Housing: Buy vs Rent interactive
Is It Better to Buy or Rent?
Comment: Nice interactive graphic from the NY Times
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This is the Blog of a guy who retired from a major financial institution in technology. I chose the title "Cold Fusion Guy" because I love programming in Cold Fusion
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Nice calculator. For us, it would take 16 years before buying is better than renting.
ReplyDeleteOne thing that calculator does not take into account is time spent on maintenance and repairs. (time = $) I spend 0 time on repairs/maintenance. My Dad spends 2 hours mowing every week. How valuable is his time, 20$, 30$, 50$ per hour? He spends more time doing other repairs also. If the value of your time is low, then it is no big deal. I don't think it is prideful to say this, but I have a high value on my time.
For example. If your time is worth 30$/hour (which IMO is very low) and you work at least 4hrs/week on repairs/maintenance, you end up spending 520$/month of your time.
One also needs to ask these two question, 'what is the purpose of your home/apt?' and 'what do you want to do in life?' If you are wanting to have your home be open (frequently) for people travelling, how do you put a price on that? If you want to have your weekends and nights free, how do you put a price on that. These are questions that often get overlooked.
Dan ... good points. Thanks
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