Renting vs. Owning - Primary Residence
I am trying to way the pro's and con's of renting vs. owning. I rent currently and do not think it as bad as some people think. I'm looking for feedback and factors that I may be overlooking. On the investing side I currently have one rental property and looking to acquire more.
Reasons why I currently prefer to rent:
1. I can afford to live in a higher end area at a lower cost.
2. I do not want to settle down. Read somewhere that it does not make sense to sell your primary residence until you owned it for 5 years.
3. I don't have to pay for any maintenance costs. This results in less risk and I am never taking large maintenance expenses.
4. I don't want to buy a primary residence without it being a "deal".
5. Where the "deals" are near me are not places where I typically want to live.
6. I can be agile, no commitment except the lease.
7. Primary residences are not typically factored in when calculating net worth.
8. Don't have to worry about depreciation of my primary residence. This leads to stability and will keep my rental portfolio growing at a steady pace.
"House Hacking" and doing a live in flip interests me. But I am interested in what other people have to say about this topic.