It sounds really obvious, but i’ve vocabularised for myself why owning is better more secure than renting (a house) in the long term.
Look at the cost of both renting & repayments.
e.g.
The Homeowner: Grovels to save a deposit for who knows how long, finds a house, pays rates, insurance etc, makes weekly repayments of, let’s say $500 per week.
The Renter: Chooses a place, moves in, pays $400 per week, no rates or house insurance to worry about.
Here’s the thing… The Homeowner purchases not just a house, but the right to the security of having ever-lessening repayments each week year. The renter forgoes that security, and whilst paying less now, is at the mercy of rent increases and supply of good rentals forever!
I really don’t care either way…. it’s an old fashioned kiwi cliche the whole “get into a house mate”. Just had a moment of clarity about how it all works.
