I have to second the notion that the biggest waste of money is the house we bought although its 2 1/2x bigger than our apartment. It has needed very expensive repairs and the cost to maintain has exceeded our monthly rent including property taxes We purchased it in 2007 and it hasn't appreciated at all. If anything it is down 5% and falling in value. It is only 14 years old, needs a new roof because the current roof shingles were blowing off in the wind. The walls also needed to be painted because they were gruesome colors (purple and dark blue, pea soup green) It looks like it is going to be a white elephant by the time we sell it in 8 years. The only good thing about it is we now have a yard to sit in and mow. The other benefit is being able to have more than two people over for dinner. :>
I agree. A house could be one of top in the 'waste of money' list. Look how many people losing their house because of the unexpected expenses well beyond monthly mortgage payment while the housing is losing its value rapidly. We just got a quote to finish the basement for around $20k; an upgrade/repair deck for $5k; a new driveway since our is is old and cracked $11k; all new window $8k; new furnace $5.5k; new roof $6k, not mention the kitchen is so old and outdated ....the list goes on since the house now reaching its 23th birthday, things start falling apart.
yes, take my words for it. A house is a bragging right, a proud ownership of the American dream but it could cost seriously if you're not careful.
enuff