Are we missing out?
Does anyone else have this burning fear that while you are stacking all this cash today for your dream home, the housing market will just take a massive turn for the worse and you’ll be stuck with the scraps and everything worth a damn will be forever out of reach? I know for a fact that where I work today, is not where I want to put down roots for my family. I look at Zillow every night and see homes I know I can afford but my current position won’t let me work remotely and there is nothing in that area that is adjacent to my current role. Am I crazy to think about saying screw it and just getting my dream home now and taking a massive pay cut to lock in my American dream?
The idea that renting is somehow a waste or "throwing money away" versus owning is such a laughable idea, particularly on a finance forum.
I mean, is it? While I hate it when boomers make comments like "$3,000 for rent? hah, yea you might as well just buy a home" I do understand that the money going towards rent could be going towards a hypothetical mortgage. But curious to hear your take.
as with a lot of things, you should run the numbers for your particular situation. If you don't want to be in a place for a while and don't want the headache of what's involved in landlording (e.g., maintenance/repairs and capex projects, etc.), then rent, but also keep in mind based on the macro environment it may be cheaper to do one vs the other.
Oh yea fs being a home owner has all the headaches of actually fixing stuff so I get that, honestly forgot about that aspect when writing my response.
given how trades are still in such demand, expect delays and high costs, so it is a significant cost. I was getting quotes earlier for replacing windows, and it was a bit shocking.
You’re not crazy, I left IB to prioritize my family and our ideal location. I took a massive pay cut but I’ve never regretted it. It just comes down to what you value most.
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