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
Real example (simplified). I needed a place in 2019. To rent a studio apt was $1100. Buying town home mortgage was $1350. I sold the home and upgraded at end of 2023 (4 years). Had I rented I would have saved the $250 I would have had $12,000 + interest. When I sold I made $98,000 after everything was paid and done. This is why owning is usually better.
There can be instances of where property’s are money sinks, covid definitely helped me make more money on the sale ect but yeah. That being said I had also refinanced in 2021 and actual mortgage was $1980 but what ever
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