I got tired of renting, and I looked it up, I realized I'm paying the equivalent of a $300k property for a standard 30-year mortgage in rent. And a $300k house is much nicer than my apartment.
I saw a $50k condo down the road from me. It looks not quite as good as my current apartment. Getting a mortgage for something like that is much better than renting, right?
It's a simple question; would you rather pay your own mortgage or someone else's?
Lol, now that you put it like that.
I think I'm going to at least look at it. With how much I currently make (and my boss hinted a raise for me, if I don't get it, I can work elsewhere to get it, it's not like there's a shortage of places needing IT guys), I could pay that mortgage in MUCH less than 10 years. Even if the condo is shit, I'd rather live in shit and have money than live in a polished turd, paycheck to paycheck.
I definitely don't recommend making any investments based on a raise you don't have yet or a possibility of a better job you don't have guaranteed. Never a good idea to count your chickens before you even have any eggs to hatch.
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30 years from now, do you want to be able to sell the house and pocket 200K , or do you want your landlord to sell the house, kick you out, and pocket 200K?
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