Quote:
Originally Posted by Seeker
Interesting view. Valid I suppose.
But if you deem the monies spent in this fashion as a liability, shouldn't you also deduct the monies spent given to your landlord/landlady as well?
You gotta pay someone. Whether you pay yourself for ultimate ownership or you pay someone else for use <renting>... the money still will be spent somewhere. Someone gains.
But renting, IMO, is a true liability.
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A bit more here.
I bought a condo in 1991. 17 years ago. Prior to that, I was paying just under 1k for rent for a similar sized place without a garage. Now, I assure you that I could not find anyplace to rent for under $1k in this area.
But just multiply it out....
17 years X 12 months/year X 1000 rent would be $204,000 over this period of time. And again it's understated because I could not rent any similar sized place in this area anymore.
Over the years I will have paid less than that 204k total for the mortgage, taxes, etc. The original purchase price of the condo was less than that rental total as well.... considerably less.
Ultimately if we stay in our current location we will finish the mortgage in one year. I don't have to do anything in order to consider our home an asset... it already is even if we never sell it.