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Art_from_Ark

(27,247 posts)
5. If you're only going to stay in a place a few years, renting is probably better
Thu Aug 27, 2015, 09:26 PM
Aug 2015

If you're renting and you suddenly get transferred somewhere else, you don't have to worry about what to do with your house.

If you're renting in what looks like a good neighborhood but turns out to be a crappy neighborhood, or if your residence has too many issues, you can get out of Dodge real fast. You can't do that if you've got a mortgage in that neighborhood.

Also, if you have a mortgage and you have to move when the market is down , you can lose a lot of money if you're forced to sell.

And then there's all that interest that has to be paid with a mortgage.

And if you are buying, you have to pay property taxes and upkeep while the deed is in your name.

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