Genuine question. I’m in an extremely HCOL city in Canada. What would be the actual benefit to buying a million dollar home, having to put $200,000 down, and then being tied to that place and responsible for any crazy expensive repairs (roof, foundation issues, etc). I could invest that $200,000 or let it sit in a HYSA, and rent a nice place for many many years with the money I’m not putting into my mortgage (with all its interest).
I understand having equity in a home, and that there are advantages, especially if you plan to actually stay there forever, but is it REALLY such a big deal to just rent? I’ve rented from age 18-34 and been pretty content with the flexibility and convenience of it. I’ve never thought of it as “paying someone else’s mortgage” but rather paying for a roof over my head. I’ve also appreciated being able to easily downsize or upsize depending on my income (and pick up and move cities).
TLDR: why is everyone obsessed with buying a home?
Submitted October 03, 2023 at 11:22PM by rebecca-mkt https://ift.tt/MPua58z
