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Look up what an amortization table is. You are acquiring very little equity over the first 10 years of a mortgage. It is not free money. Again, I provided a link showing how reverse mortgages actually destroy equity over time through fees. RM are considered predatory and honestly should be...

@utcool No one is arguing against owning a home. The argument is against acting like a good reason to own a home is “get equity”, none of which is addressed in your post. Borrowing against your home in an emergency is an awful idea FYI, this is why you have emergency funds. You should only...

@peter96 I am not - 2-4% is what financial experts recommend so fine go read up about it yourself. And maybe learn with a anecdote is while you are at it because you used the word wrong.

@utcool Well I has been in my decade which is why anecdotes aren’t considered evidence. It’s an average and it’s all in what most financial planners recommend accounting for, especially to avoid the house needing more serious needs taken care of later. Lawn service? Basic plumbing? Need to...

@lexi0903 Exactly. You should be expecting to pay something like 2-4% of a home value (not what you paid for it) just on repairs alone each year. People always forget this one - that is more than the average increase in value YoY. For a home in the range they are looking at, that is $8K-$16K...

@lostandconfused90 And don’t forget to pay those capital gains taxes unless you qualify for an exclusion!

@aprilranta I know everyone says that they “want equity” but I strong advise against that attitude. Homes are generally going to be your slowest appreciating asset and also have a ton of liabilities attached to them. You are nearly 100% of the time better off with your money in a different...

@davidfmayerphd OMG I am going to have nightmare about that.

@randomallocation1 You got very lucky! I don’t think there is a single home in my town that is younger than 40 years old which is a factor. My house just turned 100 this year and we have big plans for the centennial 😂 Is it ten years old or the remodel was done ten years ago?

@kglahoda It was HVAC for us too. We specifically had a “new home surprise” fund to pull from so we didn’t even pull from our EF. Haven’t met a homeowner yet who hasn’t had one big expensive surprise in the first few weeks.

@akingbade Plus, your down payment should NEVER (gonna repeat this, NEVER) come from your emergency fund, which you should build to cover the new expense of owning the home immediately.