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So in other words if you saw a payment of 500. a month on a 3M dump you would by it? You better do some math in the real cost of financing.
Hell, yes.. if someone let me live in a a 3 million dollar home for $500 a month.. why the hell wouldn't I accept! As long as that was fixed rate.. I'd die before I paid it off.. can't take debt with you!
I'd be willingly to bet the cost to maintain the $1,000,000 beach home would cost less than the $100K home in Texas area.
Doesn't that kind of throw out the window the whole assumption of 1-2% maintenance cost based on purchase price of a home theor
No way on earth. Are you kidding? Your beach home is going to cost many many times more to maintain than the Austin home. Its not even close. That beach home is going to cost you in maintenance what your Austin home cost to buy.
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All things being equal in terms of size and age of home....
Let's say they are both 1500 sq foot in size, built in 1990s and have the same size lots and general amenities.
One cost a cool $1,000,000.... that's the 1500 sq ft walking distance to beach home in Manhatten Beach, CA.
The other is in a suburb or Austin, TX and cost $100K.
Now let's say the million dollar home has a spanish style clay roof... so no need to ever replace it in your lifetime.
I'd be willingly to bet the cost to maintain the $1,000,000 beach home would cost less than the $100K home in Texas area.
Doesn't that kind of throw out the window the whole assumption of 1-2% maintenance cost based on purchase price of a home theory?