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Old 11-28-2018, 03:40 PM
 
10,351 posts, read 6,657,696 times
Reputation: 10964

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Invest in yourself and in buying a home and having a roof over your head.

Invest in the market or other investments afterwards knowing that this can also be a gamble.

You have to live someplace. It's better to buy a starter home than pay the same amount in rent. Either way you will have the same amount of money for investments, but your home is an investment in your own housing and it's an asset. Renting is a debt.
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Old 11-28-2018, 04:39 PM
 
65,470 posts, read 66,912,679 times
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no one knows the outcomes of anything we do. for some of us we did far better renting and investing elsewhere .

we can buy multiple homes today based on the differences between how we did renting and investing vs how our house did that we had sold many years ago , even after subtracting out all the rent and taxes

so generalizations really don't apply . all our outcomes will differ assuming we have choices . most renters have no choice .
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Old Today, 08:15 AM
 
Location: New Yawk
8,675 posts, read 4,855,864 times
Reputation: 14068
Quote:
Originally Posted by RD18 View Post
Hello Everyone,

My Fiancé and I are looking to move out of our parents house and finding our own place. We have enough money saved up to purchase a home (down payment and reserve money) and were set on buying. However my parents as well as my uncles have told me to wait until the crash and that we're still at the top of the market. I always grew up being told never to rent because we will be paying someone else mortgage and not our own. So my question to you is what would you do? we do not want to move into each others parents house and no longer want to live separate. So rent or buy?

Northern California

Do you see a crash coming? if so when?

That's a risky move. While prices may be lower after a crash inventory may be very scarce. We made that same gamble, and discovered that banks would rather sit on their inventory than let it go at a loss. Spoiler alert: years later, we're still renting. Yes, rent continues to rise... but local property taxes continue to skyrocket, so at this point we can "throw our money away" on rent... or throw it away on taxes.
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