BigZ
Well-Known Member
Perhaps. But it is also a cheap insurance against buying a house in a place you won't like based on online reviews and ratings.Nope, not at all. Kalifornia has a lot of areas where mortgages are more expensive than renting. You’re still better off buying. Rent is just money flushed down a toilet to make someone else wealthy. If I’m paying $3,000 for a mortgage on a property that would only rent for $2,800/mo, I’m still far better off. Even at the very beginning of that loan, $700/mo of that mortgage payment is going back in my pocket as equity, plus the property is appreciating, plus I’m getting tax advantages. That $2,800 rent payment as an alternative? That money is just gone. Forever. You flushed it.
Temporary housing arrangements via corporate relocation programs help a lot, but are mostly inaccessible for pilots. I'd rather pay a year (7 months preferably) in rent and do a due diligence research on the area I've never lived in than deal with the closing costs of selling a mistake.