I dunno, spending years giving someone the same price as a mortgage (for me at least, back when i rented and decided to buy) and seeing almost nothing in return but convenience seems a pretty strong argument no?
Yea, renting has some advantages. However in my view many people are simply too poor to spend that kind of money on the convenience of not managing a house. Is it more work and liability to own a home? Yes, definitely. However i was looking at throwing away $168,000 when i was renting over the next ten years (assuming no price fluctuations, which also doesn't happen lol). I couldn't afford to spend that kind of money on convenience.
Plus there's America's (imo bad) idea that home ownership is an investment. Unfortunately, my home has doubled in price. So not only could i not afford to waste the money renting before, but now i've made significant money by simply not renting before. Where as i'd get the privilege to lose even more money by renting if i had stayed where i was before, since the rent has gone up - many times.
Is there another angle i'm missing? I rented for years, and now have owned for ~8 years or something. Renting has upsides, yes - if you've got the money. I don't think most people do, especially these days. Is there an argument i missed?
If your mortgage is the same as your rent, seems reasonable. In some housing markets, just servicing the interest on the mortgage is close to the cost of rent. Buying then becomes the "luxury option".
If you don't mind me asking, how much will borrowing cost you over the same 10 years?
This wasn't bait. Really depends on the country where you are living. In Germany it is totally fair to rent. Has is ups and downs.. To bad it's flagged now. :-(
unshavedyak|1 year ago
Yea, renting has some advantages. However in my view many people are simply too poor to spend that kind of money on the convenience of not managing a house. Is it more work and liability to own a home? Yes, definitely. However i was looking at throwing away $168,000 when i was renting over the next ten years (assuming no price fluctuations, which also doesn't happen lol). I couldn't afford to spend that kind of money on convenience.
Plus there's America's (imo bad) idea that home ownership is an investment. Unfortunately, my home has doubled in price. So not only could i not afford to waste the money renting before, but now i've made significant money by simply not renting before. Where as i'd get the privilege to lose even more money by renting if i had stayed where i was before, since the rent has gone up - many times.
Is there another angle i'm missing? I rented for years, and now have owned for ~8 years or something. Renting has upsides, yes - if you've got the money. I don't think most people do, especially these days. Is there an argument i missed?
jessekv|1 year ago
If you don't mind me asking, how much will borrowing cost you over the same 10 years?
bongodongobob|1 year ago
Aldipower|1 year ago
VoodooJuJu|1 year ago
unshavedyak|1 year ago