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Old 01-17-06, 09:00 PM
Michel Gagnon
Year-round cyclist
Join Date: Apr 2002
Location: Montréal (Québec)
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Contrary to what is "the American dream" and "the Canadian dream", there are pros and cons about owning a house, so it is not "foolish" to rent.

– "Money given to the landlord is money thrown away, whereas money spent to buy a house will give you a return on your investment". True, but all the money paid in interest charges and taxes is money thrown away. If you have a 25-year mortgage, you pay the price of your house in interest charges (depends on interest rates obviously). And assuming you had the cash to buy the house, that cash at the bank would pay you some interest.

– When you buy, you can change partitions, wall colours, landscaping, etc. Not as easy when you rent.

– When you rent, landlord does the repairs. Simple and sometimes efficient.

– You change jobs, have twins, children that move out, etc... when you rent, it's easier to move than when you own.

– Even in a condo or with a small house, there is more maintenance to do. And if you leave for extended holidays, you have to get someone to inspect once in a while. In an appartment building, it's "automatic".

– Getting many bikes into an appartment building may be problematic.
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