July 4, 2013 at 6:00 AM
Why you should not buy a house
Why you should buy a house
Sharon Pian Chan, you are confused. [“Column: Why you should not buy a house,” Opinion, July 1.]
I can relate to you a slightly different tale. My wife and I and our two kids moved to Seattle in 1987 without enough money to make a down payment on a house. We rented for nine years. As we moved from there I realized we’d paid $137,000 in rent. What did we have to show for that investment? A $600 cleaning bill!
We moved to Whidbey, and built a house with the help of a friend. Now, another nine years later, we used our equity here to get a reverse mortgage so we now have no house payments for the next 30 years and have quite a bit of money in the bank.
So when you spent that money on rent, did you also have enough money to invest elsewhere?
Randall Schwab, Langley
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