hungryhorace

I have seen his house, and yes, you're right. It's incredibly modest. You wouldn't even know it was of any importance until you see the security signs outside the (small) gates.

I'd think having the CEO of the company - who by all accounts is a reasonable and very decent person - come see you every week is a great way to get ahead in the company potentially!

Giantaxe

"Renting money" aka a mortgage can also be literally throwing money away. The calculation is more complex than you're portraying as many people have discovered to their cost in the last decade, i.e. cost of sale, maintenance , insurance (all typically higher than the UK) and the fact that in many localities house prices can depreciate as well as appreciate.

hungryhorace

I get that, but even if we were under in the first five years versus renting, that's something I would be totally fine with as we'd have (and do) a hugely better quality of life having our own home and mid to longer term it's absolutely the right thing financially to do.

I do know someone who bought a crappy apartment in a property boom, and how he's under water. He's awful with money mind.

Giantaxe

The point I'm making is that I don't believe that there is a hard and fast cut off where buying makes sense. Lack of price appreciation/maintenance/property taxes can be a continual drain in some areas regardless of length of ownership. Having said that, I do acknowledge that there are plenty of non-financial factors in favour of owning (there certainly are for me) and in areas of strong appreciation, the financial equation can tip in favour of ownership quite quickly.