Renting Was the Better Financial Decision

This may sound strange coming from a real estate professional:

I recently advised someone not to buy.

For years we've been told that renting is throwing money away but that's not always true.

In this case, the buyer was considering a condo that would have increased their monthly housing costs by nearly $2,800 compared to their current rent.

The building had substantial Condo Fees.

Property taxes are rising and based on their likely time horizon, transaction costs alone would have consumed much of any expected appreciation.

When we compared the numbers side by side, renting wasn't the compromise.

It was the financially superior choice.

The problem is that most rent-versus-buy conversations focus exclusively on ownership.

The better question is:

"What happens to the money you don't spend on housing?"

If that money gets invested, saved, or used to improve your financial position, renting can create substantial long-term wealth.

Buying can be a fantastic decision.

Renting can be too.

The goal isn't ownership.

The goal is making the best decision for your life and finances.