I'm not sure I understand the prevailing view that renting is always better than buying.
I bought an apartment in San Francisco in 2001 and frankly, it was one of the best decisions I've ever made. Before I did so, I calculated out the cost difference of renting vs. buying. After taxes, my living expenses were only a few thousand dollars more a year to buy vs. renting.
If I want to move, I don't have to sell my place, I can simply rent it out. Given current rates, I can do so for more than my monthly mortgage payment. Not only that, but my property is worth about 40% more than what I paid for it. I can actually use my equity in my house to finance another home and flip one to a rental.
Maybe purchasing isn't for everyone, but it certainly is for some. In the end, it depends on your finance situation and location.
Yes, you're special because your home is in an area where people want to rent it. Every home-owner certainly does not have this advantage. In your case it makes more sense to buy than in others.
I bought an apartment in San Francisco in 2001 and frankly, it was one of the best decisions I've ever made. Before I did so, I calculated out the cost difference of renting vs. buying. After taxes, my living expenses were only a few thousand dollars more a year to buy vs. renting.
If I want to move, I don't have to sell my place, I can simply rent it out. Given current rates, I can do so for more than my monthly mortgage payment. Not only that, but my property is worth about 40% more than what I paid for it. I can actually use my equity in my house to finance another home and flip one to a rental.
Maybe purchasing isn't for everyone, but it certainly is for some. In the end, it depends on your finance situation and location.