Don’t get married
Always wear a condom. Never get married.
Don’t buy a house.
I’m curious why you say that, unless you mean in today’s market. Sure, it’s expensive and often something needs fixed. But it sure beats paying inflated rent to someone else to live surrounded by methheads, folks with kids that literally bounce off the walls all day, and/or older folks that go to bed at 6pm and complain if you make a peep after 6.
Personally, I like my house, as spendy as it is. I’d amend your statement to say “don’t buy a house you can’t afford, do your homework and research”.
Buying is not always cheaper than renting. You’re on the hook for closing costs, ongoing maintenance, property taxes, insurance, HOA dues, PMI, etc. Then if you’re only living somewhere for a few years you have to pay real estate agent fees to sell. Depending on length of ownership it can very easily be cheaper to rent. Plus you can’t just up and leave like you can at the end of a lease. Renting is far more flexible and that’s attractive for some people.
There’s also something to be said for paying more to live in a house rather than an apartment for the reasons you listed, but the same math above applies to renting vs. buying a single family home, or some other standalone housing.
I don’t disagree at all. Renting can be more practical for many people for many reasons. The reverse is true for many others that want to buy a house, like me. It’s just the original comment “Don’t buy a house” isn’t necessarily a life lesson, more like ymmv.
My mortgage is cheaper than any rent I could get in my city and interest paid on said mortgage is tax deductable.
Renting is fine and dandy, but most people want someplace stable after their 30s
Alternatively, buy a plot of land from an area less desired by the general public. Have the house built yourself, and move in. House buying is not smart unless you are pressed for time, which is not a smart way of handling it as you should take your time with houses.
Buying a house or land in an area that is saturated with demand is also unwise. Live within your means. Most who are able to afford land and house are more than capable of affording more time away from the job or remotely work. If your job requires a lot of your time, then it is more wise to just rent a small room and take vacations outside the area. There are a lot of factors in place when you consider a house, and you made great examples.
I am sorry about the interest rate. A 6.5% rate is not the worst but disadvantageous because, historically, most ROI for safe investments are 5%. This means it is more beneficial to pay off the house than it is to diversify while you are paying the house. Which is bad because you should be diversifying your portfolio. My sister has a 2% interest rate, she is so lucky and I tell her to diversify instead of putting all her money towards paying off the house.
Dining out isn’t a substitute for therapy.
