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RE: Leo Talk 5/7/21 - Come Join Our Chat (Part 1)

in LeoFinance • 4 years ago

I currently rent. If I had a family it might have been different.

When one buys a home they do not only have a mortgage to pay, but also insurance, property taxes, school taxes (whether one has children or not), maintenance, and a variety of other costs.

Here in Pennsylvania it is extremely expensive to own a home. Sure one builds equity, but I do not really think it is worth all the costs associated with home ownership.

Renting also has drawbacks but, given my financial situation, it makes the most sense.

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4 years ago in LeoFinance by
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     4 years ago  

    Yea its tough without a decent amount saved up. Renting just makes sense given the current prices.

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     4 years ago  

    You might acquire equity but, if you have a mortgage, you have to time it properly. Yes markets can run up but they also go down.

    And that interest rate keeps piling up. The truth in lending statement would open up some eyes if people actually read it.

    And let us not forget that over 15 years, you will have to replace a bunch of expensive stuff like AC, water heater, appliances and, perhaps, a roof and some windows.

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