Quote:
Originally Posted by rolnslo
This is the funny thing about our society. We consider renting a bad thing because you are throwing away your money every month but how come everyone considers buying a house an investment?
If anyone actually stays in the same house for 30 years and makes regular scheduled monthly payments the entire time, you actually end up paying the amount financed twice, once for principle and again in interest.
That does not include all the taxes, insurance, maintenance, HOA dues, closing costs, etc...
Now how is that, as an investment, better than renting? Let me give you $300,000 in exchange for something that is only worth $150,000. 
I'm guilty of it, just like most of us here are. Just something to think about....  |
If you rent an apartment for 30 years at say $900 a month (which I doubt would even have a garage for your car) you will have paid $324,000 in rent. How much equity do you have after 30 years? $0.00. Congratulations you just made someone else $324,000 richer while you get nothing. Many of you are forgetting that you still have to pay for your roof over your head no matter what.