Collection or house

Hey guys I was look in the market and I thought about it. Would you sell your whole entire collection to buy a house[emoji19]

 

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If the value of my collection could buy a house where I live, I'd be rich enough I wouldn't have to answer that question. A decent house anywhere within commuting distance of where I work would be over $1M.

 

Generally, YES!

Home ownership is more important than a coin collection -- especially if you're raising a family.

But I would NOT sell my coins for a down payment on a home I can't afford.

 

why would you have to sell your collection ?

 

No! I'd keep my collection and finance the house. Write the costs and interest off on my taxes and let the value of my collection appreciate over the years.

 

I have been considering cashing in my collection for a nice condo here in Brooklyn. I have also been considering doing meth, coke and the heron. Both options are equally insane in my mind.

 

I thought Hunter S. Thompson died awhile back...

 

Smart thinking. Too many people spend everything they have to get in a house they can't afford. It's important to have a cash reserve.

I would sell my collection to buy a group of rental properties. The income from that would pay me for the rest of my life. I could build a better collection and make less mistakes.

 

buy what you need house wise. too many people are buying too much house and are becoming house poor and deep in debt. I know Bernie Sanders is popular these days, but let's be smart here.

 

With the strength of the usd over the cad it would be tempting to sell the collection for real estate up.north but that would be more of an investment / money play than what I think the heart of your question is getting at

 

Only if you want to be responsible for being a homeowner, lots of bills when you own a house, compared to renting .

 

If I was young and raising a family, by all means yes. The key is don't buy a burden, if your house payment is higher than your combined household income for one week. It is and will be a burden.

 

That is one of those questions that can only be answered when the option is there, which is not the case for me because I have owned a home for decades. Although, housing is an asset that is now historically expensive in relation to average income. So why sell a coin collection that is not in bubble territory to buy something that is?

 

Idhair, good option about buying rental property except that can turn into a headache. My daughter and her husband tried that; damage, people leaving in the middle of the night to a distant state, having to evict people...something they decided to get out of. Luckily, before the housing crash so they were not underwater when they decided to sell.
Steve

 

Both of you nailed it...

 

Too many people of my generation want their parents house, which was usually their parents third or fourth house, as their first. That's one reason we had the huge housing collapse and foreclosures. You can't have everything all at once. People forget that you have to work and move up :O

 

Honestly, I do not think I was ever in the situation to decide. I have always only used money that I didn't "need" for my hobby. Therefor, I was never at a point in life where my coin values had any affect on whether I could buy a house or not. If I couldn't afford a house my coins would not help, and once I could comfortably buy a house my coins were not needed.

Everything in moderation, especially hobby spending. I am sure that some people could sell my coins and books today and buy a house, I only have that much money in my hobby because I already HAVE a house, (and stocks, land, and retirement savings). Never put house money, retirement money, or education money into any hobby. Only put money that you can alternatively afford to blow at a casino or drink at a bar into any hobby, including ours, IMHO.

 

I only want my parents house because it comes with a bunch of friendly and fluffy backyard kitty cats

 

Coke has too much sugar in it but I don't mind the heron.

 

I don't know your financial situation, how old you are, your income, your savings, what your collection is worth, how much house you want to buy, down payment or purchase the house out right.

I can only tell you what I would tell my son. Don't "EVER" rent if you can afford not to, that money is gone, out the window forever! You want to be a landlord, not a renter. Live within your means. My financial advise in two words: Debt free. Also keep in mind, your collect and hobby's should be disposable income.....IMHO.