Comments on: House Poor

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By: Nancy

Nancy — Wed, 17 Feb 2010 22:24:00 +0000

Well Gail, I emailed you before Christmas to get your advice about doing exactly this – getting out of being house poor – you sent me a very brief message saying I knew what I had to do so I DID IT. We sold our money-sucking, mind you gorgeous, home in a week and now we are looking for something half of the price and size. This will pay off all of our debts, mortgage, credit line, give us money for our kids tuition and then some. We haven’t found a house yet and we are being really careful to stay way under budget. It does feel good. I will miss this house but I think I will enjoy peace of mind more. Thanks for your excellent, straight-forward, common-sense money advice.

By: jim

jim — Sat, 23 Jan 2010 09:29:41 +0000

Good stuff here. Can’t wait for more. Keep it up.

By: Property Selling Tips That Earn You Profits - The Blog Planet

Property Selling Tips That Earn You Profits - The Blog Planet — Sat, 12 Dec 2009 03:30:59 +0000

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¤ Why Toll Free Numbers Make Your Business Look More Professional ¤ — Thu, 10 Dec 2009 02:50:51 +0000

[...] House Poor « gailvazoxlade.com [...]

By: West Coast Lady

West Coast Lady — Sat, 05 Dec 2009 20:13:18 +0000

I find it funny how here, in North America, people take up so much space! In Europe and Asian, people live on a lot less space. I know a couple who kept moving to a bigger house with each child they have! What’s wrong with siblings sharing a room?

Another argument for a smaller space? Kids grow up and move out. Yes, you are going to feel crowded during those teen years but it is temporary.

Having said that, it is tougher for us in the city. If you are want a nice neighbourhood and even if you are willing to accept a small, old fixer-upper, you are paying half a million and then some…and I don’t think we make 50% more than people in rural areas or small towns.

That is the price we pay for living in the city but does explain the house poor phenonmeon. In the big cities, in good areas, housing prices just don’t drop much, not even during this financial crisis. I don’t blame those who take a risk and jump in because chances are, if they don’t jump, they WILL miss the boat. Having said that, living in the city means you have public transportation, probably close to community centres and libraries, access to free festivals, etc. and other ways to live cheaply.

By: Geoff

Geoff — Fri, 04 Dec 2009 15:06:58 +0000

Christine – the days of buying a house in a good area, in disrepair, for a steal… are long over in most major cities in Canada. In Toronto you might get a 50K discount, but that still means writing a cheque for $400,000.

As an aside, if you invested $40,000 the 1st year and received an annual 8% return you’d have a value of around $470,000 after 32 years. If you achieved a 10% return, you’d have $844,000. Yes it might be difficult to achieve that every year, but from 2008 and backwards to ending 1981, there’s been no 30 year period in which the stock market returned less than 8% and many where it returned more than 12%. This doesn’t guarantee future performance, of course.

http://www.milliondollarjourney.com/investing-for-the-long-term-historic-market-data.htm

By: Canadian Personal Finance Blog » Blog Archive » Random Thoughts: Advent Begins

Fri, 04 Dec 2009 06:50:48 +0000

[...] Vaz-Oxlade points out that there is no piety in being House Poor and she gives you some hints on how not to end up that [...]

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Fri, 04 Dec 2009 03:49:57 +0000

[...] Gail has some tips for not becoming house rich and cash poor. [...]

By: christine tripp

christine tripp — Fri, 04 Dec 2009 02:47:34 +0000

One other reason people end up house poor…. they look for a house that needs nothing, has everything. If you are not willing to buy a house, in a good location, that needs TLC or more… but want a home already worked on past it’s value, then do not think of it as an investment but as a home. Be ready to LIVE in it for a long, long time before it’s value increases.
That’s fine, if that is what one wants but buying a house in disrepare in a great location can be a wonderful investement.
Our home, land value alone, over the last 32 years has increased from $40,000 to $425,000.00 Let alone the work we have done on the house itself which has added to the value. There is no stock out there that could have offered us this return, let alone allowed us to live in it.

By: Risa

Risa — Thu, 03 Dec 2009 23:18:09 +0000

Maureen,

The archives section is a recent addition. Glad to see it there as I had voiced a similar comment about finding older posts to Gail privately a week or so ago. I’ve been very busy with other things, and finally had some space to catch up with her blogposts of recent weeks–and then couldn’t find them! So glad to see an archives button again. Thanks Gail and your computer minions!

By: Maureen

Maureen — Thu, 03 Dec 2009 22:29:16 +0000

Joanne and Christy: Thanks for the suggestions and instructions. Have tried both and they work. I am a bit puzzled about the drop down menu for archives under the recent comments section. I have always had the word “archives” there but no drop down menu – until today. Either I missed it or it was playing hide and seek.

By: Christy

Christy — Thu, 03 Dec 2009 21:02:31 +0000

Re: Older Posts
If you look under the “recent comments” section on the blog home page, you will see a drop down menu for archives. It allows you to search by month as well.

By: joanne

joanne — Thu, 03 Dec 2009 20:12:45 +0000

Maureen; you asked a bit ago how to find older posts. The only way I can find the older posts on the new website is to go to the side bar (on this page) near the top and select the RRS feeds. It will open another window and on the side bar of the new window you can choose this month, last month, etc. You then can scroll down and see the post you are looking for. By using the links at the bottom of the post it will bring you back to the main post and allow you to post to it if you want.

Hope that helps.