Rent vs Mortgage
So let's have a conversation about renting vs mortgage.
I had a client one time that was thinking about buying a house. He was renting, and I had to sit down and break this down for him.
Let's say that you're renting a property and your rent payment is $2,000 a month. Over the course of 12 months, that $24,000 that you have just paid down on somebody else’s mortgage that you'll never see again.
Now, if you went back and you bought a house and you had a payment of $2,000 a month, not only have you paid down a small amount of your principal, but you've also gained some of the appreciation during that time.
If you're renting for 12 months and you were spending $24,000, you might as well just throw your money down the toilet because you are never going to get anything for it.
And at the end of the day, all you have is a lost security deposit because you decided to hang up a picture.
Mellanda Reese | 404.217.6005