Quote:
Originally Posted by corporatejay
It's smarter to save up for a downpayment and buy an asset then piss it away on rent.
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Well, the past 3 years of Calgary's housing market aside; I have to disagree with you.
First, let me qualify what I'm about to say with the fact that I lived at home until I was 21 (not going to school), then moved back for a year when I was 24 and going to university. So I have indeed been a person in his 20's living at home.
Now, back to the "renting is pissing your money away" philosophy. In many times renting is cheaper than buying. There are no maintenance costs, and no huge down payment. Also, renting gives you much more flexibility in your lifestyle. As a renter you can move to another city or another part of town without the hassle of selling. You can also change your situation; if you want a bigger place, smaller place, more or less ammenities- you can do all of that for far less of a cost compared to buying and having to re-sell each time.
I also found that because I rented in so many different situations; when I did end up buying a place I found something that had everything I knew I wanted. I took the past experience from renting and made sure everything was right with my house before buying it. I also learned new people skills- ie how to deal with neighbours; what works and what doesn't. This way on my learning curve; any mistakes I made were made with people I never have to see again.
As well for me; by renting I was able to move from Winnipeg to Calgary. I was able to live my life the way I wanted it to. I did a lot of stuff in my 20's that I would not have been able to had I stayed at home until I had enough money to buy a place.
I guess what I'm trying to say is make sure you do what is right for you- not what is "popular." Be it moving out and renting, staying at home and saving money, or whatever.