Billionaire John Paulson believes buying a single-family home or condo for a primary residence is the best investment one can make. However, buying a secondary house or condo to rent out isn’t as appealing.
Buying single family home or condo best investment
Excerpts from MSNBC interview with billionaire money manager John Paulson:
“I still think, from an individual perspective, the best deal investment you can make is to buy a primary residence that you’re the owner-occupier of,” Paulson said Wednesday at the Delivering Alpha conference presented by CNBC and Institutional Investor.
“Today financing costs are extraordinarily low. You can get a 30-year mortgage somewhere around 4.5 percent. And if you put down, let’s say, 10 percent and the house is up 5 percent, which is the latest data, then you would be up 50 percent on your investment,” hedge fund manager Paulson explained. “And you’ve locked in the cost over the next 30 years. And today the cost of owning is somewhat less than the cost of renting. And if you rent, the rent goes up every year. But if you buy a 30-year mortgage, the cost is fixed.”
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Updated: January 2018