A house is a home, not an asset
By scheng1
@scheng1 (24649)
Singapore
May 29, 2016 7:33am CST
The price of housing has increased many times in the past few years.
That is because many people sell their houses to get new subsidized apartments from the governments.
They view their houses as assets, not homes.
Everyone seems to do it. Everyone is always moving from this town to the next town.
It is causing a lot of stress because you have to inform the authority, the employers, the banks, the insurance companies, and other parties about your new address.
When it comes a time when you do not know your neighbors, you start to seriously question the concept that a house is a home or an asset.
The fact is that a house is a home, not an asset. The only real estate that is truly an asset is the rental house or apartment that gives you income every month.
11 people like this
9 responses
@youless (114117)
• Guangzhou, China
1 Jun 16
@scheng1 The house price in big cities in China is crazy expensive. Some foreigners like to get a job in China because the paid is very good and they are respected. In fact right now there are already many Africans live in my city ilegally.
1 person likes this
@scheng1 (24649)
• Singapore
31 May 16
China does not have the same problem as Hong Kong or Singapore.
It is hard to imagine anyone wants to go to China to get jobs, and then gain permanent residency and buy a house there.
In the context of other countries, you can see many Chinese getting residency so that they can buy house. In this way, they drive up the housing price in that country.
While the price of housing in Chins is due to internal demand, the housing price in other countries is due to both internal and external demand.
That is why many locals start to flip house!
1 person likes this
@Wordly1 (470)
• Kingston, New Hampshire
29 May 16
Yeaaaaah! How'bout this one: "Flip houses and become a millionaire overnight!"...Isn't that(along with sub-prime lending to people who couldn't afford to or had no intention of paying these loans) what caused the '08 real estate 'bubble' to bust? Many home owners are still trying to recover from that one.
1 person likes this
@scheng1 (24649)
• Singapore
31 May 16
Yes, that is true! I think my country is rather sheltered from that real estate crash.
We do suffer from subprime crisis, but the real estate prices are holding rather well.
Part of the reasons is due to the foreigners who come to buy the houses.
I think the housing price is still getting ridiculous.
When people are not earning high salary, the housing price should not double every few years.
@scheng1 (24649)
• Singapore
5 Jun 16
It is not crazy, since many mainland Chinese have been investing in the real estate.
The government likes them, the banks like them, the sellers like them, and the only persons who do not like them are the young ones who have not bought their first home.
@PainsOnSlate (21845)
• Canada
4 Jun 16
We downsized when we retired and the kids left our home. We bought a nice smaller home in a beautiful area and will live here until we die. We consider it an asset because it will be sold when we die and the kids will share the money.
1 person likes this
@Iam_jauntyjen (5452)
•
5 Jun 16
To be honest,I.regret buying a house
We have been paying 750 usd a month. Aside from that we have to.pay the home owners association every month plus real property tax every year.
1 person likes this
@Letranknight2015 (52665)
• Philippines
29 May 16
I won't sell our family home, maybe when times become really desperate. But I sure hope that doesn't happen. Besides, like you said land value here has somewhat increase.
1 person likes this
@andriaperry (118793)
• Anniston, Alabama
29 May 16
I hate to move! I own my home and I have rental houses so I know what you mean.
1 person likes this
