this post was submitted on 15 Jul 2023
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Well, point of fact, if you have a mortgage, your landlord becomes the bank anyway. You only get to own it after 30 years, and that is, if you haven't needed to take out a home equity loan or other line of credit against your home to make necessary repairs.
Well yes and no, in the sense that a landlord can evict you for reasons other than failure to pay rent (YMMV depending on your country) and in some places where housing is hard to come by, a financed house ensures that you won't be evicted because the landlord wants to make yet another Airbnb out of your apartment.
Even if you have a mortgage, better hope you don't have an HOA that can put a lien on your house for not paying the monthly fees
You're paying a mortgage regardless. If you "own" you can sell the house and get a huge chunk of your money back.
The only caveats to owning is if your not planning on living there long term or you overpay when you purchase it.