Quote:
Originally Posted by Dr Winston O Boogie jr
You forgot to mention, what to me, are the two biggest advantages of ownership.
#1 EQUITY! If you buy a home and you decide to move you get at least part of your money back and often more, with appreciation. Even if you have a mortgage, part of what you pay goes toward the principal and that belongs to you. If you have a little extra, you can pay more than your monthly payment each month and create more equity for yourself. At the end of a lease, you have nothing but moving expenses.
#2 Unless you go for an ARM, your monthly payment will never increase. It's usual for rent to increase annually. But with a mortgage, as you income increases, your housing cost are a smaller percentage of your income each year.
There is no comparison between renting and leasing real estate.
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Good points, as long as you are committed to living in TV most, if not all, of the calendar year. Otherwise, taxes, maintenance and upkeep will erode most, or all of the appreciation while you are not even using the place, and facing living expenses in your other location.