I love paying double in rent what I would pay for a market-rate mortgage
It’s totally different where I live (in the San Francisco Bay Area)… Renting is cheaper than buying here. A lot of the landlords bought their property a long time ago when it was much cheaper.
Because I don’t qualify for a mortgage for double the fair market rate. That’s why they’re willing to pay so much for the properties. It keeps us from buying them.
Because banks for some reason think that people can’t afford to pay a mortgage that’s less than their current rent.
Yeah. By paying the mortgage plus 30% on the property they bought at double a fair market rate just to keep me from buying it for myself.
I love paying double in rent what I would pay for a market-rate mortgage and getting no equity in return.
Thanks landlords!
It’s totally different where I live (in the San Francisco Bay Area)… Renting is cheaper than buying here. A lot of the landlords bought their property a long time ago when it was much cheaper.
If it’s that simple, why don’t you just buy somewhere?
It was for me, so I did. Went from paying £375/m rent to £200/m mortgage.
Because I don’t qualify for a mortgage for double the fair market rate. That’s why they’re willing to pay so much for the properties. It keeps us from buying them.
Because banks for some reason think that people can’t afford to pay a mortgage that’s less than their current rent.
Most people can’t do that without leaving the community they have roots in