“You might have heard the old adage “renting is throwing money away.” It seems like common sense. You don’t buy anything when you rent, but you keep to keep the house you buy. However, nothing could be further from the truth.
As personal finance blog Afford Anything breaks down in massive, incredible detail, buying a home is a lot more complicated than “Rent, except you get to keep it.” Not only are there major additional costs that you’ll be paying for the rest of your life (like repairs, renovations, and property tax), but for the first several years of your mortgage, you’re barely even gaining any equity!
Should you keep renting? Is renting better than buying? Or should you purchase a home? Is buying the better choice? Your answer is going to depend on a massive number of factors, including:”
Read the full article at Lifehacker.
