this post was submitted on 01 Apr 2024
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Fellow home-owner, not a landlord. Not in the US but I think things are comparable.
Your mortgage repayments are less than what you were paying in rent, okay. However, do you feel that is a reasonable comparison?
Do you pay some sort of insurance? Property and or council taxes, rubbish removal, water and other things that you probably didn't even know existed before becoming a home owner?
Do you know that your roof has and average life span of 30 years? Unless yours is new, you'll need to start thinking about it at some point, and it can be pricey, together with all the rest of planned and unplanned maintenance that comes with owning a place.
Not really defending everything the person you are replying to said, but I think this topic too often gets simplified to monthly rent vs monthly mortgage repayments.
Even with the added costs of owning the home and upkeep, it's only equivalent or just above rent, and that's with the condo association fees and insurance. Even while renting I was stuck paying for utilities. And I'm highly aware that the roof needs replacing, given that we've got to replace ours within 5 years.
But if your point is "owning a home is more expensive than renting when you factor in all extra costs," I want to again point out that most people are barely able to stay afloat. His point was that anyone can buy a house. Mine is that the money he thinks grows on trees literally does not exist for the majority of people.
Fair enough, my point was more that people that just assume that mortgage payment is X and is less than rent therefore I'm am being robbed aren't looking at the whole picture, or aren't being honest.
Except the mortgage payment ends after 30 years, and what you pay into the house is yours afterwards. Sure, the insurance and other taxes continue - but once the house is paid off, it's done. I paid my mortgage off in 5 years by dumping every last dime I had into it and living off of nothing but scraps.
Rent has to account for all of that too, plus labour costs and profit for the landlord. Unless the landlord is charitably handing out free money, there's no world in which owning is more expensive than renting on average for an equivalent property.