I need to vent!

[TheDirtyDigger]

I am more interested in someone who can point out a flaw in my reasoning regarding a single person who is completely solo getting a mortgage instead of renting and saving.

Don't know if I can point out a flaw here as I hate debt, have none and wouldn't like the thought of being tethered to a mortgage...

...BUT...

my brother and I...

(1) I don't have a mortgage, have much more disposable income, cash on hand and savings than him.

(2)He is around 100-150,000 dollars wealthier in real terms than I am and if he sold up now he'd be in the same position as me except with that decent amount more in the bank than myself because he chose to get a mortgage.

It's not a bad investment and one you needn't feel truly tethered to as you can sell when you want.

[gamblor916]

I don't think a mortgage is a bad thing. At the end of it you have a property which is yours and you can do what you like with it including selling it.
I have a mortgage which I'm paying off at double the minimum rate set so instead of being tethered to it for 25+ years I should be free of it within 6 or 7 years (fingers crossed). After that point if my income stays around the same mark the amount going into the mortgage will free up and I can look into other investments. Short term pain long term gain.

[sanbot]

And there's the great freedoms that renters have that homeowners do not. Like Kup says, he can work and live any place he wants. Renters can finish up a lease, go travel the world for 6 months to 6 years, come back and not have lost anything in the process. I'm moving to QLD in 6 months. I only plan on living there about 5 years and the moving somewhere else, possibly even internationally. These would not be options with a mortgage.

It could also work the other way around. You may find yourself in the position that when you move to QLD and find that perfect place to rent, the owner may one day all of a sudden decide to sell (for whatever reason) to someone who doesn't want to rent and you'll have to move even if you don't want to.

Its happened to me before and it wasn't the most convenient of circumstances given how tight the rent market was at the time.

There are inherent advantages and disadvantages in both renting and mortgaging. What it comes down to is what best suits your situation.

[liegeprime]

reminds me of Cher's If I could turn back time

Hahahaha same thing I thought of first - Will and Grace episode - Jack gets slapped by his idol.

[jaydisc]

It could also work the other way around. You may find yourself in the position that when you move to QLD and find that perfect place to rent, the owner may one day all of a sudden decide to sell (for whatever reason) to someone who doesn't want to rent and you'll have to move even if you don't want to.

You're 100% correct. And that's even actually happened to me twice personally.

There are inherent advantages and disadvantages in both renting and mortgaging. What it comes down to is what best suits your situation.

Perfectly put.

[liegeprime]

Sorry - that was my own frustration with people always telling me crap like "don't worry the right person will show up" when they ask if I have a girlfriend and I say no. They assume that I am looking for one or that I am feeling sad for not having one as if that matters to me.

You and I both, as if my life isnt complete and happy as it is and people keep "referring" me to this girl and that. Sheesh. Besides, for me, single blessedness IS a blessing for those of us content with just ourselves.

[STL]

Crappy! I'm gonna have to work weekend again. That or work late weeknights.

[kup]

Crappy! I'm gonna have to work weekend again. That or work late weeknights.

I prefer late at night than weekends.

[STL]

I prefer late at night than weekends.

Yeah, but I've already worked 9-5 on weekdays and then backed it up with other stuff on teh side. So weekend's are a punk

[Vector Sigma 13]

Well i got a call today saying the offer i made on the house and land was accepted. Thats cool so i head down to my local broker to organize some finance only to be informed that a whole bunch of lending policies have changed since my last visit at the beginning of the year. Must have had my head in the sand or something as all the changes occured as of July 1. So now Im in a predicament in that i have to raise a substantial amount of money if all is to go ahead. Bugger it all- i hoped it would all run a little smoother than this.

Gotta get the house inspected too (havent told the agent yet) because the house is old and has been a bit neglected. We a re hoping to live in the house until my missus finishes uni (about 3 years) and then renovate it. So if the building inspector says stay away then the house will go back onto the market. The big thing that is luring us to this place is the large 2 acre block it is on and the houses old design (high ceilings/ roof, traditional style).

With four kids we need a lot of room!