Feb 22, 2019
1:46:01pm
1:46:01pm
Renting is the right choice at times. But often people confuse the rent vs buy decision...
making it a life style choice rather than a financial choice.
For example, I will hear someone say why would you buy a house and worry about the yard and extra space when you can just rent an apartment and let someone else worry about that.
When you make the decision you should weigh lifestyle vs financial separately. So do you want/need to live in an apartment or do you want/need to live in a house? Do you need to be close to the city or further out? Yard, no yard? etc. Nail down the lifestyle, then you can accurately weigh the decision to buy versus rent.
It may prove to be cheaper (month to month) to buy a condo rather than rent an apartment of equal size in the same neighborhood. But do you want to tie up cash in a down payment and closing in order to get that cheaper month to month and the ability to slowly start getting more equity?
For example, I will hear someone say why would you buy a house and worry about the yard and extra space when you can just rent an apartment and let someone else worry about that.
When you make the decision you should weigh lifestyle vs financial separately. So do you want/need to live in an apartment or do you want/need to live in a house? Do you need to be close to the city or further out? Yard, no yard? etc. Nail down the lifestyle, then you can accurately weigh the decision to buy versus rent.
It may prove to be cheaper (month to month) to buy a condo rather than rent an apartment of equal size in the same neighborhood. But do you want to tie up cash in a down payment and closing in order to get that cheaper month to month and the ability to slowly start getting more equity?
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- Tokolosh
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- Apr 18, 2024
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One of the worst financial decisions a new grad or new professional can make is buying a bigger home than you need.
2/22/19 1:11pm
2/22/19 1:23pm
Yea that is great if you want to kill your gainz. This is for people who want to be good at making money and not slaves
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