Обоснование следующее: покупка дома в кредит, с финансовой точки зрения, весьма высокорискованное мероприятие. Поэтому нет смысла в начальной фазе этого процесса использовать низкорисковые методы: риск всей операции в целом от этого не снижается.
Сия точки зрения развита в этих двух топиках пользователем по имени pitz.
http://www.redflagdeals.com/forums/show ... p?t=617389
http://www.redflagdeals.com/forums/show ... p?t=617853
The key here is to invest properly. Learn about index funds, and the benefit of low management expenses. Understand the difference between buying equity, and buying debt.
Don't be afraid of taking on some leverage, and don't be afraid to go 100% stock index funds. Don't believe the 'financial experts' that tell you that you should save for a house downpayment in a 'savings account'. The goal of a downpayment is to purchase a very risky asset (a house), using debt -- so you shouldn't be afraid of the volatility of the stock market since buying a house with a 25% downpayment has at least the same amount, if not more price volatility.
I'd even suggest, in the current environment, that you borrow some money to buy index funds, since they (the stock markets) are basically at prices that have been unheard of since the early 1980s. Basically, with how the stock market is priced today, you could easily make enough to rent a $1M house in Vancouver by only investing $300,000 in Canadian index funds. That's just how 'cheap' the stock market is compared to housing.
Well buying a house with 20% down is worse than doing 100% equities, in terms of volatility. I don't know how else to put it, other than to say that the only people who think that houses aren't risky are those who actually are in the business of selling them.
Что я могу сказать? 100% согласен.The *big* problem in this way of thinking is that you assume the downpayment requirement will be static, in other words, you make the assumption that, if you want to buy a $100k house 5 years from now, that you need to accumulate $25k to make the downpayment requirement without mortgage insurance.
Obviously this isn't very congruent with reality, because houses suffer inflation and deflation, just like with any other asset. 5 years from now, to buy the same house, you might need a downpayment of $50k, (because the house is worth $200k), or you might need a downpayment of only $20k (because the house is only worth $80k). You're not chasing a nominal goal, so measuring the size of a downpayment in nominal dollars doesn't make sense much sense either. I mean, just how do you 'know' your time horizon, if you're not chasing a goal that is easily measurable?
For instance, you could've bought a nice Calgary house for $200k just a few years ago -- if you started saving in 2000, $10k/year, in 2005, you would've had your 25% downpayment of $50k, right? Except, that $200k house is now a $500k house, and the $50k that you accumulated in an ING account (with maybe 1% interest after you pay income taxes) is only good for a 10% downpayment. See the problem here? So your 'time horizon' now stretches out to 10 years... Likewise, if Calgary RE had collapsed, then your time horizon would have been considerably shorter.
Now, if you've been saving in 100% equities for the past number of years, and you are very close to your downpayment goal (ie: within a year to a year and a half), it is perfectly reasonable to make moves to reduce the volatility of your portfolio. Fixed income is one way of doing that, selling call options, or using derivatives to hedge out stock market risk are other methods. Personally, I like dividend paying stocks and funds, because they're more likely go create value over the long term, they're good 'training wheels' for the Smith Manouevre, and you can leverage the cashflows into servicing loans for additional stocks if you want. My personal goal is to have a portfolio that generates enough dividend income to make my mortgage payments.
I'd even suggest that if someone wants to take on a similar amount of risk as owning house with a 25% downpayment, by investing in the stock market, that they should be buying options or borrowing to invest. Otherwise, you're essentially training for date in the shark tank by swimming in a paddling pool with minnows
.