Quote:
Originally Posted by Alex from Montreal
But you are not living rent free. All you did was paid a premium for 25 years (or whatever the term of your mortgage was) so that you can reduce your fees by maybe 50% (you'll still have to pays your taxes and other expenses).  |
I still don't get where you get this "premium" idea from.
Maybe you live in a fucked up real estate market.
Where I live it would cost me more to rent a house like mine than what I pay for my mortgage.
The same thing goes for condos/apartments in the area. So why on earth would I pay more to live in the same place and not build any equity?
Renting is for people who relocate frequently, are young and have roommates to help defray their living expenses, or who haven't yet built up enough savings to make a down payment on a home of their own.
There are of course exceptions, but that's the general rule. You're delusional (or live in a very fucked up real estate market) if you think that renting for the next 30 years is a better financial decision than buying your own home.