this post was submitted on 04 Sep 2023
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It's how mortgages work. You make a monthly payment to live somewhere, same as renting. In the rental scenario, it all stays with the landlord. In the mortgage scenario, you have paid off some portion of the price of the house. When you move out, you sell the house, and use that money to pay the rest of what you owe, and the difference is yours. It's like selling your car when buying a new one, except housing in the US tends to go up in price even when used.
You don't need to explain it to me, I'm paying a mortgage and have rented before. But a rental isn't a mortgage. You don't get your money back when you return any rental item, why would a property be any different?
The landlord is offering a service: a property that you can move into almost right away, sometimes even furnished, with little risk and without having to manage the property. They're the ones who have taken on the risk of taking on a mortgage or have spent a lot of money buying something outright.
I'm not defending all landlords here, but the concept. I think rentals are an important part of the market and for social mobility.
right, thats why Im confused why anyone would rather rent.
also Im hearing an alien language. Im living in a rental property, I've never had one furnished, and I've been threatened with eviction for not managing the property myself. I aint seen my landlord in years.
Also, please dont buy into the propaganda that wealthy people are taking on risk. Its never about risk, its about having enough money to own the things that people need. They're not gonna stop needing it.
Maybe because you're young and you don't want to commit to buying a house yet? Or you've just got a new job in a distance place but need somewhere quickly? You can't exactly tell your new employer you can't start until 6 to 9 months while you look for a house and go through all the legal process to buy one. Also some people just don't want to have to maintain it themselves. Boiler breaks? Landlords problem. Need a new roof? Landlord takes the hit.
Furnished rentals are definitely a thing here. Unfortunately shitty landlords exist everywhere.