@annevdw54 Consider becoming a member of Ameen Housing, an Islamic housing cooperative organization endorsed by AMJA that could help you significantly reduce the cost of purchasing your home as well as allow you to earn decent dividends on rental income.
@annevdw54 Buy. I would give anything to be able to buy a home. It’s likely never going to be a possibility for us. So that’s my vote.
We are in a situation where renting in the area I have lived in since birth isn’t an option. Where we have spent 2 decades married and setting our roots as a family. But starting over elsewhere also isn’t an option.
Rent increases way faster than income in our experience.
@annevdw54 So I was in your situation and decided on 3. For the simple reason that job security is a myth. There is something absolutely freeing about not worrying about having to keep a roof over my family’s head.
With no mortgage, to “retire” all I have to do is come up with enough passive income/investments to cover our expenses.
@annevdw54 For your situation 3 is is just plain dumb.
1 is most prudent. 2 is great as well. However 2 is safer than 1 since with 1 you have factor in taxes, time spent searching for deals and travel expenses. finding deals online is easy enough but only a fool would buy a property sight unseen. You will have to go to the location and vet the property and people you're dealing with first.
@annevdw54 Option 3 is preferred because your rental payments are after tax, whereas you are not taxed on your use of your own home (in economic terms you pay rent to yourself.)
