Quote:
Originally Posted by Porsche-O-Phile
Rent. Makes life simpler/easier.
The way financing is now, nobody's making any $$$ on RE anyway, so it's no loss.
As Wayne has pointed out many times, it's actually more financially beneficial to rent right now.
I found that once I gave up caring about "owning" a home, it was actually quite liberating and I'm a lot happier now and at peace with that reality. If the opportunity comes along some day, fine. If not, I'm okay with that too.
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I understand completely...especially when I have to replace a furnace or water heater unexpectedly. I really don't view my home as an "investment" in the traditional sense. Within reason, I don't care whether it goes up or down in value because I have no intention of borrowing money against it. Its shelter, period.
I've seen a lot of people get into houses with nothing down/teaser rate ARMS/etc and then feel flush when the prices were going up just because some appraiser said so. And then they began using their front door as an ATM with additional home equity credit lines. All of the sudden they're upside down on their home fer christsakes...insane and these are the people losing their homes to foreclosure.
I do like the security of ownig my home outright because if I check out the missus doesn't have a mortgage. And when you don't have a mortgage or monthly rent payment, it frees up substantial discretionary income.