What’s the reason for not just renting housing till the end of time and dumping my excess savings into REITs? Is there a big difference in outcomes vs buying a home?
In: Economics
Read most of the other posts if you are simply talking about your bank balance. They talk about the cost of rent vs the cost of owning, and set about drawing up that spreadsheet …
BUT there is a big issue that these sort of posts do not touch on. That is security. Once you’ve been in your own home for a while and you start paying down that mortgage you are “getting ahead”. You are your own “master” and are not subject to Rent Inspections (and other rental annoyances) at other’s timetables. You own the place and the more you go on, the more you know you are “in charge”.
Even further down the track and you pay it out. Total “security high”. No matter waht happens, even if the economy goes totally belly up, you have and own your home and no one can take it away. No rent vs buy spreadsheet can detail that comfort/feeling of security.
Sure – do your spreadsheets. But know a spreadsheet cannot always detail all possible issues involved.
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