My wife and I rent right now, and I'm very happy with that decision currently. We get flexibility, we don't have to worry about replacing a roof or furnace, and we can move when life changes without selling a house first. Owning can be awesome when you want to stay put and make a place your own. I definitely want that eventually. But I don't see renting as throwing money away while we wait. We're paying for a place to live and for the flexibility that fits our life right now. For us, renting works financially because we pair that flexibility with discipline. If every dollar not going to a down payment or repair bill just gets spent somewhere else, you lose one of renting's advantages. We still need to save and invest on purpose. Has renting or owning given you more freedom at this stage of your life?
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56 Comments
Mike L@noviceadvisor · 1d
Owning a condo is the worst of both you really don't own what you'r eliving in and you're paying "rent" in fees that is easily 4 figures.
Clantosa @clantosa · 22h
That's the major caveat with renting. The renter MUST invest the difference if you don't you can forget about ever be a home owner
Not Financial Advice @anpc86 · 23h
I think there are valid arguments for Rent or for Own... I think there's nuance and the reasons you listed can vary pending the situation, I have seen tenants reddit stories of being in a place where you do have to worry about replacing a roof or furnance, because some landlords will drag their feet and you are "stuck" in a place with no agency, broken toilet, faulty fridge, leaks, etc... (this can depend on your region) ... so depends if you are renting a shoe-box apartment, a condo unit, or someone's basement unit or a full-on house? Quality of Landlord matters a lot, Landlord can decide to sell and force you out, can inspect your domain (again... depends on Region) but these are possibilities you cannot just gloss over. Is there Rent control? Depending on Region, you can get a severe increase, or you can be grandfathered into something cheap (NY) If you found a good situation Renting, kudos to you. If you're happy, great, enjoy. I wouldnt say you are throwing money away Renting... but it's like buying a car, you can rent something expensive for convenience or you can rent something that is financially responsible... I already know you are risk-adverse to leverage, but having a hard asset that you can utilize for leverage is a very strong advantage to those that can't given we live in an economy driven by capitalism
Ty @tylercanuck · 23h
Owning outright is the way to go. Get on that.
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