11 February 2011

"Rent money is dead money"

It’s been drummed into us by the real-estate industry, by the media and by family and friends. It’s the catchphrase ‘Rent money is dead money’, meaning that if you’re renting, you’re wasting your money.

Interestingly, you rarely get advised that you’re wasting your money buying food from the supermarket, or by going to the movies for a night out. But when it comes to providing shelter for yourself or your family, you’re apparently throwing your money down the drain.

Of course, the implication is that if you were to buy a place of your own instead, there would be no wasted money. I have to disagree.

In Melbourne, for example, renting will currently cost you about 3 per cent of the property value per year. It’s true this is dead money.  But if you keep in mind that home-loan rates are currently around 8 per cent per year, and that this money goes straight to the bank, this is also dead money. 

To put it another way, if you want to live in particular house, you can either borrow the money for that house at 8 per cent (interest) or you can borrow the house itself at 3 per cent (rent). So for a house that’s worth say $500,000, with a 20% deposit, interest would cost $32,000 in year one, whereas rent would be $15,000.

To be fair, if you are renting, rents would likely rise with inflation, while if you owned the property, interest would fall as the mortgage is repaid – so there would come a point where rent would be more expensive than interest charges. 

However, interest is not the end of the dead-money trail when it comes to owning your home. You’ll also have to fork out more dead money for:
- stamp duty
- conveyancing and legal fees
- valuation fees
- loan application fees
- search and building inspection costs

as well as for ongoing costs such as:
- council rates
- strata fees
- insurance
- repairs and maintenance

At this point in the conversation, the well-meaning friend, relative or real-estate agent will usually come back with “But at least you’ll own something after 25 years. If you rent, you’ll have nothing.”

Well it’s true you’ll have a house – but this is after paying for it - via principal repayments, on top of the 8 per cent interest and on top of the other extra costs listed above.  If you choose to rent, you could put the saving in costs and the lack of principal repayments towards anything you choose – so that after a lot fewer than 25 years, you could have bought investments, a yacht, even a mortgage-free house if you so choose.

Once you realise it will cost you a lot more to own a house than it would to rent the same house (at least in today’s market), you can decide whether that extra cost is worth it to you. But don’t let the misleading line ‘rent money is dead money’ sway you.

Comments welcome.



  1. property lobby is strong and watching carefully over prices. Until prices creeping up bit by bit, and jobs there, any price you pay is ok. Current prices reflect level of belief from buyers that this run will continue. Thats why large discrepancy rent/buy. Housing possibly keeps 50+% employed in cities. So govt will keep it going until possible. Alternatives not pretty.

  2. I think the assumption behind the phrase "rent money is dead money" was that the capital growth on property far exceeded servicing costs and that the markets were healthy. The housing market is already stagnating and the two speed economy with an incompetent government can only mean unhealthy. Renting works out for me much cheaper with the freedom too move for job opportunities. I understand what you mean Andy, so many people have it drilled into them that "rent money is dead money", what always gets me are the close relatives who parrot this phrase!

  3. A very persuasive argument made all the more so by using humour.

  4. Shhh! Stop telling everybody...it's the best kept secret in the whole economy, and if it gets out, everyone will want to rent (and live happy lives) and then rents will soar!

  5. werl, yairs mostly what you say about interest payments being as dead as rent is true - particularly when you consider that strata fees and council rates will add about $4500 pa to your cost of ownership for an average 2br unit in sydney or melbourne but home owners get ahead over the long run because imputed rent is not taxed. If you substantially own your home then the rent you didn't pay is not taxed as income. This is significant depending on your income. So if you are on a high income (high tax bracket) and own a modest home with low maintenance costs (ie a small unit with no lift, concierge or swimming pool) you will probably beat a renter financially as long as you stay put and don't upgrade.

    but that's not fun is it?

  6. Happy Saver12/2/11 5:42 PM

    Some valid points here Andy, renting sure can afford you the 'dream' house you've always wanted at a more cost effective rate.

    However, another consideration is the emotional attachment to a home that you are paying off and will one day own, chances are you will (but not always) channel more money into the mortgage than you would put aside into savings if you were renting.

    A mortgage is a kind of forced savings plan, great for those who find saving compromising when they see a new outfit/shoes/car or other material possession they desire.

    I definately find it easier to say no to such things when I can tell myself it is money better spent putting it into paying off my house sooner than 25/30 years.

  7. If you want a good cost analysis of rent vs buy, check out http://www.yourmortgage.com.au/calculators/rent_vs_buy/
    Even in as little as a 7 year period you will have a higher net wealth buy investing/buying a property compared to putting those savings into the bank.
    The other thing to consider is the fact that if and when you want to sell your own house the gains are tax free. Now that hands down will beat any investment you can do with the 'disposable' income. So in realiy you can reach your financial goals much sooner than renting.
    You also say that renting a $500000 house would cost $15000/year in rent (not likely in eastern suburbs) compared to 8% interest at $32000/year to buy. The gap being $17000. I think a more reliable rental rate of $20000 and an interest rate as low as 6.8% at $27200 is more apropriate. Either way a gap of $1700 or $7200, is a far cry from the appreciaing gains a $500000 property on average will give you.
    You do the maths!

  8. I don't really believe on the benefit of "forced savings" in becoming mortgage-slave because I believe in self-control, smart financial decision and rational thinking. Most of the friends who take mortgage to buy home and investment property as a way to force savings and stick to budget are weaklings in terms of self-control and personal finance and they don't really know whether they're actually ahead in terms of wealth accumulation and preservation (they just following the herds mentality).

    I agree 100% with the above cost v. benefits analysis on home ownership and mortgage-taking. I still hope that I can buy someday but certainly not at any price and not at current bubble price.

    The other point that sometimes is missed by the property bulls is that you would take a huge risk by taking high mortgage debt to buy an over-priced property while you have limited financial risk while you're renting. Most property spruikers are happy to point-out the fact that by buying you would get an asset if you're lucky enough to pay-off the mortgage eventually but they would not tell you that if you're not so lucky, for example when interest rate increases, economy tanks or you suddenly get redundant, etc you will lose your investment in your property and got nothing, zero, zip plus still owing to the bank and becomes bankrupt and got trash credit rating to the rest of your life.

  9. The line "rent money is dead money" is usually used or reinforced by assumption that home prices always go up and therefore, you'd miss-out if you delay buying as soon as possible.

    This is just simply stupid thinking by weaklings who don't understand about personal finance, and just follow the herd mentality.

    Most of my friends always ask me why I haven't bought a home because they know that me and my wife have good jobs with decent income and have secured enough savings for mortgage deposit and they're getting edgy more and more when I told them the reason, i.e. current price is ridiculous and the bubble will burst someday. It has came to the point where we've became outcast simply because we're the only couple who refuse to buy-in into this stupid property cult.

    We just laugh and don't care because we know for sure that we make the right financial decision. By the way, both of us are Chartered Accountants and we surely know our finance and we make decision based on cold rational thinking and not just herd mentality. While those friends work hard to pay-off their mortgage, we live and rent comfortably in our nice suburb with reasonable life-style, no financial risk, good insurance coverages and increasing savings, investments and superannuation by the day. The landlords prob say thank you for paying-off my mortgage but we actually the one who should thank them for subsidising our life-style and wealth accumulation.

    The funny thing is that a lot of our friends in church are property investors / landlords and they have faith in Christianity believe etc and yet, they could not for one second believe that sometimes property price, just like any other assets price, could go down and the probability is much higher for them to go down when the current price is in bubble territory. Just a simple rational and probability-based thinking and they could not understand. No wonder, Nassim Thaleb becomes celebrity author by introducing the "black-swan" concept to public. However, the sad thing is that those friends with huge mortgage burden sometimes could not afford to buy necessary things in life, e.g. essential insurance covers, health-cares and proper education support for their children, retirement planning, etc. They just blindly believe that by having their own home and/or investment property, somehow they will be better-off in the future.

  10. Ask retirees who never owned and are still renting how good their lives are. Try living on a pension and paying commercial rents, see how much you have left at the end of a fortnight. At least mortgages end at some point; paying a landlord until the day you die is no fun. And how about moving when you're 70 because you can't afford the rent or the landlord sells? Most people in this position did NOT save in other investment vehicles, most have few assets. A mortgage IS forced savings, as evidenced by the miniscule proportion of renters with large share prtfolios or other assets they bought instead of buying a house.

  11. Why would I have to be miserable when I retire ? As I told you if you are discipline enough and apply a bit self-control to ensure you save and invest the cost-saving between mortgage payment and rent payment, you are more likely to be ahead in the game by the time you reached retirement.

    Most people who buy home although too pricey like now would be lucky to have their home paid-off by the time they became empty-nesters and in retirement and they would only have their home as their biggest asset to fund their retirement while I would have my term deposits, equities, fixed incomes and superannuation waiting for me with no debt and too much financial risk along the way.

    And how about if the property price crashed when they're about to retire ? Bye-bye retirement planning. At least, I would be there to pick-up the property when they're cheap enough with my accumulated cash / liquid assets. I have no much risk compared to the buying folks as I told my friends. What are my risks? The worst thing I see would be no home with rich other assets and cash incomes in retirement and I would be able to buy either SEPP-5 subsidised home for over 55s or go straight to retirement village. Like I said above, people who buy without regards to stupid price level and over-committed themselves to debt would likely to be the sorry ones, sooner (by being bankrupt and owed money to banks) or later (not enough incomes at retirement though have their home).

  12. Same lines again and again from property spruikers. Clearly those with vested interests want to protect this bubble. I sold the end of last year, and I agree renting is a wise choice in the current climate. As more and more negative data emerges, the sheep Will head for the exit without fail.

  13. By the way, as a Liberal who believes in freedom as the most important human-right, I don't believe in coercion and forced-stuff including becoming mortgage slaves and selling your soul to your bank / mortgage lenders. Most people are suckers to meet their needs and wants without considering timing and pricing...you see how many youth wait and save enough to buy their first car ? Not many right because they want it now and can apply to car-loan / finance and along the way commit themselves to un-necessary financial risk and costs. I always buy my car in cash and not having debt to buy any depreciating asset. You just need to be discipline and save a bit and you can do it. I bet I'd do the same with my first home.

    As I mentioned above, forced saving is for weaklings, and a reasonable man does not need any of that. A prudent and reasonable man needs only a bit self-control, rational thinking and a bit of luck to have a good life.

  14. The truth is there are no or very few successful people out there who are financially secure without property. The share market has already taken people for a ride and so have financial institutions. Why do you think here is the saying 'as safe as houses'. No one today has become wealthy without leverage, and property is probably the only vehicle to enable the average Joe a chance at financial security. Simply saving and investing in high risk shares is simply not enough these days. Doe, how are other investments not a forced saving. The truth is any investment is a Forced saving because you are not spending it you
    are saving it. And it has never been a forced saving. People chose to pay off a mortgage so therefore it is no different to other investments.
    You say a forced saving is for weaklings. Well call me a weakling, but I'll be a financially secure weakling, not sersecptible to the forces of the current market
    choosing your fate.
    Ask any property investor if they regret buying a property because they should have waited for the ideal conditions. The truth is most property invetors say I should have bought more at he time. The right time is now........the conditions people hope for very rarely happen.p

  15. Good article - something I've always agreed with. However, I think Happy Saver's point about emotional attachment is important. People feel secure in owning their own home, knowing it is theirs and that they never have to move because the landlord is giong to make changes or move in.

    Having said that, I also would like to comment on the last post above regarding the line "very few successful people out there who are financially secure without property". Need to be very careful here - do you really know which is the chicken and which is the egg? If someone is financially secure, then they are more likely to afford a home! Remember, owning your own home is an investment. And remember what they say about investment - it is prudent to DIVERSIFY. You can't do that very well if you purchase your own home. The share market can be rocky, but so can the property market. If you own $5000 in shares and a $700,000 home, what happens if the property market falls? It shows how lack of diversification can seriously affect your true wealth.

  16. Why do you think here is the saying 'as safe as houses'. how are other investments not a forced saving. The truth is any investment is a Forced saving because you are not spending it

    I am not sure about you but the way I see it house is surely not safe, especially right now where every sane person can see how ridiculously high their pricing and they're representing bubble to be burst anytime. Surely I have more freedom to spent my hard-earned money because all my savings/investments are liquid in term-deposits, bonds and shares - compared that with "forced-slavery" of huge mortgage repayment to your neck or eye-ball level, every fortnight or month ROFL. Every reasonable person can see that I'm in "free" stage while the buying weakling folks are in "forced" stage. The other day when we celebrated Chinese New Year, all the "free" people can have decent yum-cha meal but there was one poor mortgage-holder who can't even spare $20 to have decent Chinese New Year celebration with us. Now tell me, who's free now ?

  17. Deo, I'm not sure how old you are but I'm guessing your generation y. Free for now but what about tomorrow? Stocks and bonds can literally disappear over night never to be seen again. This gas happened many times over and will likely happen many times more. Property may have ups and downs so unless you need to sell quick, who cares we're not talking mortaging up to the eyeballs were talking be realistic and there is no reason you will have to sell. History tells that property will always go up in the long term. I agree prices right now are not ideal, but waiting for the biggest crash of all time I not gonna happen any time soon. Some people want yum cha now but others are happy to compromise now you they can be garunteed yum cha over and over again later on in life. It's called 'delayed gratification'. Generation y's generally don't know about this.

  18. I am a Gen X and matured professional CA and not a green in terms of investment as I mentioned above. All investments are good (at least the motivation to invest) and growth assets tend to grow in long-term as you said but as any seasoned investor know, the level of pricing when you get-into the asset class is paramount for your future return and safety. I don't have any bias towards shares/bonds and against property but I have bias against bubble valuation in any asset and currently residential property in Australia is the biggest bubble of all, though prob shares and bonds are also in high valuation right now and the only safe bet right now is in cash, at least in short-med term.

    The current buyers of property in Syd / Melb especially are crazy to bet their biggest investment in life during such high valuation time in recent years. How can you say they're taking reasonable risk and no reason to sell ? Most of my friends at office who bought recently either their upgraded home or their investment property are in debt to their eye-ball if not worst. I am not seeing only colleague who missed having lunch together with us, but friends who cannot afford to send their children to dentist when they're having tooth problem because no money after paying the mortgage and no private health cover, or friends who cannot afford to have adequate or not at all insurance covers for their home, car and life / health. Just yesterday I had a chat with a friend who told me that he can't afford not to work as cab-driver even for just 12 weeks because having to cover mortgage for 2 properties (one home and one investment) and his driving license just got suspended by RTA.

    I don't try to boast but if necessary I can go without income for at least 3 years and that's what I meant as financial freedom i.e. you have enough savings/ liquid investments to carry you through in bad times. I am also quite secured in terms of superannuation level and personal risk insurance covers (life, trauma, TPD, health insurance). So you tell me, do I look like someone in need of financial advice from some property spruiker ?

    Do you think those friends who cannot afford $20 meal to celebrate CNY or essential insurance covers or not having enough saving for emergency situation / redundancy are better-off than me just because they already have their own property and mortgage debt ? If you say YES then you just try to kid yourself or fool the rest of us in this forum.

  19. Deo, were not talking about putting your head in a noose and committing financial suicide. I'm simply saying if you can afford to, it wouldn't pay to sit around and wait for the 'ideal' time to but a property. I'm saying sure, it's a stretch for most people to afford a home, but certainly not out of the question. And by the way, your friend who works as a cab driver to pay for his home and an investment property will look back in years to come and be thankful he did what he had to to secure his families financial future. As far a job goes, not everybody gets paid what they realy desreve, so as a cab driver, he is far from a weekling, because he has to work his butt off to earn the sme or even close to a CA. Do what most people do and you will have what most people have......

  20. it wouldn't pay to sit around and wait for the 'ideal' time to but a property. I'm saying sure, it's a stretch for most people to afford a home, but certainly not out of the question.

    You must be kidding with your words play up there. Of course, it is important to ensure you're waiting for "ideal" time to buy your home which for most people will be the biggest spending and investment of their whole life. You are either naive with finance and investment matter or just trying to spruik without considering the life of others. Why ? Because as a general rule, you don't want to buy overpriced stuff, whether for consumption or investment, especially with debt.

    I will try to simplify the equation for you:

    Too expensive home = too much debt committed
    Too much debt = less quality of life and more financial risks

    So, how can you say that my cabbie friend will be thankful ? For what I know, he is in deep trouble because he's out of job (no driving license) and trying hard to secure mortgage extension / holiday from his lenders with a risk of foreclosure. It is not entirely his fault and I appreciate he works hard for his family but I blame mostly the property spruiker who promoted so-called virtue of property buying without regards to my friend's financial capacity and huge risks to be taken for next 20-30 years by his family.

    Those spruikers are truly the lowest scumbags on the earth, who take advantage mental weakness and sheer ignorance in people like my friends, for their own financial gains.

    I am tired discussing with you who just tried to promote property with "at-all costs and no matter what risk kinda approach." As I mentioned above, if you can't see the simple message I wrote above then there's no point to further the discussion. As for myself, I know I can buy and take mortgage now but I won't do it because it is not in my character to pay too much for anything and to make the vendor, lender and property spruiker / agent to gain too much from me. They can fool others but not me.

    Good night and happy spruiking.

  21. I agree with Deo.

    Most people have beaten-wife syndrome, they take the torture over the years but never accept the root problem.

  22. Eventually prices must reflect value.

    Where value is the amount of income that can be extracted over the life of the investment discounted at a "risk free" rate of return.

  23. rational investor17/2/11 9:09 PM

    Very well put Deo.

  24. Happy Saver18/2/11 10:55 AM

    Deo - Do you really know what you're saying? I find your comments a little contradictory...

    "By the way, as a Liberal who believes in freedom as the most important human-right"

    and then...

    "Those spruikers are truly the lowest scumbags on the earth, who take advantage mental weakness"

    What's it going to be? Freedom to make your own choices (and accept the consequences of such) or protection for the majority of people who don't accurately do their own research...?

  25. You wonder why negative gearing is met with hostility? It ruins the dreams for renters like me. You know why people like me have to rent, what kind of situation drives us, we can't afford to buy a house! Houses are too expensive. Why should we have to rent forever? Prices are up 20% again last year. Should we be resigned to being renters for life... 'just renting'. It sickens me. If I had bought a house a few years ago I might have got onto the ladder but now I'm priced out. It is the governments fault, and the population boom and housing shortage doesn't help. Read these blogs and then tell me house prices are sustainable...



    After reading that now do you still think negative gearing and the bubble it creates is sustainable? I just wish people would stop speculating on houses so much, so there wasn't so much competition and I could finally get out of the rent trap, paying dead money to a sickening greedy rich landlord every week. Bricks and mortar indeed!! No way hose!!


    Australian Property Bubble Portal

  26. I am in Gen Y, and I think exactly the same as Deo. Cashed up, happily renting and earning high interest from Ubank 6.5% account! :-D

    My interest pays off the 70% of the rent for me, if property goes up more than 7% this year, I probably miss out. If its 5% I would probaably have broken even.

    I'll happily save.

    "A mortgage IS forced savings, as evidenced by the miniscule proportion of renters with large share prtfolios or other assets they bought instead of buying a house." - Anonymous

    This has little to do with the topic. The topic is Rent VS Buy. Whether the majority of renters have assets or not, has no bearing on whether renting is better than buying in the current climate.

    Rent is better than buying no matter how you put it. I've saved up 70% for a unit I could buy. But I chose to rent it.


  27. The statement here is 'rent money is dead money'. When are we talking? Are we talking now, before ,later or always? The truth is no one knows what's heading our way, and hindsight is a wonderful thing. If you can't afford to buy, then the decision is made, however if you can, then buy while you can. Becaus a house is generally for the rest of your life. And in as little as 7 years from now you won't care if you over paid or under paid when the repayments are minuscule and the equity you have is substantial. Anyone who hesitates and waits for the opportune time is kidding themselves. Ask any one who has owned a home or investment property for five years or more. They are glad they bit the bullet. Sure, have a bit of foresight, but don't close the door completely on the opportunity.
    Doe, if you plan on never buying a house and spending your money on whatever you choose, I don't have a problem with that. I do have a problem with talking others, who can afford to, or simply choose to own a home, out of the market. Im not a spruiker im a realist. You might be slamming the door on the last opportunity someone has. Can you garuntee me that there will be better times ahead. I doubt it. Remember when stay at home mums were a dime a dozen.
    That's because life was very different then and it was affordable.
    Bottom line is if you are planning on buying and you have done your research, don't wait, get into the market while you know for sure you can, because you are garunteed a chance. Waiting for more opportune times, may never present themselves and you don't want to regret that.
    By the way there are still plenty of affordable homes and heaps of free education on how you CAN afford to buy one.

  28. Anonymous,

    Okay let's stick to the topic - "rent money is dead money" - don't forget what Andy mentioned in the post on the cost of interests, rates etc is the same dead money.

    Its just a plain simple math to find out that owning a home with all the cost related is far higher than renting the same house. So for some renters its a matter of choice.

    I don't think the way you put "Anyone who hesitates and waits for the opportune time is kidding themselves." is correct.

    There're people like Deo who loves liquidity, loves being debt free and stays away from risks for locking himself in an asset that could ruin his life. I'm pretty sure with the financial position that Deo is having, he'll have plenty of time to wait for his best chance to come.

    By the way, you're right - there're a lot of free get-rich-quick education seminars on how you can afford to buy not only one... but dozens of investment homes.

  29. energywonk20/2/11 8:08 AM

    deo is spot on. interest is dead money. anonymous, you sound like a broken record with a one track mind. the equation is simple in an inflated market, renting and disciplined saving/investment will always beat mortgage. just like every bubble in history, this one will also burst. equilibrium is a myth, markets are based on fear and greed and always tend to excess (George Soros)

  30. Anonymous said...

    "Eventually prices must reflect value."

    Most of what you say is tripe, but inbetween there are some gems of truth such as the above, but it needs to be placed in context:

    Eventually prices must reflect value...
    and this will eventuate after the market crashes. Put differently, the current market is at least 50% overvalued, so once prices have halved from their current level only THEN can one begin to speak of reasonable value...
    At that point i'll buy back into the market, and get twice as much property for my hard earned dollars.

  31. well said energywonk! AMEN!

    Anonymous - you're a typical member of the 'sheeple'... just like my neighbour - he preeches the same crap all the time - property will only go up etc etc.

    Bullshit! i'm selling my place and will invest the bit of money i get out. Then once the market has crashed, i'll get twice as much house for the same money.

  32. Deo - Do you really know what you're saying? I find your comments a little contradictory...

    "By the way, as a Liberal who believes in freedom as the most important human-right"

    and then...

    "Those spruikers are truly the lowest scumbags on the earth, who take advantage mental weakness"

    What's it going to be? Freedom to make your own choices (and accept the consequences of such) or protection for the majority of people who don't accurately do their own research...?

    I don't think the above comments are in contrast. I said that everybody should freely decide what's best for him/herself but if there's someone who purposely deceives / misleads others for his/her own financial gains then I correctly called him/her a scumbag, for example when a property spruiker knows that current market is in bubble condition and to buy and take big mortgage is taking huge financial risks but still advises others to buy anyway for his own gain, then he's the lowest scums on earth, taking advantage other people ignorance to benefit himself. People still can choose to trust the scums though, it's their free-will to do so.

  33. "If you can't afford to buy, then the decision is made, however if you can, then buy while you can. Becaus a house is generally for the rest of your life. And in as little as 7 years from now you won't care if you over paid or under paid when the repayments are minuscule and the equity you have is substantial. Anyone who hesitates and waits for the opportune time is kidding themselves." - Anonymous

    - In 7 years time, I wont care that I have had rented for 7 years and buying a PPOR with cash and no loan.
    - Mortgages are for the weak that cannot save $. if you have discipline, you can save without trying.
    - At some point in life, I would intend to make the financially stupid decision to buy a house due to emotional reasons (renovate, stability, wont need to be kicked out). But if I bought this place, I'd plan to stay there for 20 yrs or more!

    You must be a realestate sales person;

    "Anyone who hesitates and waits for the opportune time is kidding themselves"

    The overwhelming large majority of people have your exact thinking. If I can afford it, I should buy it whilst I can. They never bothered doing the maths, doing the research - they just wanted a house, they wanted it now. The rest, they will worry about later.

    This is the typical Australian thinking.

  34. Moooks.............
    I don't understand what ur trying to say. You obviously didn't read my post correctly. 'if you can afford to' means exactly that. To afford something means you have done your research otherwise you can't afford it. It's quite simple. You have to be honest with yourself.
    FYI what kind of person can put away $600000+ in seven years? Certainly not the average australian. The average struggles to save just the deposit. That's also based upon the median house price not increasing.

  35. What world are you living in?
    A half a million dollar house for only $15,000 per year in rent$$$
    I'd like to see that!!!

  36. When I wrote this post, rental yields for houses in Melbourne were 3.4%.

    So OK, I should have said $17,000 to rent a half a million dollar house.



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