[quote=underdose]There are good reasons to either rent or own. It all comes down to your personal situation and what’s right for you.[/quote]
This is the take-away point. Rent vs. own is not a one size fits all.
If we were renting we would not have been able to build a handicap accessible granny flat for my in laws to live in. Building it may not have been the best use of our money, when you compare it to investing, but it was the right decision for our family needs, our lifestyle, etc. Math doesn’t factor in the upside benefit of having my kids’ grandparents live 100 feet away.
But, renting would have been far cheaper than buying. And not building the companion unit would have been a LOT cheaper.
Everyone has to do the cost/benefit analysis for themselves.
I’m looking at less than 9 years till the mortgage is paid off. Realistically, less than 10 years (probably around 5 years) before my in-laws aren’t able to live independantly or pass on… at which point we’ll rent out the granny flat for income… It’s all good in the long run.
