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      05-16-2019, 12:41 AM   #35
zx10guy
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Quote:
Originally Posted by ntgarage44 View Post
I was taught to always make sure the house is paid off as soon as possible. Until then, nothing else matters besides food and health insurance. The last thing you want to be is homeless from not being able to cover your mortgage and car payment.

The best things in life take time. Use that 10 grand to help pay off your mortgage, as well as the other 30+ you were going to spend on the car. Until your Camry is broken, you don't need a new car.

Be patient. Get yourself into a financial situation where the house and car you own are actually yours, not the bank's. Nobody knows what tomorrow will bring, and a roof over your head is boring now, but a hell of a lot better than a reposessed m3 if ends can't be met later.
Quote:
Originally Posted by c1pher View Post
Real estate really isn’t as good an investment compared to the stock market. The market, without really trying will consistently beat a house purchase. Plus the days of buying a home, expecting to live in it the rest of your days, making owning a home in retirement, a much less likely scenario. It’s better to rent since you aren’t straddled with house repairs and other expenses each month. What you pay is what you pay and you aren’t concerned with the value of the home fluctuating.
I actually take a different view on owning real estate. Paying off a home early is not something I agree with. Neither do I agree with renting being a better option (for any long term housing).

On not paying off a home early. With interest rates still low, why would you pay off a home early and tie up money into something which requires significant money/time to pull out of? I've chosen to divert money I would have paid into paying down my mortgages into investing in the market. In my situation, my primary home has a 3.75% fixed rate for 30 years. My returns from investing have exceeded the interest being paid on the mortgage.

On renting, it has been said by another poster that all the maintenance along with the landlord's mortgage has been factored into your rent. So I agree with the notion, your rent payments are already covering those expenses you say you're getting away from with owning a home. But big difference is paying rent doesn't entitle you to any equity in said property nor the market appreciation.

For the OP, seems you're young and just starting off with the next phase of your life with marriage. I agree with those saying skip the expense of the car that based on what I see is just a want and not a need.
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