there are loads of varying non-financial reasons to buy or rent. and I must agree with most posters here that these non-financial reasons are the primary factors in making the decision to buy or rent.
if you look at it financially...
rent = "dead money" (i.e. nothing invested, nothing gained; but you get landlord assistance - costs you nothing if the boiler breaks down)
but there are "dead money" components of owning too: most notably the interest, which is significant; and of course, it'll also be "dead money" if the value doesn't appreciate above inflation (or indeed crash! unlikely in the near future imho)
I gotta agree with Dead Eye Jones (post #16) that the biggest financial advantage of buying is gearing, in that you can make far more with less starting capital (with risks involved; unlike renting which has no financial risk)
So it has a lot to do with your attitude with risk tooAre you a slugger or base-hitter? (slight digression but illustrates the point re risk)
Aaah... I only we could turn back time. Problem is, if I bought ten years ago, it would have been very difficult - was still doing my Alevels.
Those fortunate enough to be in a postion to buy in 1996 but didn't will be kicking themselves. But it's no good for the rest of us, who have only recently got to that stage of life. It's bloody depressing when people say if you're not on 'the ladder', you never will be.
Renting is good, especially for landlords. They get their mortgage paid, and 25 years later they sell the house and realise all that money. Appreciate they would have incurred costs along the way, but any landlord i have spoken to who has rented out a property of their for over 15 years has made a lot of money.
But if you're only talking to Landlords who have been in the business for 15 years, you're only talking to the successful ones. The ones that crashed & burned aren't landlords anymore.
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