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pay rent or buy property?

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Olesann

New Member
Why do rich people pay rent instead of buy property?
 
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michelle1121

New Member
I'm following this thread. Hopefully, someone responds to this as this is something that I don't understand as well. As someone who has always rented and just bought a new house from Ballymore Homes, I don't get how some people who have money prefer renting. Is it because they don't want to commit to staying only in one place? As for me, I see buying a house as an investment and I would definitely pick it over renting.
 
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Dora Wi

Member
Long-term I also think that buying a property is a more logical option. But there is a certain kind of freedom that comes with renting, for example if you don't want to tie yourself down in one place and instead prefer to move to different parts of the country or even the world from time to time, you can do that more easily.
 
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johnpast2122

New Member
It depends, rent could be a better choice if you know how to invest
that's what this video say
 
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bhupinderbhatti

New Member
When it comes to deciding whether to buy or rent a home, there is always a heated argument regarding which option is the most financially sound. Both sides have solid points, so it's a little complicated. Renting has its own set of advantages, such as reduced accountability and greater flexibility. However, many people believe that buying a home rather than renting is the more cost-effective option. When it comes to determining which option is best for you, it's not just about the money. It's also about your well-being and long-term objectives.
 
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Dora Wi

Member
When it comes to deciding whether to buy or rent a home, there is always a heated argument regarding which option is the most financially sound. Both sides have solid points, so it's a little complicated. Renting has its own set of advantages, such as reduced accountability and greater flexibility. However, many people believe that buying a home rather than renting is the more cost-effective option. When it comes to determining which option is best for you, it's not just about the money. It's also about your well-being and long-term objectives.
I agree, I think there is no one good answer to which one is better. A lot depends on personal preferences and goals.
 
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jamifids

New Member
Rich people who live in rented apartments are the exception to the rule. They usually rent apartments to people like us.
 
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Dora Wi

Member
Rich people who live in rented apartments are the exception to the rule. They usually rent apartments to people like us.
I have also heard of wealthy people living in hotels. I find that really interesting.
 
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Elo Stew

New Member
Why do rich people pay rent instead of buy property?
Buy a property using 20% downpayment, then borrow money from the bank for minor renovations and have it rented out by other people that you will use to pay your debts and complete the payment for the property.
 
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Dora Wi

Member
Buy a property using 20% downpayment, then borrow money from the bank for minor renovations and have it rented out by other people that you will use to pay your debts and complete the payment for the property.
This is not a bad idea, I guess this would fall under the method of "house hacking". It doesn't really answer the question, though :)
 
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