Er, I said that despite things like a yard/garage, it hasn't "tremendously appealed to me so far" -- but that possible upcoming rent fluctuations do concern me.
In a recent column economist Dean Baker wrote: "Twenty years ago, the overwhelming majority of mortgages were 30-year fixed rate mortgages. The vast majority of current mortgages are much shorter term and/or adjustable rate. These are very different products. Often borrowers take out an adjustable rate with the intention of switching to a fixed rate in 2-3 years. This would cause the borrower to incur additional fees. ... I am not in the school that thinks low income people are dumb and can get easily suckered, but I do think that someone who devotes their marketing expertise to pushing a complex financial product to typical consumers will often be able to succeed. After all, most people don't analyze mortgage products for a living." (From: http://www.prospect.org/deanbaker/2007/03/the_efficiency_of_the_mortgage.html)
So, yeah -- Stuff like that, and having to spend a lot of time researching what seems to be an increasingly complicated way of negotiating prices, still doesn't appeal to me. The stability doesn't seem to be much better. And if it is, it's not clear to me right now.
-B.
Jordan Hayes wrote:
> B. writes:
>
>> I don't think the choice for me right now is simply
an
>> equal one between apt. renting or home ownership,
as if
>> just I'm simply cavalierly choosing one and tossing
a
>> home mortgage out the trash.
>
> I didn't mean to make that point; I'm just saying
that you on the one
> hand said you don't see the appeal, and then perhaps
on the other you
> expressed exactly what the appeal is for other
people. I think you
> listed lots of reasons why people rent, none of
which I would call
> 'nuts' -- I'm just making the opposite point: people
buy for plenty of
> good reasons.
>
> You said: you don't see the appeal.
>
> /jordan