01-23-2007, 01:09 PM
Apoc Wrote:I'm just talking about buying you first home for the sake of getting into the market.
Why buy just to "get in" if you arent going to stay? That strategy doesnt work if prices are falling.
Apoc Wrote:To RJ's point... the problem is you're thinking about buying an equivalent to renting
In this market, no it doesnt make sense and you can rent a lot "more" for your money than you can buy.
Andy Wrote:What about the tax savings? Interest payments for your home is tax deductable, no?
What about home maintenance and repair?
Interest is tax deductable, but remember you are deducting against your income, you dont just get all of that back - only a small bit by bumping yourself down a few tax brackets.
I hate to burst anyone's bubble on home ownership given what everyone is told growing up that you are pissing away money by renting, but you piss away every bit as much on ownership with the addition of a lot more financial risk. Things would be much different if you werent in NoVa, or any other major city market.
If you were in a place where house prices were reasonable then buying is a no brainer.