Should you rent or buy? Pros and cons for both. There are also so many positions on this topic – and it changes as things change. But the one argument we all have heard – “You’re throwing you money away by renting.”
In the big picture, if renting works for someone – are they really throwing their money away? Just because it doesn’t make sense to you or others, does it make it wrong? It's usually a black and white decision for many!
Home ownership and having children follow one concept - it's a long term commitment. If you are going to do it - do it right - or don't do it. That said, there are some people that just aren’t meant to be homeowners – they are renters – and they will always be renters.
It’s no different than those who know they never want children (I can't imagine my life without my daughter!) But I respect those who know if they won't be good parents - why have kids? If it doesn't work for you - then don't do it - especially with major things like kids and houses.
Something that doesn't make sense to me - leasing a car. Why give a dealer down payment money, make monthly payments, maintain the car, only to have to return the car at the end of the lease? To me, that’s seriously throwing money away. But it works for some people – so why should it matter? It shouldn't! Right? Right!!
The point is, no matter what makes sense to you, don't push it on others. When a tenant asks, “Do you think I should consider buying?” – I always ask questions that usually start with, “What are the reasons you decided to rent in the first place?”
People know what works for them – and they know the pros and cons of renting vs. buying! But if renting, leasing, whatever, works for them – it doesn’t make sense to try and convince someone to do something that only makes sense to me!
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