Better Homes & Gardens conducted a survey on consumer attitudes toward home ownership, renovations, design, and more. The results show that although the future of the economy is uncertain, 8 of 10 surveyed believe owning a home is a good financial investment. More people are taking an interest in designing their home, with that number growing from 33% last year to 38%.
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While I agree that property is always a good long term investment, did they survey people that subscribe to Better Homes? Isn't that like asking people that subscribe to Cat Fancy if owning a cat is a good idea?
Ditto @ DonaldN
That being said, I did buy my first home about 6 months ago and am pleased that my money's now being invested instead of thrown away on rent.
I also Ditto Donald.
It's a great long term investment, but not a good long term solution for investing. The 30 year mortgage is one of the worst financial products that one can tie themselves into. I would suggest that people focus on saving up enough to work out a 10 or 15 year fixed rate mortgage. It's better to invest your extra money in other modes of investments and build up a nest egg to buy your nest a bit further down the road.
I think that although there are many people still hoping to own a home some day, they approach is changing. The idea of buying a "starter home" is kind of ridiculous now since you don't know if you'll be able to sell it when you're ready to upgrade. And if you're like me, you wont even THINK about buying a home until you've decided where you want to live for the next 10+ years. My little brother bought a house when he was 20 and now he has a career he loves... only it's 3 hours away. He can't sell the house, and it's a huge hassle to rent it. I just think more young people are realizing that renting an apartment for a while is an investment in mobility and ease of lifestyle, and know that they can always buy later in life.
Agreed, DONALDN
We need a 'like' button! I totally agree with DonaldN.
We bought a family home and while we bought it for market value, I have to say the interest has been outrageous (yes, 30yr mortgage). We need to be a lot more savvy about this sort of thing, otherwise it feels like an albatross!