Have you ever heard the expression “People hear what they want to hear”? For some reason, most people seem to immediately believe their friends and family when they are told that they should “stop throwing their money away on rent and buy a home”.
First of all, the majority of money that you pay towards a mortgage is mortgage interest (especially in the first few years of a mortgage) and all of this money goes directly to the bank (not to the principal). On most 30 year mortgage loans, it is not until year 19 or 20 that you are paying more towards the principal than to mortgage interest. I am a home owner and have yet to hear anyone tell me that I “should stop throwing all of my money away to the bank”.
Secondly, there is a lot more money “thrown away” on closing costs, maintenance costs, insurance, property taxes, landscaping, and decorating. For those that are continuing to choose to rent an apartment home at Abberly at West Ashley don’t be so quick to believe those well-meaning friends who tell you to stop throwing your money away. Most of you are throwing away much less money than those home owners and have a maintenance-free life!
Ultimately the choice is yours. But this is just something to think about.