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RE: On the punishingly depressing cost of housing in the UK in relation to median income and expenditure patterns
Home ownership just isn't worth it when you run the numbers (at least here in the states). After you consider insurance, interest cost, and cost of repairs/maintenance it's like a 20 year investment just to break even when compared to renting.
It's just that nostalgia of owning a home that makes it an emotional buy. Honestly, I wish I would have been explained shown this 10 years ago it would have saved me and made me a lot more money.
Surely it's still worth it even if it takes 20 yrs to break even... renting is just givng money to someone else!
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Well I guess I should explain. Owning a house is a terrible investment. It takes too long to get your money back vs renting. I'm not sure if it's 20 years or 10 years pay back, but regardless.
Owning a home is a terrible investment was my point. It's a personal decision to own vs rent. It's a better option to use the money you save on renting vs home ownership and investing that money.
Hopefully, that's a better explanation of what I was trying to say.
Yup gotcha... I thought you might have been thinking about investing elsewhere... You may have a point!
I just like the security of having my own home and it making me less dependent on finance systems once I've finally paid for the damn thing!
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I completely understand. I thought the same way and now it's just too big of a pain to move again. I think if we do ever move again we'll definitely be checking out rentals.
The other thing I don't like about rentals (especially when I lived in an apartment) was that you're at the mercy of price increases. It seemed like every time I renewed my lease my rent was going up by 100 - 200 dollars.
Not to mention the dreaded service charge when it comes to flats.
I NEVER want to move again, that costs a fortune too.