Quote:
Originally Posted by Silverbullet
When a person pays rent, it is not a waste of money, that is the cost of living. When you make payments for a home using a traditional bank financed method, part of that money does go towards paying off the house, but an equal or more amount goes to the bank, insurance company, the city and other services. Additionally, you take on the responsibility for maintenence. Of course it dpends on the area you are in and whether or not the numbers work out.
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You also give up the flexibility of easily relocating. You also pay a realtor 6% and finci all fees. Buying a house can cost $10-20k up front and that doesn't even touch the base cost of the house.