Quote:
Originally Posted by polak
Sorry I didn't transfer my line of thinking to a 2-3 year scenerio. You are correct that for 2-3 years, renting/buying is a much more difficult choice. Do people actually buy primary residences for 2-3 years? That never even crossed my mind.
When someone says short term to me in real estate terms, I think 5 years minimum.
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Sometimes they do. Situations change. Maybe newlyweds buy a one bedroom condo, and then get pregnant in year 2 or 3, so they want to upgrade to a house. Sometimes people buy a property and then move to a different city for one reason or another a few years later.
I mostly just don't like the argument that renting is paying someone else's mortgage so you should buy. Getting a mortgage is just renting money from the bank.
I actually would like to get into investment properties eventually but for the next year or two, renting is by far the smarter choice for me.