West EU here, bought a new, architecturally wrong (yikes) house in 2012. I knew its conception would spell trouble, and sadly I was not disappointed on this part almost right off the bat. But the location and the price (right on the aftermath of the 2008 financial crisis and economical fallout / market bottom) were good.
After 14 years it cost an average of $130 per month on maintenance, mainly to correct on multiple occasion the conception issues aformentioned after the 10y warranty. Utilities are about $170 per month. And taxes are now about $1700 per year (rise 3-4% every year)
This $250k purchase must have cost less than $2k in fees, the credit was... well no credit. Spent almost 100% of my savings except some cash for my business. On the overall this house cost me less than $500 per month so far. Not really surprising for a new house, certainly.
And its market value rose by 60% in 14 years.
Yep, ownership is (was ?) very profitable in the west EU, mind the location.
There are places in the US that are cheap still. Midwest you can still get 150-250k homes today, decent ones at that too. Large american style, 4 beds with 2 car garage sort of thing.
West EU here, bought a new, architecturally wrong (yikes) house in 2012. I knew its conception would spell trouble, and sadly I was not disappointed on this part almost right off the bat. But the location and the price (right on the aftermath of the 2008 financial crisis and economical fallout / market bottom) were good.
After 14 years it cost an average of $130 per month on maintenance, mainly to correct on multiple occasion the conception issues aformentioned after the 10y warranty. Utilities are about $170 per month. And taxes are now about $1700 per year (rise 3-4% every year)
This $250k purchase must have cost less than $2k in fees, the credit was... well no credit. Spent almost 100% of my savings except some cash for my business. On the overall this house cost me less than $500 per month so far. Not really surprising for a new house, certainly.
And its market value rose by 60% in 14 years.
Yep, ownership is (was ?) very profitable in the west EU, mind the location.