房產與股票的投資學差異

房產不是股票。

當然,你可能不會將所居住的房屋與你在經紀公司帳戶清單上的那些投資項目混為一談。

不過,思考一下二者之間的區別有助於解釋為何人們都喜歡擁有房產,而一些房產主目前為何深陷困境。以下是房產與股票和股票型共同基金相比的五個主要的不同之處。

  1. 房子直到出售時才能知道價格。通過互聯網只需要幾分鐘時間,你就能瞭解你持有的每只股票或股票型基金的價格。但賣房子不同,只有在買家出價後,你才會知道你的房產價值幾何。

    這給人們留下了豐富的夢想空間。你可以愉快地想像你的房產是一項極好的穩定投資,因為與股票不同,它的價格不會變來變去。你也可以愉快地想像你的房屋價值大大地提升了。

    但如果你在當前動盪的房產市場上希望出售房屋,這種優越感可能成為巨大的障礙。如果你堅持高價出售,可能難以找到買家。實際上,如果你已經搬走,而你的房屋空置在那裡,你的固執會讓你失去大把鈔票。
  2. 擁有房屋費用率高昂。可以把你的房產看作費用率很高的股票型基金。每年,你都要付出一大筆錢,包括維修費、物業稅和業主保險等等,大概相當於你房產價值的 3% 至 3.5%。

    此外,你還有水電費,可能還要每月償還貸款。如果你能充分利用好你的房屋,這些成本或許不算什麼。但如果你有一處空置房屋要出手,這意味著在沒有買家光顧的情況下你每月都要燒錢。
  3. 房屋出售時要支付高昂的佣金。不但持有房產的成本不低,購買時也要付出相當費用,而出售的費用則更驚人。

    購買房產要支付房屋檢查費、律師費、所有權保險、搬遷費和抵押貸款申請費。出售也要產生搬遷費和律師費。但大頭卻是房地產佣金,一般要佔到你房產售價的 5% 或 6%。

    買賣股票的情況是,如果你選擇的是低價經紀商,那麼交易成本相當低。

    實際上,如果你喜歡無佣金共同基金,直接同此類基金公司進行交易,那麼你就能免掉所有的交易成本。
  4. 擁有房屋你不用追加保證金。用貸款購買房屋很常見,而只有激進的投資者才會用保證金帳戶購買股票。這並不值得大驚小怪。借錢購買房產比借錢購買股票要安全得多。

    何以如此呢?如果股市下跌,而你擁有通過保證金購買的股票,你就會收到經紀商追加保證金的要求,讓你向帳戶中追加資金或是股票。如果你不追加資金,你的部分或全部持股就會被拋出,以鎖定損失。

    與此不同的是,只要你償還抵押貸款,銀行就不能強迫你追加現金或是賣出你的房屋,不管你的房價已經下跌了多少。這能確保你不會被迫做出草率的決定。不過,由於房屋所有者不會收到追加保證金的要求,他們在賣出房屋時可能更容易拖延,也會對房屋的價值抱有一些不切實際的想法。
  5. 出租房屋 “紅利” 誘人,但並不是現金方式。如果你現在購買了一批美國股票,你大概能獲得 2% 的股息收益。顯然,你更多地會寄希望於股價大漲給你帶來更高的收益。

    與此同時,對房產而言,你不要對房屋價格上漲抱太大希望。根據聯邦住房貸款抵押公司(Freddie Mac)的數據,在過去 30 年裡房價的年均漲幅不到 6%,而通貨膨脹率為 4%。

    而且,即使你的房產達到了這種漲幅,其中相當一部分也要被上面提到的 3% 或 3.5% 的費用率所抵消。

    不過,對於房產而言,收益的大頭應該來自於 “紅利”,即你獲得的租金收入。當然,我們大部分人都沒有房客,而是自己住在房子裡,相當於把房屋租給了自己。

    好消息是,這種估算的租金很有價值。如果你把你的房產出租,你每年大概能獲得相當於你房產價值 7% 的租金,從這裡可以看出你住在自己的房子裡能實現多少價值。

    一個額外的好處是:租給自己從稅收角度而言是划算的,因為你不必為這筆虛擬的租金收入納稅。

    那麼壞消息是什麼呢?你可能從自己的房屋中獲得了真正的價值,但卻拿不到現金紅利。

    由此可見,你可能應擁有一套剛好適合自己和家人居住而並不過大的住房。如果你購買一棟比你真正的需要大很多的房屋會怎樣?這就相當於你租下了一座大廈,但只使用了其中的兩個房間。

 
Jonathan Clements

(編者按:本文作者 Jonathan Clements 是《華爾街日報》個人理財專欄 “Getting Going” 的專欄作家)


原文出處: Why Your Nest Is Not Your Nest Egg

Why Your Nest Is Not Your Nest Egg
February 10, 2008 — GETTING GOING / By JONATHAN CLEMENTS

A house isn’t a stock.

To be sure, you probably don’t regularly confuse the bricks and mortar you occupy with the investments listed on your brokerage statement.

Yet thinking about the differences between the two helps explain why folks love owning real estate — but also why some homeowners are in such trouble today. Here are five key ways that homes differ from stocks and stock mutual funds.

1. You don’t know the price until you sell. With a few minutes of spare time and an Internet connection, you can find out the share price of every stock and stock fund you own. But you don’t really know what your house is worth until a buyer makes an offer.

This leaves ample room for mental mischief. You can happily imagine that your house is a wonderfully stable investment, because — unlike your stocks — you aren’t receiving continuous price updates. You can also happily imagine that your home sports some grand valuation.

But if you are a seller in today’s rocky housing market, a happy imagination can be a big drawback. If you insist on getting a lofty price, you likely won’t find a buyer. Indeed, if you have already moved and your house is sitting empty, your stubbornness could cost you big bucks.

2. The expense ratio is huge. What big bucks? Think of your home as a stock fund with an exorbitant expense ratio. Each year, between maintenance costs, property taxes and homeowners insurance, you might be paying a sum equal to 3% or 3.5% of your home’s value.

In addition, you will have utilities and probably mortgage payments. These costs don’t seem so dreadful if you’re getting good use from your home. But if you have an unoccupied house you are aiming to unload, these costs mean you’re bleeding money every month that goes by without a buyer.

3. You will pay a hefty commission to sell. Real estate isn’t just costly to hold. It’s also moderately expensive to buy — and horribly expensive to sell.

Purchasing a property can involve home-inspection costs, lawyers’ fees, title insurance, moving costs and mortgage-application fees. Selling can also mean moving costs and lawyers’ fees. But the big hit is the real-estate commission, which might snag 5% or 6% of your home’s selling price.

Trading stocks, on the other hand, is fairly cheap if you use a discount broker.

In fact, you can avoid all trading costs if you favor no-load mutual funds and deal directly with the fund companies involved.

4. You can’t get a margin call. It’s common to take out a mortgage to buy a house, while only aggressive investors use a margin account to buy stocks. This isn’t a big surprise. Buying real estate with borrowed money is a whole lot safer than buying stocks with borrowed money.

How so? If the stock market plunges and you own shares on margin, you could receive a margin call from your broker, asking that you add more cash or securities to your account. If you don’t pony up, part or all of your holdings will be sold, locking in your losses.

By contrast, as long as you make your mortgage payments, your neighborhood mortgage banker can’t force you to cough up more cash or sell your home, no matter how far your home’s price plunges. This ensures you won’t be bulldozed into a snap decision. Still, because homeowners don’t receive margin calls, it makes it easier to procrastinate over selling and to entertain fanciful ideas about your home’s value.

5. The dividend is impressive — but it isn’t in cash. If you buy a collection of U.S. stocks today, you might notch a 2% dividend yield. Clearly, the hope is that you will do far better than that, thanks to handsome share-price gains.

Meanwhile, with a home, you shouldn’t expect much in home-price appreciation. According to home-finance corporation Freddie Mac, home prices have climbed at less than 6% a year over the past 30 years, versus 4% for inflation.

Moreover, even if you notch this sort of price gain, much of it will be offset by the 3% or 3.5% “expense ratio” mentioned above.

Instead, with real estate, the biggest part of your gain should come from the dividend, which is the rent you receive. Most of us, of course, don’t have tenants. Rather, we live in our own homes and effectively rent to ourselves.

The good news is, this “imputed” rent is pretty valuable. If you rented out your house, you might collect rent equal to 7% of your home’s value each year. That’s an indication of how much value you’re getting from living in your own home.

An added bonus: It’s tax efficient to rent to yourself, because you don’t have to pay tax on this imputed rent.

So what’s the bad news? You may be getting real value from your home — but you aren’t getting your dividend in cash.

The implication: You want to own a home that’s the right size for you and your family, but no bigger. What if you purchase a house that’s much larger than you really need? It’s like renting a mansion — and living in just two rooms.

Email: jonathan.clements@wsj.com

歷史上的今天

About mtlin

I'm easygoing and sometimes sentimental, also can be very funny. Geek style but social. A Blogger, a Wikipedian and an Engineer.
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