Comment on Poignant post on the state of things
Sami_Uso@lemmy.world 9 months agoWhy not just find a nice apartment? I’m not trying to be a jerk here or anything, but if owning a home puts you out that much, why not just keep renting?
Because retiring when you don’t own a home is difficult. Not only is rent a lot more than property taxes, but it tends to go up unpredictably.
So for most people, buying a home of some kind is a given. Doing so sooner means saving more money, because rent is just burning money, but your mortgage payment builds equity.
A lot of people feel rent is throwing away money. However, interest on a loan will cost a lot too so it’s not super straight forward
Pay my own mortgage or someone else’s? Seems pretty straightforward to me.
A lot of people feel rent is throwing away money. However, interest on a loan will cost a lot too so it’s not super straight forward
It honestly is pretty straightforward, from my perspective. With a fixed-rate mortgage, yes, there’s front loading of interest but the down payment and the portion of payments that goes into the principal is yours. If the you sell, that portion never goes away, as long as the value at least maintains. And, the payments do not change. You can even take further loans out of it, once you pay in enough (ex - replace a garage door).
When renting, none of the payment is yours once it leaves your hands. You’re also at the mercy of the landlord’s rules and whims when it comes to rent increases. End up disabled or retired on a fixed income? You’re boned the moment that the landlord decides that they can make more than you can afford to pay. Basically means that you’ll never be able to enjoy your later years to their fullest.
And that’s purely financial. Not even getting into the messed up limitations on one’s agency. It’s really messed up that the ability to buy a home has been stolen from so many of us.
Nothing has given me more ire towards renting than the removal of agency and lack of options. I need permission to do my laundry? I have to request someone fill a card value and the minimum is $15!? Oh and a single load of laundry is $5??
Ooor I could drive 15 minutes away and sit in the closest laundromat for 2 hrs for $6 (plus gas, time, etc.)
This sounds highly specific and not indicative of most people’s renting experience lol I’ve never heard of anything like that in my life. Ive been renting since 08
Colour_me_triggered@lemm.ee 9 months ago
It’s more expensive and less stable. So fuck that.