flat.
I agree with Lou.
the other L
There's much to be said for buying a house, except without a deduction, it will be hard to afford, even now that the prices are down. I'm betting that people will scream if they actually try to get rid of the deduction. Hoping so, anyhow.
Hmm, this seems like a slightly hysterical simplification!
Me, I prefer a complete and utter over-the-top simplification that says that all have fallen short, particularly politicians. Both sides are objectionable; both sides will do things we don't like; both sides will do their best to make life a woeful pain in the financial rear. Neither side will attempt to have a rational conversation. The End. (As a political observer, I am an equal opportunity mocker.)
In that context, I say, "do what makes you glad about your house, making sure that you don't get ripped or buy something that needs to be fixed in a way you can't afford or can't do yourself."
There's no way to predict what the folks in DC will do, but my own view, for what it is worth, is that it is good time to buy if you can. Interest rates are low, and they definitely will not stay that way forever, and purchase prices have dropped. Orange County is likely to maintain its value, and chances are good they will increase---again. The way I see it, if you rent, you're paying someone else's mortgage. Still, buying is a committment, that's for sure.
It's a process that can definitely have ups and downs. Hang in there if this is what you really want.
the other L
I personally think we should buy a house, if only because rents are bound to rise here, and may soon price us out of the area if we don't.
We could pick up and move elsewhere, but I am comfortable here, and have a community, friends, and work. That might not materialize elsewhere, especially since I am fairly demanding in what I want from a place to live.
I understand Marly, what you say about politicos, and of course, you are right. They are all worthy of our scorn, a lot of the time.
As for fixing a house, we are totally incapable of doing so ourselves, both of us. We can barely change a lightbulb. Jeremy is no better. So it better not need too much work.
My yoga teacher, Bob, recommends, from personal misfortune, that we have the house we choose inspected by individual electricians, plumbers, and roofers rather than a house inspection service. I think it sounds like a good idea.
Now you are sounding quite sensible. And it's true: rates are good.
At least for the moment. Unfortunately, we probably won't be able to stay in this town, but very close.
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