# Real estate is not an investment

> by Harry Browne

Normally when you sell a home, you replace it with another in the same price range

1. Selection based on residence, not with investment analysis standards
2. You cannot choose the exact dollar amount to invest and to withdraw
3. You don't know the value of real estate until you sell it

It's not an investment, it's either:
- a consumption item, where to live and enjoy life
- a business, trading properties as furniture
- a speculation, using money you can afford to lose