|you know mortgage translates directly into deathpledge?|
I've heard this too (although I heard "death grip", not "death pledge")... but I have yet to find a latin translation which confirms it.
|It is almost always better to have equity then to not have it.|
Would you rather go through life renting a apartment and never having a chance to own it? Or actually buy something and pay off the loan?
I think this depends a lot on your lifestyle. Personally, I have no problem with renting and don't have any need for equity. I would much rather rent and live on my own terms than live in debt for 10+ years.
No debt and being able to drop everything at any time means I can literally do whatever I want whenever I want, as long as I have enough money in hand to do it.
My sister has the same strategy, only she takes more advantage of it and travels the world teaching English in other countries.
But neither of us have kids -- which allows us to live that way. So if you have a more "traditional" family/lifestyle, then taking out a mortgage might make more sense. But for me, it'd be insane to do it.
|Their value rises as you pay off the loan.|
Tell that to all the people that bought houses in 2003.
Investments are gambling. If you buy a $300,000 house you have literally no
way of knowing the house will be worth that much when you finally pay it off in 15 years. It's a risk. Granted it usually
pays off... but a lot of people over history have gotten royally screwed by being "underwater" on their mortgage loans (owing more on the loan than the house is worth).
It's not nearly as uncommon as you make it sound.
|Other benefits are you have more borrowing power when you own a home|
Translation: By living in debt, you are able to dig yourself deeper into debt. While that is true... I wouldn't exactly call it a smart long-term strategy.
|you get more tax deductions|
I agree with this, though.
On the flip side... owning a home means you have to pay property taxes. Depending on where you life... paying property taxes on a house can be as much or more than paying rent on a smaller living space.
Wait a minute... isn't this the porn thread?
wtf is up with this thread.