When it comes to value - you take a chance on anything you buy - IF value matters to you. If you are buying a house to use as a home to live in - and you can truly afford it - what difference does it make when market value goes down? I can live just as well in my home - regardless if the value doubles or gets cut in half.
If my home's value dropped down from 150K to 75K - I'd be happy about it - as long as my taxes went down with it.
Now - if you're buying a house as a financial investment and NOT to live in - well - you'd better do your research first. Anybody that assumes a house worth 200K today must be worth that much or more next year is a bit foolish.
Sorry but I guess we don't agree about the "fault" sentiments.
Simple math - don't buy high and chances are the property won't go real low.
I've bought around two dozen houses in my life. I have four right now. One to live in, and the rest as investments. I always buy "distressed" foreclosed and bank-owned homes. I then fix them up myself and if something goes wrong - I can sell. I've yet to see any drop in half in value during any economic times. I bought a house this spring for $10K in Michigan. Last owner three years ago had it mortgaged for 90K. Six years ago I bought a house, shop, and 5 acres for 32K. The person who walked away from the mortgage owed 140K. Both those "owners" who lost the properties got them with no down payments which is silly. For what I paid, I don't think I can lose much regardless of what the economy does. And if I do? I am 100% to blame.
If somebody has money in the bank and wants to buy a nice house when prices are at a high peak - fine. It's their money to lose if something goes wrong. But - to do the same with no money saved, with a mortgage, and often little to no down payment -and complain about the banks later? I don't buy it.
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Today's Featured Article - 12-Volt Conversions for 4-Cylinder Ford 2000 & 4000 Tractors - by Tommy Duvall. After two summers of having to park my old 1964 model 4000 gas 4 cyl. on a hill just in case the 6 volt system, for whatever reason, would not crank her, I decided to try the 12 volt conversion. After some research of convert or not, I decided to go ahead, the main reason being that this tractor was a working tractor, not a show tractor (yet). I did keep everything I replaced for the day I do want to restore her to showroom condition.
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