A house can be a liability. If the property is in disrepair or if its value decreases, it can become difficult to sell or even cost money to maintain. Additionally, if the property has a mortgage, the owner may struggle to make payments, leading to financial strain.
At which point is a house a liability?
- Thread starter Iboro
- Start date
It cannot be a liability because you can get it repaired and can use it to rent and earn passive income from it.
If you are renting your house and earning an income, it is an asset. However, if you own a house and if you pay for house insurance, repairs, taxes, etc. house is a liability.
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