My husband and I currently rent, everyone says that it is silly to rent rather than buy but we keep thinking about it and I do not see how it is. The average house payment in our area is $750.00. Our rent is $400. Lets say that if we payed 750 for 30 years it will cost $270,000. In 30 years we will be 60 with our home paid off. As long as we do not remortgage like most people do. Now if we pay with respects that rent will rise. Lets say $650.00 for 30 years we will pay $234,000. Also, if you figure in 2,000 a year for house repairs if we buy. This comes to a total of $96,000 more to buy then rent in 30 years, which I understand that you would own it but if you were renting with that extra $96,000 that you save in 30 years you could rent for 13 more years. This would put my husband and I at 73 years old. All of this does not include property taxes and home insurance. After remortgaging 2 times my folks owed 100,000 on there home when they divorced after 30 years. Cheaper, how?
2007-01-07
10:34:20
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14 answers
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asked by
curious
2