Perhaps my wording was poor.
Yes, I see it the same way. (hence my comment about envelope method
budgeting)
Regards,
Adrien
On 3/29/22 10:43 PM, john wrote:
I think you're conflating two separate things. Saving up for a down payment is
not buying a house. There's no property value to account for. Heck, there's not
even a property yet: You don't even start looking until you've saved enough for
the down payment.
The house purchase is easy: Suppose you buy a 100,000 house with the typical
20% down. That's just DR Assets:Fixed:House 100,000, CR Assets:Current:Savings
20,000, CR Liabilities:Mortgage 80,000.
Saving up that future down payment is just earmarking. The easy way is with a sub-account
called "Down Payment" under whatever actual bank account holds the money, or
maybe an actual separate account. Since it's usually a long-term goal it's worthwhile
collecting enough to roll into a higher-interest (yeah, I know, but with inflation
picking up interest on bank accounts will come back) account like a CD.
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