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/biz/ - Business & Finance

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58435751 No.58435751 [Reply] [Original]

I was listening to one of Peter Schiffs podcasts and he says renting will always be better than owning a home and cheaper in the long run because whatever happens to the house won't be your problem. The sudden 5k$ repair, new roof, new plumbing, etc. This man owns like 3 houses btw.

Is he right?

>> No.58435767
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58435767

>>58435751

Renting is worse than owning a house, because your landlord could fuck you over by raising rent

His answer would simply be: Then move!

However, this advice only works for global parasites that have no ground nor reason to stay at the same place.
People that aren't bound to family and have no meaningful friends to stay.

>> No.58435799

>>58435767
It's the other way around. It's worse for the landlord because if you're a good tenant he has to go find another good tenant (which is hard to find). He also has time on the line has days go by without getting income from his lost tenant

>> No.58435831

>>58435751
From personal experience, wife and I bought our house 7 years ago for $409k cash. Stacy’s Zestimate says it’s currently worth $667k. We’ve spent maybe $60k in maintenance/upgrades and about $16k in property taxes. If we would have rented for those 7 years we would have paid somewhere around $210k in total rent for something similar with nothing to show for it. As for having a mortgage and all of the interest we would have paid, I can’t speak to that, and that’s a completely different equation. Sure we had some pretty major opportunity cost with paying cash for our house, but we highly prefer a stress free life and knowing we aren’t paying some Wall Street scum interest feels good man.

>> No.58437496

>>58435751
>Is he right?
Fuck this asshole. Ask boomers if he's right, holding shit for 30 years and getting mega paid. Then ask Schiff if he rents.

>> No.58437797

>>58435751
>rent for 40 years - rent spent - $500k
>buy - $50k down payment, mortgage costs $600k over 30 years
>house appreciates by $500k in the meantime
Scenario 1: you're out of pocket by $500k and still have to continue to pay for your accomodation when you retire
Scenario 2: you have made $500k and dont have to work in retirement
Gee i fucken wonder which is better

>> No.58437805

>>58435751
Depends, if you can buy a solid home without getting in debt then he is wrong. A house is an investment as well and gives you a lot of quality of life. You could also rent it if needed.
But if you have to get into serious debt for the next 30 years to buy one of those wooden sheds they call a house in the Us then he is probably right.