I agree with PerryChase. It’s not your fault that you got caught up in a mania. I guess I’m on the opposite end of the spectrum, we have a condo on the beach with a spectacular view. My thinking is if you have to be on the sideline be in a place you want to live in. Trust me it makes it much more tolerable. I would like to admit that we were very fortunate to find the rental we did. The landlord bought this place over 20 years ago and owns outright along with four other properties in the area. Our rent for what we have is extremely low but it is all profit for him. We have had one small increase in three years, primarily because we treat the place like we own it pay rent like clock work and give him suggestions on upgrades. He’s almost afraid of losing us as tenants.
I know we all know this equation of renting verses owning and this is the barometer I use. We have an additional savings of approximately $12K a year by renting versus owning (factoring in tax breaks). We will probably buy when we can break even. Our quality of life is better renting. I like to compare ourselves to couples of equal circumstances and income (apples to apples) that decided to take out these insane mortgages to attain ownership (we’ve been in the market i.e could have bought since 2004). We just came back from a 2 week vacation in Europe, what did the couple that bought in the last couple of years do? If we were to own right now, that would be the extent of what we could do. I’d rather go to Europe.
