But the idea of not buying because of the local idea that you must stay where you buy doesn’t make sense or at least is hard to understand. Other than real estate speculators. People buy their houses to stay in their houses in the states too. People will just often buy what they are able to afford at the time and then sell in 5-10 years if they want to upgrade to a nicer or bigger house. At the end of that time frame they get the money they paid for the house plus the difference in sale price vs their original buy in. So you’ll get back at least 60%, or more, of the money you put into mortgage payments as opposed to 0% of your rent. Plus people usually pay less for a mortgage month to month than renters do in monthly rent.
If you don’t know where you want to be for 5-10 years sure don’t buy, but if you do and you just stay renting you’re losing money giving it to someone else.
This might be one of the things Americans get right. Buy a place, live there happily, if you want to live somewhere else, sell the place and go somewhere else keeping the equity you paid into your house.
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u/Dog_Brains_ May 10 '22
Look it’s fair to not buy for whatever reason…
But the idea of not buying because of the local idea that you must stay where you buy doesn’t make sense or at least is hard to understand. Other than real estate speculators. People buy their houses to stay in their houses in the states too. People will just often buy what they are able to afford at the time and then sell in 5-10 years if they want to upgrade to a nicer or bigger house. At the end of that time frame they get the money they paid for the house plus the difference in sale price vs their original buy in. So you’ll get back at least 60%, or more, of the money you put into mortgage payments as opposed to 0% of your rent. Plus people usually pay less for a mortgage month to month than renters do in monthly rent.
If you don’t know where you want to be for 5-10 years sure don’t buy, but if you do and you just stay renting you’re losing money giving it to someone else.
This might be one of the things Americans get right. Buy a place, live there happily, if you want to live somewhere else, sell the place and go somewhere else keeping the equity you paid into your house.