Where I live (Denmark) even if it was tax free you would more or less be unable to purchase an one bedroom apartment in the capital for this amount.
Where I live (Denmark) even if it was tax free you would more or less be unable to purchase an one bedroom apartment in the capital for this amount.
Getting enough for a good down payment on a house is life changing for many people. You'll make it back not paying rent into a void.
I rather pay a rent than putting 250k on a down payment and still have to pay a rent amount for 15-25 years.
But you're then left with owning something probably worth more than you paid in total
It's not.
Buy-vs-rent is nearly always monetarily in favor of rent.
250k down payment is ~20% of 1.3 million which at ~6.5% comes out to you paying ~2.4 million. This doesn't include maintenance, insurance, or taxes.
I have a bunch of calculators in this post (https://news.ycombinator.com/item?id=44794529) but that thread also has a lot of other people explaining the same thing.
Exactly. Buy is more of a peace-of-mind than financial decision.