this post was submitted on 05 Oct 2023
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You have to be mindful of ending up underwater, but otherwise it's not much different than renting โ without all of the baggage of renting that sees people want to own.
Unless monthly payments on renting from the bank are lower than renting from someone else itโs a worse deal. If you rent you donโt need to worry about things like replacing roof, windows, etc.
Also, if you rent youโre more free to pick up and leave vs. being tied to a mortgage.
Renting is usually a better deal, but that's not why you might choose to own.
It can, if you make good money, says 6000$ after taxes per month, you can rent at 1500$ and invest 2 or 3k per month and it can be better than having a mortgage for a big house and paying like 4k/month, I think.
In the past when. I've done this calc renting was worth it till you'd lived at a place for about 5 years. Don't think this flat statement is true even now