Quote:
Originally Posted by Sylvanfan
Yeah, renting isn't the end of the world. Especially before the rental market went through the roof like it did. I rented in some form or capacity for 5 years and it was good becuase it's flexible and all you need is one months notice and you can pick up and chase down a better oppurtunity. It also gives you a bit of a self education on how to live a bit, what expenses are associated with everyday living. Even today, I'd have left Edmonton long ago if I was a renter, as a home owner I'm sort of stuck here until I sell this place or decide to try renting it out and I'd be taking a loss to rent it, even though rent prices are through the roof.
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But you can not build any wealth or assets if you rent. I can't imagine where I would be if I was renting 5 years ago. There's no way I could afford to live where I live now. When houses were cheaper 5% down was not much at all. I put less than $10,000 down on my house in Taradale. I paid $950/mo on my mortagage, which is how much rent would have been anyways. We all know what happened afterwards and I walked away several hundred k richer when I sold it. The extra money will make me enough money in the future for me to retire comfortably. All because I didn't want to rent anymore.