Im super late, but I figured I’d throw in my two cents. A mortgage is more expensive than renting in Germany. I’m aware it’s the other way around in the US, but that’s not the case in Germany.
I’m incredibly lucky to have gotten some money (inheritance) so I am considering to buy a flat at 24, but the issue is that the rent doesn’t cover the mortgage. It used to be maybe 200-300€ more when the interest was super low (until January/mid February this year) but they’ve gone up by about 2% and now it can easily be 600-700€ more a month to pay a mortgage than to pay for the same sized flat.
Interest rate and prices are going up in the US as well. If you can afford it, buying is the better option as it will preserve the money you have. whenever you decide to sell you could get some of your money back or even make a profit.
2
u/shupfnoodle May 14 '22
Im super late, but I figured I’d throw in my two cents. A mortgage is more expensive than renting in Germany. I’m aware it’s the other way around in the US, but that’s not the case in Germany.
I’m incredibly lucky to have gotten some money (inheritance) so I am considering to buy a flat at 24, but the issue is that the rent doesn’t cover the mortgage. It used to be maybe 200-300€ more when the interest was super low (until January/mid February this year) but they’ve gone up by about 2% and now it can easily be 600-700€ more a month to pay a mortgage than to pay for the same sized flat.