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Hi Duncan
What about the following scenario:
Rent a high end property for a fraction of what it would cost you to own it.
Own several (or many) lower - middle range properties that's rents easily cover the cost of owning them (including maintenance).
This has been my philosophy for the last 5 years, and it beleive it has allowed me to have a higher standard of living, while still making huge capital gains over and above what I would have if I had purchased an equivilent property (to the one i am renting).
I am not anti owning your own home, and indeed I am looking forward to one day living in a home that I own. Its about growth now and consolidating later.
My point is that everyones circumstanses are different and for me I wanted to find a way to live fairly luxuriously while still maximising my wealth creation. Not something I believe I could have done by owning the home I lived in unless I sacrificed some of the quality of life that i was used to.
Of course, to keep renting and not own any rental properties at all would have been costly indeed! so dont get me wrong duncan, i agree that property is a great investment.
Regards,
Sauce [}] [8D]
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