Would like to hear everyone's opinion on owning a home vs. renting. This home being your primary residence vs. purchasing for the sake of renting it out or flipping etc.
Is home ownership really a scam and a complete NO NO for non-wealthy individuals? I'm currently in the process of selling my home right now and am really considering NEVER owning again and only renting. At least until I have a large liquid net worth. One argument for this is that people talk about investing and diversification and realistically most people have 50% or more of their entire net worth tied up in their home, which is not highly liquid. Not to mention the debt load some people take on to get the house they really want.
Furthermore, is purchasing really cheaper for a non-wealthy person considering that there are closing costs and many other fee's associated with the buying and selling process as well as the upkeep or upgrading costs and responsibilities to repair any potential damages that you wouldn't be responsible for if you rented?
Just looking for some differing points of view here.
Is home ownership really a scam and a complete NO NO for non-wealthy individuals? I'm currently in the process of selling my home right now and am really considering NEVER owning again and only renting. At least until I have a large liquid net worth. One argument for this is that people talk about investing and diversification and realistically most people have 50% or more of their entire net worth tied up in their home, which is not highly liquid. Not to mention the debt load some people take on to get the house they really want.
Furthermore, is purchasing really cheaper for a non-wealthy person considering that there are closing costs and many other fee's associated with the buying and selling process as well as the upkeep or upgrading costs and responsibilities to repair any potential damages that you wouldn't be responsible for if you rented?
Just looking for some differing points of view here.
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