Quote:
Originally posted by Porsche-O-Phile
I agree completely.
Here's an example: I pay about $1,300 a month for a 2BR apartment with two garage spaces. The building right next to us is a "conversion" building - my neighbor living there in a comparable unit (about 900 sq. ft., ONE garage space, upstairs unit, etc.) is paying over $2,300 a month on an interest-only mortgage to "own" his place.
Neither of us is building any equity. So who's the fool?
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Both. The person collecting your rent check is the smart one. If your apartment is so much better, how much do you think it is worth to the current owner should they sell? They obviously paid a LOT less or are you suggesting that they are renting at a loss or below market value for some reason?
While I don't look at buying a home as an "investment", I do look at it as a choice.
1.) Potentially put money back in my pocket. (via appreciation, ect)
2.) Guaranteed to put money in someone else's pocket.