Reply To: Buy a house or Rent??

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#754091
aries2756
Participant

You really need to sit down with your accountant and figure out what you can afford to do. Yes renting is only throwing money away, but you have to take into account ALL the expenses of ownership which of course is everything everyone said above plus utilities and repairs including boilers, roof leaks, sidewalk repairs, lawn maintenance, etc. You need to look at the whole picture. That is why some people try to build equity slowly by buying an apartment and work themselves up. If you buy an apartment which is only 1/2 of a house or 1/3 of a house and share the costs you still build equity because you are not throwing your $2,000 away each month, you are paying off a mortgage and you still own your apartment which you can sell down the line and use that money as a downpayment for something you can better afford later on.

Only you and your financial advisor know what is best for you at this time. Hatzlocha.