Comment on Is it better to rent a cheap/shitty place, or rent something suitable that you struggle to afford?
die444die@lemmy.world 2 months ago
Renting: cheaper is almost always better.
Purchasing: it can make sense to get the nicest place you can afford, with the expectation that your pay will increase but your mortgage won’t.
czardestructo@lemmy.world 2 months ago
I would argue living below your means is always better. Getting a cheap mortgage you can add an extra $100 or $200 a month to for the first five years makes a TREMENDOUS difference in how much interest you pay over the life of the mortgage and how soon you own it. The first five years of a mortgage are so important, all your payments go to interest. I’ve turned all my 30 mortgages into 15-20 year mortgages by over payments and it’s served me extremely well.