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SVTPerformance's Chain of Restaurants
Road Side Pub
I just can’t convince myself to buy a house.
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<blockquote data-quote="KilledbyKenne" data-source="post: 16199342" data-attributes="member: 154527"><p>Huge financial burden? How much more is the monthly payment really going to be than what you pay in rent? If it is so much more that it is a burden it must be because the house you plan to buy is way more than what you currently rent. That's gotta be considered in all these calculations. If you choose this big nice home I would assume it's because that's what you really want. So why settle for renting something not up to your standard just because you could potentially only "break even" after 30 years if you purchase? </p><p></p><p>Then there's that time AFTER the mortgage is paid off to consider. You are then only paying minimal costs vs still paying rent which tips the scales more in your favor after each passing month. And you're essentially sitting on $1m( considering the numbers from your example) if you are ever forced to sell.</p><p></p><p>Don't buy because people say it's a good financial investment. Buy because a good portion of that mortgage payment would be going down the drain anyway in rent, it may as well be going towards something you'll eventually own.</p></blockquote><p></p>
[QUOTE="KilledbyKenne, post: 16199342, member: 154527"] Huge financial burden? How much more is the monthly payment really going to be than what you pay in rent? If it is so much more that it is a burden it must be because the house you plan to buy is way more than what you currently rent. That's gotta be considered in all these calculations. If you choose this big nice home I would assume it's because that's what you really want. So why settle for renting something not up to your standard just because you could potentially only "break even" after 30 years if you purchase? Then there's that time AFTER the mortgage is paid off to consider. You are then only paying minimal costs vs still paying rent which tips the scales more in your favor after each passing month. And you're essentially sitting on $1m( considering the numbers from your example) if you are ever forced to sell. Don't buy because people say it's a good financial investment. Buy because a good portion of that mortgage payment would be going down the drain anyway in rent, it may as well be going towards something you'll eventually own. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
I just can’t convince myself to buy a house.
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