Renting vs. owning, comparing the two choices in life.
Owning something sure beats leasing it, renting it. Property that you buy in Maine adds value to your life beyond just the appreciation of the home or whatever type of real estate purchase.
If you are not planning to hang around an area in Maine long, maybe renting for six months, a year makes perfect sense. But even if Houlton Maine is just a stepping stone to other life experiences, owning instead of renting can make perfect sense.
It all starts and ends with can you even get a bank mortgage, are you in position to buy, not rent.
Putting off home ownership. Why would someone want to not start building equity? Real estate is by far the best hedge against inflation. You know the cost of leasing living space in a rental unit is going to go up consistently.
The payment on your home loan does not escalate unless you are in a tear to get the mortgage retired for debt free living. No prepayment penalty on home loans as you make it a game to own the place, not pay on it.