5 ways your home cleans out your wallet

A house is the biggest purchase most of us will ever make. Here are five situations that, if you're not careful, can ruin that investment.

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VIDEO ON MSN MONEY

49Comments
Dec 9, 2013 10:01AM
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The only house that can empty my wallet is the White House!
Dec 6, 2013 10:59PM
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Your house drains your wallet? at least it's worth something in the end. Your spouse costs you money, so can your kids, your car, your parents,your family, even you job if you can believe that. Your pets, I'm mean what in life doesn't empty your wallet?
Dec 7, 2013 12:41AM
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Granted you do not pay for repairs (directly) when you rent but what do you have at the end of 30 years.  A bunch of receipts for nothing.  Stop watching the damn TV that tells you that you NEED granite/marble countertop and glass backsplash.  Do something that needs to be done and looks timeless.Get quality instead of "Up to the minute new".  You do realize that in 10 years, what you have just done this year will be "Oh, so 2010" or whatever this decade will be called.
Dec 9, 2013 10:52AM
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When you rent, you are just paying off your landlord's mortgage.
Dec 7, 2013 1:33AM
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Just paid off number one. Number two in five years. Don't get caught up in the refi BS. Pay down as much as possible on the principle.
Dec 9, 2013 10:40AM
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Our house will be paid off in 9 years.  We don't plan to sell because will be our lifetime home.  Our mortgage is less than what we would ever pay for rent because we saved and put down a large down payment.  I don't understand how anyone can retire if they are still paying rent.  I'm looking forward to being mortgage free in 9 years except for property taxes and insurance which are not that much.  A home is a good investment.
Dec 9, 2013 11:53AM
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In the end, if you plan to stay in the home longer than five years,buy at the right price (not overpay) , You may, at the very least break even at the end when you sell or make a profit, depending on the market, but never look at a house as an "investment". And since owning a home carry so many headaches,maintenance,repairs, etc. It is totally Ok wanting to rent if you feel that you don't want to deal with the headaches. A house is definitely a necessity if you are raising kids and such, but keep in mind that when you rent you are being told what to do and don't and a lot of people don't like that, and if you rent in a condo or homeowners association, everyone who does not have a life will be minding your business and giving you a lot of grief.
Dec 9, 2013 10:41AM
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12 yrs ago I bought a $515k house in a city with 3 mill people.   I also put $500k in stock and bond funds.   My house is now worth about   $450k.   My stocks and bonds are worth over $1 million.  Oh, plus I've paid $110,000 in prop taxes and insurance on the house in 12 yrs.  Yeah, I can't live in my stocks and bonds, but don't ever call a house an "investment:".  It's a liability.
Dec 7, 2013 12:44AM
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Yea!  Everything you mentioned in the article, we did.  Plus, paid our 30 year mortgage in eleven years.  Our handyman does a good job fixing stuff, painting, plumbing, electrical work and projects and does not charge a lot.  We supply him with materials from Home Depot and Lowes.  We knew what we could afford and our budget and bought our home accordingly in 2001.  When we sell (which I hope is soon) we will get a fairly good price.  It is almost like living free with the exception of home owners insurance and property tax's.  Ours here is Arizona are low.  We do have association fees, but they are low too.  Buy, buy and buy.  Be a capitalist if you can afford to do so. 
Dec 9, 2013 1:00PM
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Shouldn't this be titled "5 things people do to ruin their homes"? All I see is excuses people use to blame something else for their mistakes. 4/5 of these start with "You". How does the house make you broke?
Dec 9, 2013 12:18PM
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Rent if you want, but don't b!tch and moan about being poor, never getting ahead, how easy the "wealthy" have it because YOU will be screwing YOURSELF by renting.


Dec 6, 2013 8:35PM
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5 ways "ask your doctor" ads can clean out your wallet and your home.  1) Go to a legal drug pusher for a minor problem for which you saw an "ask your doctor" ad.  2) The legal drug pusher prescribes FDA junk and you go across the street to the legal drug dealer's narcotics pile.  3) the legal drug dealer  takes your money and hands you addiction. 4) Back to pusher and to dealer, over and over.  Pocket money gone.  Bank account gone.  You're basically gone from reality.  You don't remember your name.  They say you have dementia.   5)  Someone takes you back to pusher.  You are admitted to hospital and then nursing home.  You wallet is cleaned out.  Now, your house is gone.  Your wallet and house are cleaned out.  You are finished.
Dec 9, 2013 2:26PM
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Houses and wives are better to rent than to buy, both require constant maintaining and repairing, The house will stay better looking longer and will keep you warmer in cold weather. But in the summer there's a lot to be said for that cold shoulder treatment especially at tee time. No more of my name on a deed or marriage certificate.
Dec 9, 2013 2:14PM
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I don't agree that a house is not an investment. Sure, if you factor in how much it costs to own over a long period of time, the return on your money is abysmal, if not even perhaps negative. However, the cost to rent over that same period of time will exceed the amount of money you paid to own (in almost all cases) and leave you with nothing but hundreds of thousands spent with nothing to show for it in the end. Since you have to live somewhere, a house turns out to be a pretty dang good investment!

 

Key term being "LONG PERIOD OF TIME" before you start bashing me. So this doesn't hold true if you have to move in less than five years or if you buy something in an area with exceptionally high housing prices in relation to rent prices. You have to do your homework.

Dec 7, 2013 1:05AM
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Being older it is advantageous for me to rent. 
Dec 9, 2013 11:45AM
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Obama drains your wallet. Obamacare for Dummies.  Have a nice trip to S.Africa Obama and, stay the F---  there.
Dec 9, 2013 3:16PM
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CL: At $100,000 a week I`m underpaid.Obama is going to let me fly with him on that UFO.

THE BOTH OF YOU ARE FROM ANOTHER PLANET SO IT DOES SEEM FITTING        LOL

AN  ILLEGAL ""ALIEN"" TAKEOVER
Dec 9, 2013 2:58PM
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Ya, this is why I laugh when the old line of paying rent vs buying a house. There are a lot more costs involved with owning than renting, than just making a monthly payment.
Dec 7, 2013 12:40AM
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My late stepfather tax lawyer constantly insisted one was better off renting then buying.  20 years and 4 houses later I finally agree.  Some make money, some don't.  Mostly people think they made money but if they added up all the fees, points, taxes, interest, insurance, maintenance, etc over the years they made little if any.  And it's nice when something major goes like my central AC a few months back.  Called the landlord and a new one was immediately installed...and I couldn't care less how much it cost.
Dec 9, 2013 1:17PM
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I see the paid demoncat , socialist,   paid shill, BENT has found his way here         LOL
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