Rent or own property? Which one makes the most sense for you and why? I've read of people who could own if they wanted to but still choose to rent, so I'm wondering about the thought process behind that. Do you have an opinion on this?

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Depends on your goals - 5 years ago I bought my first condo in my hometown with the plans to turn it into a rental when I upgrade.

Now I want to move but not be as committed to a. City until I find one I like so I’m planning to rent.

It’s a combination of
1) do you know where you want to be for the next 5-10 years (varies based on down payment / closing cost recoup etc)
2) ability to secure financing / have the down payment etc.
3) willingness to upkeep the property (a lot don’t want to deal with maintenance and some rent because you can hop from new to new without having to update fixtures / aesthetics etc)

I think the predictability of payments / rent inflation aspect is one to consider, but for me a bit less important

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I think it depends on the market.

I bought a condo in the Seattle area that needed some work (but was still livable) in early 2021. I got a great price and an amazing interest rate. My basic housing costs are a little shy of $1450/month (mortgage, escrow, HOA). My old apartment is currently renting for $2200 per month, PLUS needing to pay for a carport, water, sewage and garbage (all included in my basic housing costs for my condo).

Yes, I do need to pay for repairs and maintenance, but I’ve been mindful of that and made sure to save money or finance the work at 0% interest.

So for me, buying was the right choice, but it’s important to pay attention to the market in your specific area in order to make sure you’re doing what makes sense for your needs and your pocketbook.

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