Comment by astura
9 years ago
"You should own," no, everyone is different.
Many people have no interest or ability to take care of a property. I watched my grandparents' house deteriorate and literally fall apart from neglect. [I used to think the roof leaking when it rained was a totally normal thing] They had literally every appliance in the house break over the years but they didn't have the wherewithal to replace anything so they just went without. They lived in total squalor for years, it was depressing (as well as very dangerous) visiting. If code enforcement stopped by they'd be homeless.
For sure, there is many, many benefits to owning, I love being a homeowner (most of the time - though I did get a little sticker shocked at my first 4 figure repair bill), but don't believe for a second "everyone should own."
I don't disagree with your broader point. But I would point out that owning doesn't need to mean owning a standalone house. In addition, in general, renting starts to become problematic at some point in life where being forced to move because the landlord sold the property becomes a really unpleasant situation.
Condos are another can of worms.
I just very briefly touched on one issue with owning and why it may make sense for someone to rent for years (even if it might not be financially optimal[1]).
Books could be written about the topic.
The main takeaway is "everyone is different." And "one size does not fit all." Remember, many businesses still choose to rent over buying.
[1] plus you only truly know in hindsight what was truly financially optimal
>don't believe for a second "everyone should own."
You really should own if you're going to stay in the same place. If you can't take care of your place, and you rely on a landlord to do it, you're going to be in for a bad time when you have a landlord that doesn't give a shit. Which a lot of them are.