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More to it than that. sm

Posted By: financial guru on 2005-12-10
In Reply to: Do your own homework. - Financial GuruToo

A lease is a better option in a high-end car if you own a business (including being an IC).  It is a straight deduction without depreciation, amortization, capital expense, etc. 

Owning a home is NOT a good option if several factors are present:  Job not 100% secure, cannot put 20% down and need to pay PMI, not sure you are going to stay in the same area for at least 5 years, needing to live in an area where house values are going down instead of up and ability to save.  If someone cannot come up with a down payment over a few years, they will not be able to come up with the cost of repairs, taxes, etc. 

There are some cases that make more sense to rent or lease for a short period of time - under 5 years.  The cost to sell and move, cost of repairs, time for landscaping, etc could end up eating all equity gained during a few years and could come out HIGHER than renting.  Like anything, the better someone does their homework, the better able they will be to make a decision that is best for their personal situation. 

Too many people get into a house before they are ready and end up having it repo'd which destroys their credit for many years or end up hating their life because of the added stress.

Owning a home may be the American dream, but like anything in life, if you are not ready for it, it will not be a good choice.

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