Own or Rent?
- Thread starter Rockslinger
- Start date
Only rented for a couple years and hated it.
View renting as just throwing your hard earned money away and having nothing to show for it. Could not imagine renting for 10-20-30 years and in the end having nothing to show for that! A mortgage is a long term investment where after paid off, you have something to show for it and can sell if needed.
An investment that appreciates in value with time....
View renting as just throwing your hard earned money away and having nothing to show for it. Could not imagine renting for 10-20-30 years and in the end having nothing to show for that! A mortgage is a long term investment where after paid off, you have something to show for it and can sell if needed.
An investment that appreciates in value with time....
More a forced savings than "investments". At most this should stop people dig the hole, aka spend like crazy deeper.
Maybe not in the land of the free since you could just walk away from the underwater mortgages at will.
So much investment appreciation hype when the rate of return in the long run is no better than barely match the inflation rate.
My you centainly are a nattering nabob of negativism hz
Still better than throwing away money on rent!...
Still better than throwing away money on rent!...
It all depends if housing price is going up or down. If going up, it is better to own, if going down better to rent. If you bought your house 10 - 30 years ago, good for you you've made money. But it may not be a good time to buy now as real estate price is unlikely to appreciate much further.
As for renting = throwing money away, have you considered paying interest on mortage on a decliing property is like throwing even more money away? The money you used to pay mortage each month could have been used to invest in GIC and earn an interest during the same time. So in the end it really depends if your house price is going up or not.
As for renting = throwing money away, have you considered paying interest on mortage on a decliing property is like throwing even more money away? The money you used to pay mortage each month could have been used to invest in GIC and earn an interest during the same time. So in the end it really depends if your house price is going up or not.
And if you tell me property value will always go up in long run, just take a look at Japan. In the last 15 years, the property values have stayed flat. Most Japanese would have been better off renting than owning during this time period. Property values in Toronto still has some room to go, but not likely. Vancouver is definately overvalued, anyone thinking about BUYING houses in vancouver must be rich enough to throw away a couple of hundred grands.
I have owned my home for 32 years. Wouldn't have it any other way Paying rent is just another way of paying someone else's bills.
That's true.
Better yet, made serious money on Canadian REITs and accumulate positions on US REITs, while owning your home.
Don't worry about it, some would say the Americans are learning to "speak Japanese" fast down the road.
And it could very well be money laundering.
Plus you live rent free once the mortgage is paid off.
It doesn't get better than that!....
Since 1975 the prices have only dumped once. I have owned since Jan 1996 and would never think of renting till retirement.
http://realosophy.typepad.com/.shar...ncategorized/2008/09/24/priceappreciation.jpg
http://realosophy.typepad.com/.shar...ncategorized/2008/09/24/priceappreciation.jpg
Not exactly... I have calculated that I have paid over 80,000 in property taxes since buying my house. Now that I actually own it (motgage free) it costs about 1/2 what a comparable rental would cost... but I have a fair bit of tax sheltered equity in that house. I never understand why so many buy more than they can afford and then refinance every year to pay off credit card debt. These people would be better off renting as they build no home equity and could loose it all when interest rates increase - which they eventually will.
I do the same and agree. I also want to be able to leave whenever I want to. Paying a morgtage keeps you stuck where you are unless you sell.
Every year my mortgage principal goes down and my house value goes up. When I retire I get to sell my house and keep all the profits without paying taxes. That's why people who can afford choose to buy their house instead of renting because they end up better in the long term. It's not rocket science...
If one is able to buy, then you always have a choice whether to rent or buy. Many renters don't have the luxury of this choice. Housing in Toronto is very expensive, esp. if you want to live within striking distance of downtown. But this is equally true for renters as it is for owners.
Once you get over the snob appeal of ownership, I'd say that the best answer to the original question is: "It all depends, and there are good arguments in either direction."
Once you get over the snob appeal of ownership, I'd say that the best answer to the original question is: "It all depends, and there are good arguments in either direction."
That's not saying much when the average cost of a house in Buffalo equals the cost of a used Bimmer...lol. Try affording a haus in T.O.Happily have owned my homes for over the past 30 yrs and wouldn't have it any other way.....
