Just a quick question for those that rent by choice
I was just wondering, I have a mortgage and it does cause me grief and I go through phases of wishing I rented so I didn't have the responsibility etc. I know these days there are arguments for both owning and renting (especially when some ppl are paying $40k pa in interest only!)
But the thing that always scares me back into sticking it out is what happens when I am old? When I am unable to work or what to retire/work less? If I own my house I assume I can get buy on far less income/savings. Everyone tells me there will be no pension (no idea if thats actually true) - but if it is then what?
I know I will pay heaps of interest and my $300k loan will end up costing me more like $600k - but I figure that I have the next 30yrs (hopefully) to pay it off. I would like to pay it off before that and then save a bit of money also so I am actaully able to retire/work less.
So I was just wondering what other ppl think? Particulary those who rent by choice? Why do you do it? And what about when you are unable to work? Will it be that you saved enough money to retire on by not buying that it won't be a problem?
I knwo for some ppl that they would love to buy but simply cannot afford it right now, does this stress you out or its a day at a time kinda thing?