WASHINGTON – Here’s a secret that might seem odd: It’s better to rent than own.
Although owning your own home has proven to be more beneficial than renting in this economy, the same isn’t necessarily true with other big purchases.
Boats, timeshares, recreational vehicles and vacation homes are all marketed as good investments. But when maintenance fees, repairs and gas prices are factored in, owning is more expensive and time-consuming in the long run than renting.
The Street has narrowed down a list of the five worst things to buy if you aren’t rich enough to stop working:
- Vacation homes – taxes, upkeep and insurance make owning one more expensive than renting one
- Snowmobiles, jet skis and all-terrain vehicles – cost more to own than rent if you don’t use them every weekend
- Recreational Vehicles – equal to the price per night of most hotel rooms in the U.S.
- Boats – cost a lot to maintain
- Timeshares – easy to rent at a fraction of the cost of owning one
To read more about the five expensive things you shouldn’t buy, read more at The Street.
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