Renter to Owner
Out of context: Reply #25
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No plan to buy anytime soon, and I have a wife and 2 kids. Aside from the obvious financial part of it, we just don't have a desire to buy even in the current market. I think it's more of an American ideal than anything else. You start to feel like, since I am X age, I should really own my own place by now. Not saying it's a bad thing, just make sure it's for the right reasons. Remember as soon as you owe money to any bank, you become a slave to them. Until you pay off your mortgage loan, you are a slave to your debt. I don't mean to sound overly harsh but my advice would be, buy only if you can pay cash or have a huge amount to put on a down payment. Most people will end up paying x2,x3 or even 4 times what their property is worth by the time they get done paying all the interest.
The key is this, if you rent, put money away where you will get a return on your investment. The days of the housing boom are over (where people were seeing huge returns on their property), and if anything it's more of a hedge against inflation than a real "investment" these days.
Just my 2 cents.