You seem to think that owning a home means that you're overextended on your mortgage. I own a rather modest condo. Moving to a "smaller place" would be hard to do, as my condo isn't exactly huge and my mortgage is actually less than rent for the same square footage.
Would you really want to have to sell your house in a down market, lose money on that investment, and go through the hassle of moving to save on taxes? Personally, I think it would be much simpler and less disruptive to spend less on luxury items, put off that car purchase for another year, not buy liquor, etc.
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Date: 2008-10-31 10:51 am (UTC)You seem to think that owning a home means that you're overextended on your mortgage. I own a rather modest condo. Moving to a "smaller place" would be hard to do, as my condo isn't exactly huge and my mortgage is actually less than rent for the same square footage.
Would you really want to have to sell your house in a down market, lose money on that investment, and go through the hassle of moving to save on taxes? Personally, I think it would be much simpler and less disruptive to spend less on luxury items, put off that car purchase for another year, not buy liquor, etc.