Renting vs Owning — a no brainer.
If you have a rental that costs you $1500 per month over 1 year you’ve just spent 18K. Multiply that by 7 years and you’ve spent 126K. That money is GONE. If instead you had a mortgage even if it was a higher amount than your rental, at say $2000 per month and you have to pay for taxes and insurance — with the tax benefits of home ownership (providing you didn’t buy in the last real estate bubble and pay 150K over the value of the home just to get it in the multiple offer arena) do you think you might be at least break even? Once we get back to a historic curve equity gain becomes more predictable, but the chances that you could be up by 126K over a 7 year period vs being down for sure seems to me like good incentive to start thinking about getting approved for a loan and makin’ a call to yours truly to go out and take a look at a few properties.