Quote:
Originally Posted by Pauldunlop13
Owning vs renting. Either can be cheaper
But I find most people compare a mortgage payment to a rent payment and say owning is cheaper
My experience is that all items need to be added up
1. Weekly trips to Home Depot/ Lowe’s for lawn and house stuff
2. New roof every 15-20 years
3. HVAC replacements
4. Water heater replacements
5. Washer and dryer replacements
6. Mental happiness (no price for this one). Some people have to own to be satisfied
It is very important for all financials to be added and factored into monthly payments. Not just the base amounts.
I owned from age 23-44
I have now rented for the last 4 years and I have to say I am enjoying it now.
Each to their own
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In your list, you've neglected to offset the list with the equity gained in the property and any appreciation. Depending on the house you buy, you don't have to worry about the above issues. I've been in my house for 18 years. Bought it as new construction. I'm only now looking at having to replace the roof. I haven't had to do anything with the HVAC nor the hot water heater. I would say from the time I bought the house till now, the house has appreciated around $200k. And if you bring in interest payments, some of it along with property taxes have been offset by my ability to deduct these from my taxes. You can't deduct anything renting.