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Saturday, March 26, 2011

Why Don't You Buy A House?

Are you being asked why don't you buy a house?  If you ask a realtor, you will be told over and over what a great time it is to buy a house.  Some even say you are a "fool" for not buying a house now.

The biggest argument offered to buy a house is "what a great investment it it."  I have always said that buying is not really an investment at all and there are so many better ways to make money.  A new article at Visualizing Economics proves that point very very well.

A $10,000 house in 1890 would be worth almost the same in real dollars in 2010 (but more than $350,000 in nominal dollars in 2010, but that means you don't take into account inflation).

So a house is certainly not a great investment.  A house is shelter and can be a wonderful place to live.  But it should not be viewed as an investment.  So when if you find the perfect house, buy it (or build it) so that you can enjoy the place as a home, without worrying about whether it was a good investment.

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