“It’s Financial Suicide To Own A House” has some great explanations for why you don’t want to buy a house:
The other day my sink broke. …
My house is 150 years old. It used to be a hotel. Things break. Pipes crumble in the hands of the plumber.
I email the landlord, who calls a plumber, who gets new pipes that are paid for by the landlord. The landlord wasn’t expecting it but that’s what they signed up for.
Meanwhile, I read a book on the couch in the other room.
The same thing when Hurricane Sandy came over the river. People were canoeing in the street outside my house. The water filled two feet in my house.
“This is the first time in 100 years the water got this high,” the landlord told me. So he ripped up floors, cleaned out mold, fixed furniture, and took care of it.
This time I was upstairs reading a book.
It’s a lot of work to own a house also. Have you ever spent time in the Death Star? I mean Home Depot. That place is huge. And I only need that one special color of paint.
But where is it? The stormtroopers at Home Depot are never around when you need them.
And what about that “snake” that can clean my toilet. Where is it? And how do I use it? And is it gross? Why do they call it a snake?
It’s no wonder that plumbing is one of the highest paid professions in America.
And how long does it take to paint a house. Or who do I go to? And will they overcharge me if they pave the driveway?
Did I calculate that into my total cost of owning a house?
- Rick Santorum’s “flat tax” proposal in the Wall Street Journal, whose central feature for personal income tax turns out to be … encouraging Americans to keep buying houses by preserving the mortgage interest deduction (up to $25,000 per year)
- Economists: Homeownership leads to unemployment
- Economist magazine argues against tax-deductible debt