Quote:
Originally Posted by Baronvonellis
Couldn't you say people buying houses and condo's are getting rent control from the bank though. Plus you get to deduct it from your taxes yet renters cant deduct their rent . You get to pay a fixed rent for 30 years without it going up. In the meantime the value of the property is going up, so there's no reason why the bank couldn't raise the mortgage as the value of the property goes up to reflect that. Since they don't get paid till the mortgage is paid off in 30 years or whatever the time period is. If you bought a house at auction for $200k and in 10 years its worth $500k you got rent control for it. You should be paying a bigger mortgage to the bank.
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Wow, what?
Nothing at all related to property ownership remains "fixed" for 30 years
Standard residential loans are fixed for 30 years, but all commercial mortgages renew ever 5-7 years at the latest interest rates. So that can go up, and often does.
Property tax is always going up.
Maintenance costs go up over time as your property ages.
Utility costs always rise.
Rents MUST go up over time or else you'll be in the red. Sorry renters, but there's no such thing as a free lunch.