I'd just like to post that I agree with the comment from 'Russ' in the article.
This article is a one-sided exploration of the buy-vs-rent debate. It doesn't explore all of the emotional connotations of owning something durable, and overweights certain experiences from the point of view of the author, when this cannot possible apply to a population of people.
Finally, as Russ comments - it's wrong to sneer at the purchase of a handbag or BMW - the person might be spending their money on a combination of quality product and brand, but once you start getting into the argument of purchasing x is right, and purchasing y is wrong- you're arguing simply from a relative point of view. As long as the transaction was not done under duress, where is the problem? My neighbour spends all his money on sailing. I find it a waste of money, but he clearly gets enjoyment from it. Who is right? Is it remotely possible for me to suggest that buying a sailboat is wrong? Wrong to who? As compared to what? Free choices are just that.
Owning a house in a falling market may seem like a foolish position, and for many, perhaps it is. But that goes to assume that the person owning a house does it for purely financial reasons, which, again, is wrong. Another neighbour of mine is an old lady in her 80's who owns her house and lives by herself. By any object measure she'd be better off selling the house and both investing and spending the considerable cash that would generate. But she enjoys her garden and the memories of a house that once contained her husband and family over the span of 40 years. Is she wrong to hold this position? Financially perhaps, but perhaps the currency aspect means very little to her in comparison with pleasure of her little piece of land with a house on it. She could sell her house, rent a nice retirement apartment and afford a around-the-world cruise. A rental-is-best mindset would recommend this view. How can I tell her she is wrong and someone else is right?
This article is a one-sided exploration of the buy-vs-rent debate. It doesn't explore all of the emotional connotations of owning something durable, and overweights certain experiences from the point of view of the author, when this cannot possible apply to a population of people.
Finally, as Russ comments - it's wrong to sneer at the purchase of a handbag or BMW - the person might be spending their money on a combination of quality product and brand, but once you start getting into the argument of purchasing x is right, and purchasing y is wrong- you're arguing simply from a relative point of view. As long as the transaction was not done under duress, where is the problem? My neighbour spends all his money on sailing. I find it a waste of money, but he clearly gets enjoyment from it. Who is right? Is it remotely possible for me to suggest that buying a sailboat is wrong? Wrong to who? As compared to what? Free choices are just that.
Owning a house in a falling market may seem like a foolish position, and for many, perhaps it is. But that goes to assume that the person owning a house does it for purely financial reasons, which, again, is wrong. Another neighbour of mine is an old lady in her 80's who owns her house and lives by herself. By any object measure she'd be better off selling the house and both investing and spending the considerable cash that would generate. But she enjoys her garden and the memories of a house that once contained her husband and family over the span of 40 years. Is she wrong to hold this position? Financially perhaps, but perhaps the currency aspect means very little to her in comparison with pleasure of her little piece of land with a house on it. She could sell her house, rent a nice retirement apartment and afford a around-the-world cruise. A rental-is-best mindset would recommend this view. How can I tell her she is wrong and someone else is right?