I have been thinking about getting a property for investment and renting it out for a while and am finally pulling the plug on it.
But something is bothering me and i wanted to see if any would like to comment on it and see if my decision is correct. I have a good savings for a 37 year old but i live with my wife in an apartment and don't own a home . We are not planning to have kids.
so is it stupid that we are investing in a rental property than buying ourselves a house. Is it a good move or would it hurt down the road if we decide to buy a home ( which we are planning to but still couple years or so ) The reason we are not buying right now is i would like a decent home and then stay in that forever and at this point i guess i am just not ready to buy my own.
Investing while renting is actually the best approach financially. The cost of home ownership is far greater than renting therefor saving money while renting is most advantageous.
If you are not ready to buy a personal home, which is a liability not a asset, then you do not buy. It is that simple. Move forward with your investing and it will only put you in a better position down the road to buy a personal home.
Never count on staying in any home forever. Life does not work that way. Only make realistic plans.
@Thomas S. why you say never count on staying in any home forever ( unless of course it is related to natural disasters striking and destroying your home ) ... Is it not correct to think that you buy a house lil later in life but buy a decent size one and then hopefully stay there till end (obviously unless you are physically unable to live alone)