I don't know why people think of renting as somehow "lost money". In that way of thinking, paying the interest part of a mortgage is also "lost money". Also, even when you've got equity in the property or even finally own it outright, the equity in the house doesn't earn interest as it would if it was in the bank, so that's also "lost money" from owning a house.
For example, I've enough money that the interest on it more than covers my rent, quite easily, so I gain overall every month. But that money would only buy half a house, so if I did buy, I'd have to pay lots every month.
Owning property is way more expensive than renting, at present. And thats before you even start considering stamp duty, other fees, lease payments and repairs and maintenance. Or falling house prices.
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timeasmymeasure
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Date: 2008-07-09 01:15 pm (UTC)For example, I've enough money that the interest on it more than covers my rent, quite easily, so I gain overall every month. But that money would only buy half a house, so if I did buy, I'd have to pay lots every month.
Owning property is way more expensive than renting, at present. And thats before you even start considering stamp duty, other fees, lease payments and repairs and maintenance. Or falling house prices.