(Lake Martin Specific)
111,143 messages
Updated 4/25/2024 7:30:23 PM
Lakes Online Forum
83,605 messages
Updated 4/25/2024 9:33:24 PM
Lakes Online Forum
5,193 messages
Updated 4/3/2024 3:47:36 AM
(Lake Martin Specific)
4,169 messages
Updated 4/16/2024 3:16:57 AM
Lakes Online Forum
4,169 messages
Updated 4/15/2024 11:05:05 PM
Lakes Online Forum
4,260 messages
Updated 3/24/2024 9:24:45 AM
Lakes Online Forum
2,976 messages
Updated 3/20/2024 11:53:43 PM
(Lake Martin Specific)
169 messages
Updated 5/31/2023 1:39:35 PM
Lakes Online Forum
98 messages
Updated 4/15/2024 1:00:58 AM
|
|
|
|
Name:
|
MotorMan
-
|
Subject:
|
New condos at N. Lake Martin..
|
Date:
|
3/27/2005 1:02:56 PM
|
|
If a person rents a lot here is what happens: You bid on a lot and that money is gone. You then pay a monthly rent for a fixed time like 30 years.. Then the rent goes up. You build a house. In perhaps 60 years it is junk and must be torn down. You then have nothing.
However, while you lived in the house, it cost less to occupy. There is a new house near me for sale on a APC lot with $385/mo rent for a sales price of $285,000. If this included title to land, the price might be $500,000. The sales brochure says that would save $1135/mo In 360 months that is (figure it out I don't have my business calculator) around $400,000. saved.
Also, the $1135 could be invested in gov. bonds and have future value of $600,000 or so.
But I have seen cottages that sold in SE Wisc. in 1957 for $55,000 now selll for a million. So, if you just want a nice house to live in, rent. If you want an investment, buy.
My condo in florida jjust sold for 93,000. I bought it in 2000 for $45,000. I made money. The person who bought it in 1979 paid $39,000. Since they got paid in inflated dollars, they just got their shelter needs net.
morale: If you pay too much, you can lose money in real estate. Notice that the person I bought my condo from could have had a nice profit, if she waited 5 more years. Ken
URL: Ken's home page
|
|