Is a home an asset or liability?

Captain Morgan · 12-14-2009, 06:26 PM

Unless it's somehow generating income, it's a liability. Sure, it can possibly build equity, but I don't consider it an asset until it's somehow generating income. I, unfortunately, have very few assets.

Oh, and Tigger, I bought a small house, so I'm actually paying less for my mortgage, property taxes, and insurance than I'd pay for rent each month. However, I am doing some remodeling, so I can't say for sure if I'm getting a better deal until I sell the house. The length of time I stay in the house and how much I spend on remodels and repairs will determine whether or not I'm better off vs. renting. Unless, of course, I turn it into a rental property and let someone else pay the mortgage, taxes, insurance, etc.

View Poll Results: Is a home an asset or liability?
Asset	17	56.67%
Liability	7	23.33%
I live in tater's whore of an ex-wife's chlamydia infested vag.	6	20.00%
Voters: 30. You may not vote on this poll

12-14-2009, 06:26 PM	#17
Captain Morgan Let's do another U-turn Join Date: Feb 2008 Location: Indiana Moto: 2009 V-Strom Posts: 3,816	Unless it's somehow generating income, it's a liability. Sure, it can possibly build equity, but I don't consider it an asset until it's somehow generating income. I, unfortunately, have very few assets. Oh, and Tigger, I bought a small house, so I'm actually paying less for my mortgage, property taxes, and insurance than I'd pay for rent each month. However, I am doing some remodeling, so I can't say for sure if I'm getting a better deal until I sell the house. The length of time I stay in the house and how much I spend on remodels and repairs will determine whether or not I'm better off vs. renting. Unless, of course, I turn it into a rental property and let someone else pay the mortgage, taxes, insurance, etc. Last edited by Captain Morgan; 12-14-2009 at 06:48 PM..