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Originally Posted by Teh_Bandwagoner
I certainly agree that renting is not always a bad option for the very reasons you've stated. Some of my younger friends and co-workers have been looking at purchasing or renting, and I always tell them not to dismiss one or the other, and to go with what makes the most sense both financially and personally.
But with interest, condo fees, property taxes, etc., you do get pride of ownership, as well as a greater sense of stability. Because with renting, you never know when a landlord is going to come out and say you're out of there. And any changes you make to the place pretty much requires a landlord's approval. Basically, renting means you're just using someone else's stuff.
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That's basically why I bought. We wanted to do a bunch of personalization, and didn't want to spend the money unless we could keep it. We also bought for the future, we have room for our family to grow into our house if/when we have kids.
The big disadvantage to consider though is that same permanence. If you see a great job that you'd be perfect for in XXXXX (Australia, Europe, S. America etc) where you've always dreamed of living, the costs of selling can be pretty high.