Quote:
Originally Posted by Bouw N Arrow
Hold on.. a cost saving with renting?? Since when? Renters ALWAYS get raped.
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To me, this is a very good reason to rent.
Hmm...that requires some explanation.
In Calgary, so many seem convinced that owning is the only way to go. So much so, that the bottom of the market is still at elevated levels. So may people have been grabbing places with 5% down and historic low interest rates, that there might be trouble when interest rates start climbing up. This means some might feel the pinch, and sell. With an increase in houses on the market, buyers have more power to demand lower prices. And if prices are lower, that may put more people underwater in their mortgages, making them sell, etc. As a non-owner, that scenario works for me!
Myself, I plan on renting for a few years, and see how the real estate market looks in a couple of years. Even though rents are lower than they have been, they aren't exactly dirt cheap. Comparing the costs of owning the same place vs. renting, yea, owning usually comes out ahead if you hold on to the place for a few years. But the problem is, I wouldn't want to buy the same type of place I might rent. So if I'm buying, I'm buying bigger than my current needs. And in that case, the rent vs. buy comparison is so close that the flexibility of renting is worth it to me.
All I'm saying is since as long as I can remember, I always thought, and was always told, that renting is a terrible waste of money. Now that I'm a bit more educated in the ways of the world (and finance), I can see that everyone needs to look at their own situation, add up some numbers, and make an educated decision.