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Question for the Money Doctors

Question submitted on Jan 1, 2014.

Question

I hate the maintenance hassle of owning a home.

Do you think it is a bad financial decision to live in an apartment indefinitely?

My rent of $1300 per month includes same-day maintenance service which is excellent. For the past 3 years, I have lived in a 1400 square foot luxury apartment. Rent includes a direct access garage. I love this
set-up!

I have checked into buying a condo or townhouse but this set-up seems to come with different hassles (i.e. group decisionmaking on special assessments needed to pay for maintenance of the community pool, streets, common green areas etc.

Local real estate agents brag about the stability of local prices but add that it takes 7 years for the price to go up enough to cover selling costs. Consequently, I don''t view real estate as an investment.

Any feedback/suggestions would be much appreciated.



Answer


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