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Well, if I had been renting my whole life I wouldn't be mortgage free/rent free now. It's kind of a nice feeling to have no payments for housing other than property tax and homeowner's insurance. And during the years I was paying a mortgage, I didn't have to worry that the payments would increase as the years went on. My house payment stayed the same while rent on a comparable house went up a LOT.
yep , working smarter beats working harder any day. it is much nicer when you can have your money work for you instead of you working for your money.
that is the goal of retirement.
if you can't make it in this country where are you going to be successful ?
the ability is there , you just need the creativity and mindset. partners with money are hooked up every day to those with no money and creative ideas.
hats off to the landlord if he could make that happen sooner.
The OP is smart to work out his/her individual circumstances. I bought my first home when I was nearly 40, could not have afforded it before, and did so only because I wanted a dog and I wanted to have a garden.
In the back of my mind I knew I was gaining a stable monthly housing payment, although there would be variable repair costs and tax changes. In the front of my mind I knew that if I did not buy a house then housing would potentially continue to rise in price faster than my salary, so I would be priced out of the market. That was the time of 10-14% interest rate. BUT One should never respond to peer pressure to do something that affects the next many years of one's own life. OP, listen to the arguments, but if your data/info/facts are as good or better than the ones who are pushing you, go with your own gut feeling.
[quote=luv4horses;39255870]The OP is smart to work out his/her individual circumstances. I bought my first home when I was nearly 40, could not have afforded it before, and did so only because I wanted a dog and I wanted to have a garden.
In the back of my mind I knew I was gaining a stable monthly housing payment, although there would be variable repair costs and tax changes. In the front of my mind I knew that if I did not buy a house then housing would potentially continue to rise in price faster than my salary, so I would be priced out of the market. That was the time of 10-14% interest rate. BUT One should never respond to peer pressure to do something that affects the next many years of one's own life. OP, listen to the arguments, but if your data/info/facts are as good or better than the ones who are pushing you, go with your own gut feeling.[/quote]
Owning my own place as a single has worked well for me over the last 5 years.
From my perspective.
#1) My monthly expenses (mortgage, taxes, condo fee, electric, water, gas, etc) are CHEAPER than it would cost to rent out an equivalent size apartment without utilities. In other words, if I moved out of my place, sold it, and then move back in as a tenant, my monthly costs would be higher.
#2) Mortgage interest deduction
#3) I'm actually talking with a realtor right now to set up selling the place and will probably list it at 20% higher than what I purchased it for.
But that's how things have worked out for myself.
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