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One thing people seem to skip over is that once you have bought a house you will still need to pay many fees. Just owning a house isn't free, there will be prop
by daemin 6y ago
One thing people seem to skip over is that once you have bought a house you will still need to pay many fees. Just owning a house isn't free, there will be property taxes, fees for services, and other actions that require money from you. In a lot of cases when renting these are taken care of by the landlord.
So just the rent vs mortgage comparison (or rent vs no rent) is misleading at best, downright fraudulent at worst.
- milkytron 6y ago> In a lot of cases when renting these are taken care of by the landlord. The thing is, a landlord isn't likely to continue renting out if they're losing money. Typically, the money for services, maintenance, etc. comes from rent. The renter is indirectly paying for those, otherwise the landlord would be out of business.
- daemin 5y agoYes, the landlord is paying for those things out of the rent, but as another commenter has stated my point is that you cannot make a direct Rent to Mortgage comparison. As there are many other costs you end up paying as a home owner which you don't worry about when you're a renter.
- jjav 5y ago> In a lot of cases when renting these are taken care of by the landlord. Approximately never are any of those costs taken care of by the landlord! The renter is paying for them, plus a profit margin for the landlord. That's what rent is. The landlord isn't running a charity. Only exception is if you luck into a rental by someone who paid off the property long ago and doesn't care to charge market prices for it.
- dragonwriter 5y agoGP seemed to use “taken care of by rhe landlord” to mean “bundled with the rent, and not a separate fee on top”, which is relevant to cost comparisons based only on purchase/finance cost vs rent cost.