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Is your home only an investment to you,......... but not a responsibility?

Do you think that buying your home was a way to get a good investment for a sale or just have the rights to a house/ with ownership? With that in mind, if given the chance to have to an option of lowering a payment each month would you have saved ahead and planned to make the mortgage lower/ have more down payment? Are you mad you got into a home and have huge payments now?

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Anonymous

Asked by Anonymous at 8:28 AM on Oct. 20, 2010 in Home & Garden

Answers (8)
  • i don't think i get the question. yes its an investment..but even as it is that you still have all the responsibility. In order to make your home worth any thing in the future you have to keep up with it and have responsibility for it and make improvements
    shay1130

    Answer by shay1130 at 8:32 AM on Oct. 20, 2010

  • i am upset that our home is worth much less now than when we bought it 4 years ago. alot of my neighbors were stupid enough to get adjustable rate mortgages and have since been foreclosed. we have a 30 year fixed, but of course we can't refinance because we have negative equity. i think a house is a great long term investment, and if you want to 'flip' houses for profit, that is just like gambling imo. sometimes you win and sometimes you lose. not for me. but you should only buy a house you can afford the payments and get a fixed rate.....that way you don't have to worry about the payments because they're always the same. but i am pretty pissed that we don't have the option for refinancing and probably won't for a long time.
    princessbeth79

    Answer by princessbeth79 at 8:33 AM on Oct. 20, 2010

  • My home payments are $167.15...and I can pay on my $8000 house as long as I want. LOL It is an investment and a responsibility. The house is actually worth $16,000.00 but the lady got married and was moving and wanted it sold. I have no issues with the price.
    BradenIsMySon

    Answer by BradenIsMySon at 8:34 AM on Oct. 20, 2010

  • My home represents an investment of sorts, naturally. We did buy our first home because we had nothing to show/couldn't make our money grow by renting the rest of our lives. Re: our current house, we did buy something less than we could afford AND put down a huge down payment (especially by today's standards) - realtors kept pushing us to go bigger since we have excellent credit and could easily have afforded double the payments but we opted not to. We did not want every penny to go to the mortgage and upkeep. Our house is plenty big enough (a little too big at times) but perfect for our family. We never had huge payments (our grocery bill was usually more than our mortgage) because we refi'd years ago when it made sense to do so. We paid our house off in less than 10 years.
    Anonymous

    Answer by Anonymous at 8:38 AM on Oct. 20, 2010

  • It was both for me - this is the third home I've owned, and each time I looked at the purchase as an investment and a home. We purchased our existing home for a great price, but then the market changed and now we are going to be lucky to get any money out of it. I wouldn't have changed anything though, I love this house.
    Scuba

    Answer by Scuba at 8:43 AM on Oct. 20, 2010

  • Owning your own home is a great financial investment.  This is our third home and we were able to upgrade to a bigger and better home each time we moved because each home made a profit when we sold it.  A house is a also a huge responsibility because it will not make a profit if it is not well maintained.  A home is also a huge emotional investment since it is the focal point of family life.

    beeky

    Answer by beeky at 10:51 AM on Oct. 20, 2010

  • I see a house as both an investment and a responsibility. I think of it as a long term investment (because you are gaining equity with your payments instead of rent that just pays for someone else to gain equity), but to make the most of your investments you need to care for them. People watch their stocks and make decisions according to how the markets do, but not everyone stays on top of home repairs. Letting a home fall into disrepair will end up costing more in the end to correct. As for the payments, we bought a home that we could afford. The majority of our house payment is actually for property taxes. There is much to consider when buying a home and deciding where and what features are most important to your family (low payment, enough space, good school district, etc.).

    QuinnMae

    Answer by QuinnMae at 2:20 PM on Oct. 20, 2010

  • We got stuck in an upside down mortgage and lost a home a few years ago. This home we bought outright, no mortgage needed. We got a great deal because it was a foreclosure home and needed work and LOTS of cleaning. When we are finished we will easily have a home worth seven or eight times what we paid for it.
    scout_mom

    Answer by scout_mom at 2:36 PM on Oct. 23, 2010

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