Rent vs Buy: So when a person comes to me and say they’re renting an apartment, renting a home, um, I’ll always talk to them about, Hey,
what are you paying per month for rent? And I make them realize it’s going to be a little bit more
for mortgage in most cases, especially in this market. But I’m going to explain to them what they’re getting from that mortgage.
You know, whether it’s going to be interest deduction on their taxes, whether it’s going to be amortization over the course of the loan,
whether it’s going to be equity, they’re going to be building in that property. Whereas on a home that they’re renting,
they’re really paying a hundred percent interest. So it doesn’t really matter what interest rate you’re paying for a mortgage, the rent is always gonna be a higher
interest rate than what the mortgage is going to be. And you can always take that mortgage. You don’t, can always reduce that mortgage payment
with a refinance down the road. You’re not gonna be able to do that with rents unless maybe you got a smaller apartment.
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