55 years old – do not buy a house
If you already own a house and repay the mortgage within a few years, you know that the first 10 years is almost all the interest payments, only few shares
As long as you are qualified, there is nothing wrong with buying a house. This means a good down payment and a stable job. There is no nonsense without a minimum payment. The buyer must take the monthly mortgage payment seriously and do a good job.
In recent years, the financial community has been asking them to provide mortgages for those who do not meet the prepayment conditions and, if they are not comfortable, have no real willingness to pay. It is too easy to go away
The real cost of home ownership is not just monthly mortgage repayments.
The real cost of keeping a house is mortgage payment plus maintenance. Oh, let us not forget the tax.
The industry calls PITI = Principles, Interest, Tax and Insurance. Depending on the duration of the mortgage and whatever your down payment is, it is usually 10% of the sales price divided by 12 or 1% of the monthly sales price
If the house cost $ 200,000
Is 55 years old, do you want to fulfill this responsibility? Rent is not smarter? If you rent $ 1,200 per month for the same quality home, the tenant can save the difference of $ 800 per month and $ 96,000 plus interest for 10 years after retirement. I can guarantee that if he was 55 years old to buy a house, he would not have such a house.
In addition, renters pay less for rental insurance and are able to move to new locations at any time. Tenants do not have to wear new roofs or replace old water heaters.
Rentals in Canada for 6 months in summer and 6 months in winter in Florida, Mexico or the Dominican Republic? The only additional would be travel.
There are so many rents available for foreclosure prices that are not yet a great buy. If a person wants to buy, there are about 4,000,000 more non-performing assets in the next two years to enter the market. The price will be lower than today
Before buying to do the number