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I agree with you 100%, thanks for pointing this out. Some intangible benefits do translate to financial benefits, though. Like as a homeowner you are more like
by cko 11y ago
I agree with you 100%, thanks for pointing this out.
Some intangible benefits do translate to financial benefits, though. Like as a homeowner you are more likely to pay for costly renovations. And this is a guess, but people tend to buy a more expensive place than they would rent. And renting closer to places you want to be might save money in travel, commute, etc.
- bane 11y ago> Like as a homeowner you are more likely to pay for costly renovations. Renter pay for those costs also. The money has to come from someplace. It's simply amortized over a longer period. For a property owner they have to swallow it at once. It's a really common misunderstanding on the part of renters that they believe their rent only covers the right of existing in a property. It covers all the costs of the property owner (and likely makes them a little money extra). However, let's suppose you're in month-6 of a 1-year lease and the owner decides to renovate the roof or something. You're protected from paying for that until your lease is up. But this is one reason why rent goes up over time. You, or the next tenant will eventually end up paying for these things.