Quote:
Originally Posted by NickyC
People using their homes as ATMs, if only we had some kind of history on that being a bad idea......
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If you are referring to my post, you’ve got me completely wrong. My point is, if you buy a house you have locked in your biggest monthly expense, over time your locked in expense will be comparatively lower, and you are in control. You can rent out a room, or sell if you want to. Or, as I did, use the opportunity provided by your ‘low’ monthly expenses to save up enough money to buy another property, or invest in the stock market, or whatever.
I would never advise someone to pull out any home equity and buy some nonsense, like a boat or car etc, but it is a good tool if you want to do some improvements to your property.