Quote:
Originally Posted by Not_Judy
Don't buy a house. You never really own anything. You'll pay taxes and all the money that you want to spend on your car you'll end up spending on your house. Unless you pay cash for your home, renting/leasing is not as bad as our society wants you to believe it is. You can rent a condo with a garage attached to work on your car and not be liable for all the little extra expenditures that come along with home ownership. I paid cash for my house 4 years ago and honestly wish that I hadn't I have no time for anything. In the spring it's landscaping, then mowing twice a week along with weed-eating, pruning, hedging, etc. In the fall/winter it's cleaning up leaves. Not to mention all the small little home repairs such as replacing light fixtures, water leaks, appliance failures/replacement. What I'm saving in rent/lease payments I'm paying for in repairs/up-keep. Owning a home and keeping it maintained is a full-time job in itself.
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Depending on the location though, there is capital appreciation that far outstrips the costs of these minor repairs when you go to sell. That is something that you don't have renting.
I'm not keen on renting though - unless it is short term (ie. 1-2 years to figure out where you want to live / whether job will work out), then it makes sense.
We've had our house for 4 years now, and its probably worth about $300K more than what we purchased it for. We've probably spent about $60K over that period with the new roof, generator, and some minor stuff. So I'll take that any day of the week.