You are now entering your spicy years. 🌶️

  • Eager Eagle@lemmy.worldEnglish
    62·
    5 months ago

    the thing is - there’s a lot of variables that shift the balance towards renting when looking within a time frame, even from a financial perspective.

    • how long you can stay in one place and whether that fits your needs both today and in a few decades
    • % of down payment and missed earnings if this money went towards another investment
    • interest rates
    • property taxes
    • HOA fees, if any
    • likely higher insurance rates over renting
    • maintenance costs

    In the end of the day, since many variables have a large uncertainty, that’s a bit of a gamble. Home ownership tends to win over time, but the longer one looks into the future, the higher this uncertainty also is.

    • blackstampede@sh.itjust.works
      21·
      5 months ago

      You’re missing a few advantages to owning-

      • If you have to move, you can often get the money that you spent on the mortgage back, or even make a profit.
      • A mortgage is generally cheaper than rent.
      • While some may not be interested in renovating, it’s a relatively low-effort activity that pays for itself if you sell the property.
      • Can have a garden
      • TubularTittyFrog@lemmy.world
        21·
        5 months ago

        you can rent and have a garden and rent is cheaper than a mortgage in a comparable area.

        when people buy they often have to move further out to a cheaper area to get a mortgage

        my mortgage is more than my rent and isn’t as nearly in as nice of a place and convent of a location. on top of that and having to do home reapir (not renovation) i have less disposible income than I did a few years ago.

        it’s trade offs. i miss being in a more social area and having more disposible income, and somtimes i regret buying.