Quote:
Originally Posted by BigK
Why do people rent? First of all, it’s a lower cost to the owner. When you “own” a property (especially a house), you have to spend money to maintain it (insurance, community fees, repair, lawn etc.) where I don’t have to pay anything when renting other than the monthly rent. Second, when you take a 30 year mortgage like most people do in America, you end up paying double the financed amount if you stick with the house for 30 years. For the first a few years, most of your payments go towards the interest rather than the principle so you don’t really own anything, the bank owns it. If you don’t believe it, try not to make your payments for a few months and see what happens. And since people move around so much in America, it’s really not realistic someone will stick with the same house for 30 years. So what you do? Selling the house and take another mortgage, talking about stuck with payments for life…
I’m not saying owning something is bad, I rent but paid off both of my cars. But IMO, as long as I have a comfortable place to live, I don’t give a f*** who owns it, same goes for cars.
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BigK that was THE dumbest response ever! Go play some monopoly!