Insurance Obligations

What are the financial merits of rent/lease vs. outright purchase decisions? When do you think it is appropriate in life to choose to rent, and when to purchase? Does the housing crisis of the last few years make you think twice about purchasing a home?

While browsing the web I came upon a very cynical blog by a retired member of the Air Force about the risks of purchasing a home as a military buyer. The piece is pretty pessimistic and very cynical, but factual and worth heeding. Lt Col Ostrom claims:

"Unless you are going to keep a house for decades, buying a home for a few years is like betting the farm at the Kentucky Derby. If you buy a home, you better have a back-up plan in case it costs you a bundle to get out of the house when the time comes. No one knows...