01-26-2017, 06:55 AM
I think it is a little less cut and dry than that.
1) a huge factor is the local real estate market condition ( I know someone that bought a property when their town was booming for 150k and 6 years later the market has these same places for 40k due to the local economic conditions) .
2) if you are the type of owner that is willing to put the effort into continuously maintain and upgrade your property
3) what you do with the money saved ( the difference between the monthly owning cost - renting cost) if this is regularly invested and performs well you may see very similar financial gains to home appreciation without as much effort
4) Life style choice, some people want to live their lives doing what they want to do and are less interested in doing the elements in 2) meaning there is some sacrifice ( time, enjoyment) gains potentially when owning due to the amount of work required.
5) perhaps a smaller factor is family size but this is more about unit type. I think it becomes more economically friendly to live in a house/town house with increasing family size. As discussed earlier finding a suitable condo/apartment for 4 or 5 people. Is significantly more expensive and difficult than a similar unit for 1 or 2 people.
1) a huge factor is the local real estate market condition ( I know someone that bought a property when their town was booming for 150k and 6 years later the market has these same places for 40k due to the local economic conditions) .
2) if you are the type of owner that is willing to put the effort into continuously maintain and upgrade your property
3) what you do with the money saved ( the difference between the monthly owning cost - renting cost) if this is regularly invested and performs well you may see very similar financial gains to home appreciation without as much effort
4) Life style choice, some people want to live their lives doing what they want to do and are less interested in doing the elements in 2) meaning there is some sacrifice ( time, enjoyment) gains potentially when owning due to the amount of work required.
5) perhaps a smaller factor is family size but this is more about unit type. I think it becomes more economically friendly to live in a house/town house with increasing family size. As discussed earlier finding a suitable condo/apartment for 4 or 5 people. Is significantly more expensive and difficult than a similar unit for 1 or 2 people.