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Question: Can it be better financially to rent in the long run, compared to getting a mortgage and buying property?

(Posted by: on 2011-12-02 08:35:13)

Posted by: knowssignlanguage on 2011-12-02, 08:37:32

It really depends on what you can afford. I would think mortgage or rent to own would be best because renting is waisting money because it will never be yours. least if you rent to own or have a mortgage it will eventually be yours.

Posted by: Simon on 2011-12-02, 08:53:28

It is a fallacy that anyone who doesn't own their own property is worse off. There are many people who rent their whole lives, and still make significant amounts of capital by other means. You are also spared the problems of negative equity, and it is much easier to move house when you do not have one to sell. If you time it right, then buying a property can be a good idea - and thats what I did. But the concept of "I must own my own property at any cost " and having a mortgage that uses up the majority of your income purely to ensure that you are not renting, is plain stupid.