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Originally Posted by biftek
over 20 years, you'd pay 300k interest on a 250K loan (thats the figures I worked out a few months ago)
if you payed 200 p/w rent for 52wks x 20 years that equals 200K. If you saved like you would have paid a mortgage ($250pw x 52wk x 20) thats $260k in savings, not including interest, dividends or money made from investments.
With that you can argue rent going up (like I could say interest rate going up), inflation, a property boom etc. you could also include the 3-6% a year your property will go up (some are going up higher right now, but they're the ones you can't afford to buy now anyway), and I could argue shire rates and their steady increase, property upkeep etc,
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Yup that's how I see it also, totally agree with you on that one.
That counts for most areas, atleast where I live .... prices don't really skyrocket here.
I'm renting a house, so I guess I'm not allowed to have a sweet ride huh
Well I'm renting mainly because I like to move every 3-4 years hehe
who are forced to live in shitty place because of the payments they need to make for their status car are idiots ... those that choose to live in a (small) rental crib aren't by default idiots