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Thursday, June 14, 2007
Mortage vs. Rent
Last night after dinner, a friend mentioned that he was much happier paying money towards a mortgage than "wasting" the money on rent every month. I've heard a few people say this before, but even now it still doesn't quite register with me. For some reason, I have absolutely no problem "wasting" money on rent every month. I guess I've never really had a dream of home ownership - I wouldn't mind one, but there seems to be so much hassle involved. Of course, getting a house isn't really practical right now, but I'm hardly itching to stop paying rent any time soon. Maybe also hearing that less than 10% of the mortgage bill goes towards the principal also factors in....
Phoenix Wright: Winner of Excellence in Video-Game Writing
On the bus back from Ottawa, I finished the first Phoenix Wright game. As with most people that have played it, I loved it, and the reason, as stated above, is the writing. Now, I need to be clear here. We're not talking about writing in the literary sense. The characters are generally pretty shallow, their motives nonsensical, and the plot lines somewhat random. No, by writing I mean video-game writing; somehow getting you to make the key decisions even when you're following a set track. I almost never felt as if I was pushed towards a certain solution, but in general there was only ever one answer. The game managed to give you hints even without you realizing it. The fact that I didn't even realize how well done this all was until I had finished a few cases says volumes about how well done it is.
Last night after dinner, a friend mentioned that he was much happier paying money towards a mortgage than "wasting" the money on rent every month. I've heard a few people say this before, but even now it still doesn't quite register with me. For some reason, I have absolutely no problem "wasting" money on rent every month. I guess I've never really had a dream of home ownership - I wouldn't mind one, but there seems to be so much hassle involved. Of course, getting a house isn't really practical right now, but I'm hardly itching to stop paying rent any time soon. Maybe also hearing that less than 10% of the mortgage bill goes towards the principal also factors in....
Phoenix Wright: Winner of Excellence in Video-Game Writing
On the bus back from Ottawa, I finished the first Phoenix Wright game. As with most people that have played it, I loved it, and the reason, as stated above, is the writing. Now, I need to be clear here. We're not talking about writing in the literary sense. The characters are generally pretty shallow, their motives nonsensical, and the plot lines somewhat random. No, by writing I mean video-game writing; somehow getting you to make the key decisions even when you're following a set track. I almost never felt as if I was pushed towards a certain solution, but in general there was only ever one answer. The game managed to give you hints even without you realizing it. The fact that I didn't even realize how well done this all was until I had finished a few cases says volumes about how well done it is.
Comments:
I've never been convinced about the mortgage thing either. I think the mortgage thing has been promoted too much, people just believe it's better.
If you do the calculations sometimes one is better sometimes its worse. Sure if you pay the same monthly rate on the same accommodations, a mortgage is better, but usually the mortgage is a higher rate. It also depends on what you think the property value is going to do, and no it doesn't always go up. Remember to factor in maintenance costs and such. It's hard to buy an appartment, and condos often have fees that make them as bad as renting.
A lot of the savings come from taxes, and well, personally if its a minor savings and a lot is tax break, I'd rather my money went to the government than a bank or landlord.
Another reason a lot of people think its a good idea is that they work under the assumption that they will just spend the difference between their rent and their mortgage payments, whereas a minor amount of self control can change that to useful investment.
Anyway, I don't intend to consider owning a home until I know where I intend to live for a long time. Even then, probably only if I have kids or something.
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If you do the calculations sometimes one is better sometimes its worse. Sure if you pay the same monthly rate on the same accommodations, a mortgage is better, but usually the mortgage is a higher rate. It also depends on what you think the property value is going to do, and no it doesn't always go up. Remember to factor in maintenance costs and such. It's hard to buy an appartment, and condos often have fees that make them as bad as renting.
A lot of the savings come from taxes, and well, personally if its a minor savings and a lot is tax break, I'd rather my money went to the government than a bank or landlord.
Another reason a lot of people think its a good idea is that they work under the assumption that they will just spend the difference between their rent and their mortgage payments, whereas a minor amount of self control can change that to useful investment.
Anyway, I don't intend to consider owning a home until I know where I intend to live for a long time. Even then, probably only if I have kids or something.
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