The boots theory is an economic theory that people in poverty have to buy cheap and subpar products that need to be replaced repeatedly, proving more expensive in the long run than more expensive items.
The boots theory is an economic theory that people in poverty have to buy cheap and subpar products that need to be replaced repeatedly, proving more expensive in the long run than more expensive items.
I believe their point was repairs and maintenance of ownership that goes with it. The mortgage is stable…but then the roof wears out. The water heater leaks, the stove goes out. The landlords problem for a renter…or yours as a homeowner.
The reality though is it sucks either way, rent goes up always on the one option, and repairs and maintenance hit hard sometimes on the other. Intermittently as a large sum, or as a monthly spending increase if you take loans or payment plans. The owners equivalent of the rent going up.
I do think the stability of the mortgage is preferable though. As long as you can meet the mortgage payments, you have somewhere to live. Even if the stove has to wait. But you can always budget yourself some “rent increases” money and set it aside for repairs if you want the best of both worlds. :)
I will take the ability to repair something myself over waiting weeks for the landlord to do it.