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Should I buy or rent a place?

Discussion in 'Fine Living, Home, Design & Auto' started by j, May 2, 2006.

  1. GQgeek

    GQgeek Senior member

    Messages:
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    Location:
    Canuckistan
    You're single then? I think that's going to make getting a decent mortgage pretty hard. My sister recently tried and even though she has a decent income, her bf's is shit. They really want the safety of dual income to make sure that someone can pay the rent in the event that the other person loses their job.

    I've also been doing the math recently and I've come to the conclusion that I'm better off investing 50k than sinking it in to a place of my own. I'm pretty sure the market will out-perform real estate and like modsquad said, even though you'd be building equity, there's an opportunity cost on that 50k.

    Also consider that the bulk of what you pay when you first buy will be interest so you're building very little equity at first. Interest payments represent flushing money down the toilet just as much as paying rent does.

    For me, the higher expected returns of investing in stocks is worth sticking it out in apartments for a few more years. Especially in Montreal where the rents are very reasonable.
     

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