• Is it worth buying a house?
  • Is it worth buying a house?

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  1. #1
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    Is it worth buying a house?

    This is a bit of an odd ball debate topic.

    So it is said in the US that when you buy a house, pay it off, and owe nothing outside of taxes - You still don't own the property. What you own is a piece of paper that says you have rights over the land but not actual rights to the land. This was changed years ago and while some people may still have legal ownership of land today, it is very rare and few and far in between.

    So with that, knowing you never really own it but only the rights to use it, do you think it is worth buying a house/land?

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    Definitely, everyone needs a place to call a home. Be it a rented apartment or newly procured house, what matters is that there is a place you call your own and rest your head when you get back from your daily work or life activities.

    But in respect of the question you ask about buy a house you only have right to use and not actually owning it, I believe it's a critical situation but as long as you have a over the property usage and managing, it's yours and no one is taking it away from you. So therefore, everything boils down to finance, if you can actually afford to buy the house in question.

    If you can afford buying the house and you have right over its usage, I don't see anything wrong with it and as such I would say it's worth it.

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    You still own the home and everything in it. I'm not really that well-informed about the actual property rights when it comes to land. That is to say, I'm not sure what distinction there is in not technically owning it, if you have all the rights to it, can do whatever you want with it, and can rent, sell, or parcel it.

    I bought a piece of land before. It sure seemed like we owned it. We improved it, lived on it, we sold off part of it (and eventually all of it), and it sure seemed like it was all ours. I thought it was worth it.

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    It is technically true that while Property Taxes exist, you will never truly own land in this country. And if you have a mortgage on property, you don't even fully own it in a legal/contractual sense.


    That being said, there's a lot more you can do with ownership of property than with a lease. If I have the money, I will most definitely be buying, not renting.


    Renting is what you do in the interim, while you build up your wealth. Ownership is the logical next step.

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    Quote Originally Posted by LtSurge View Post
    It is technically true that while Property Taxes exist, you will never truly own land in this country. And if you have a mortgage on property, you don't even fully own it in a legal/contractual sense.


    That being said, there's a lot more you can do with ownership of property than with a lease. If I have the money, I will most definitely be buying, not renting.


    Renting is what you do in the interim, while you build up your wealth. Ownership is the logical next step.
    Yes and I think that when you compare things, it still makes sense to buy. I only learned about this a few years ago. I always thought people owned the land but they only owned the rights to said land. While you do own the actual house and the stuff in said house, the land it sits on is never really your own which kind of sucks.

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    I don't think that I will ever be able to afford my own place because I cannot get any loans (nor want, for that matter) and I don't exactly earn enough to buy a property of half a million in cash. If I had that kind of money just lying around I would probably buy a little shack somewhere far from everything and just live there as a hermit, but I have no interest in being part of the ratrace for few decades just to own a little apartment somewhere in a big and dirty city I hate every square mile of.

    Maybe it's just me, but I don't see owning as some sort of a feat, because while your living expenses will be a bit smaller, you have lot more to answer for, so only if you happen to be alive after you've paid back the bank you can make something out of it, and someone my age could no longer achieve that. You'd need to be in your 20's with a place completely paid off for any of it to make any sense, and not many of us can make that happen!

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    I'm not sure if we have those problems over here in the United Kingdom, to be honest. I think there was a news report a few months back actually where some people were actually just buying the house on the land and not the actual rights for the land. But that was only with a few dodgy estate agents and not country wide. I think the other argument is, is it worth buying a house or renting a house? Over here in the UK, prices of houses have increased by so much. Especially in London, you would need well over a million to buy a decent house whereas somewhere up north, you could probably get a large mansion for that price tag. It's probably just better to rent a house in London because there is no point having to pay back your mortgage for the rest of your life.

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    For me, it can be worth it as an investment. Especially in the long-term. You know, just so your future families have somewhere to live too. It means something to me at least. Well, if it's cost efficiency, then apartments or flats will suffice for me in life.

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