I own my own home, and with the home loan I will end up actually paying about twice the cost of the home over the 30 year mortgage. It is a townhome and was purchased for about 165k, but I will be paying well over 300k for it over the course of the loan. I have been here for 3 years and the worth has gone up about 8k in my time here. Ultimately, I will be losing money on my home based on the interest over time.
So I'm gaining about 1.6% per year in value, but paying 4% in interest. Ultimately losing 2.4% plus property taxes.
Is real estate only a good investment for those who can pay cash in full, or is there something I am not understanding?
Submitted May 10, 2019 at 09:08AM by CrunchyGroovz http://bit.ly/2JumB6d
