How long did you rent before you decide to purchase a property?

Discussion in Mortgage & House Payments started by Athenagdlyt • May 5, 2014.

  1. Athenagdlyt

    AthenagdlytActive Member

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    Most homeowners either start out renting a house or an apartment, or they have lived with their parents before they finally moved out. For those who bought a property, how long were you renting a place before you bought a house, a condo or any residential property? How long do you intend to live there?
     
  2. deansaliba

    deansalibaActive Member

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    I intend to go a different route. I 36 and have been living with my father as his carer since I was 18, I am saving up at the moment for a house and intend to go from living with my father and then go straight into owning my own home. I'm going to buy a house that needs fixing up (as I'm a bit handy with my hands) at a cheap price and then maybe buy a few more to fix up and rent out.
     
  3. Denis Hard

    Denis HardWell-Known Member

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    I only paid rent once [for three years] when I had a job in some city but when I had enough of working 9—5:00, I quit my job and moved back into the country. The house i live in right now has been passed from father to son for generations so technically all I'll ever do, should the need arise, is some renovation or a few repairs and the house will be as good as new.
     
  4. whnuien

    whnuienActive Member

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    My husband and I bought our apartment (in his country) for the first time we moved in together few years ago. But we are still in the middle of paying the bank back :( (I hate loans) We have been letting others to rent our master bedroom since but now we are living in my country and we are renting a small apartment for 3 of us. Our own apartment is being rented fully by our long term guest and we use the rent to pay back the bank every month. We are planning to build a bigger house here in my country so our daughter can have a bigger space to run around when she grows up.
     
  5. helpingcollier4

    helpingcollier4Member

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    My wife and I rented for the first ten years of our marriage. Two factors contributed to this decision. For one, we were unable to devote a large enough portion of our monthly income to a house payment and the increased personal property taxes. In addition, my wife and I moved four times in the first three years of our marriage. Between her finishing college and me serving as pastor of two different churches, we were unsure where we were going to live, so buying a house made no sense.

    I served in my second pastorate for 7 1/2 years, and the church provided a house for us. I left that church in 2013, and we bought our first house last year.

    My advice is to purchase a house as quickly as you can afford the cost, provided that your life is stable enough that you know where you will live for the foreseeable future. If you have that sort of stability, you will be well served by becoming a homeowner.
     
  6. JosieP

    JosiePWell-Known Member

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    I rented for maybe 8 years before we bought our home. We lived there for 10 years before selling and I don't think I ever want to own again. Unless you can pay outright, you don't actually own it. Then all the paying for maintenance and repairs etc, it adds up. The monthly savings in paying a mortgage instead of rent, just wasn't worth it to me in the end. But then, I didn't like the commitment.. it sort of lent to knowing what the rest of my life held and that freaks me out lol.
     
  7. MrsJones

    MrsJonesActive Member

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    My rental experience began at age 18. I wasn't satisfied with renting because I always wanted to make changes which wasn't approved/allowed by the landlord. So I rented a house for about a year and got loads of experience of homeownership except for major repairs or non-working appliances those were taken care of by the owner. I did eventually buy a house soon after and love every minute of it.

    I say that if you really want to buy a house that you should find one to rent for at least a year because just as JosieP stated it is an enormous responsibility.
     
  8. nonsiccus

    nonsiccusActive Member

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    I've been renting since I was 18 and moved away for school. I'm not sure that paying for a mortgage is a justifiable cost at the prices that my city's housing fluctuates around. The cost of living is high enough that there's a significant barrier to entry when it comes to home ownership. Coupled with the increase in maintenance costs and just the time consumed in keeping up a property it becomes difficult to justify.

    You can always check out a rent vs mortgage calculator and see whether or not the numbers crunch out in your favour.
     
  9. downsouth

    downsouthMember

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    I know a lot of people are making ends meet so I am not judging anybody but when you rent you are throwing money away. If you are a renter I urge you to save up every penny or dime you can toward putting a down payment on something you can own someday. Down payments right now are on the decline and it is not too difficult. The last time I rented was in college. Obviously I am not going to buy a property. I rented an apartment within walking distance from my campus for 4 years. I went to an out of state school so I had no choice. I think within a year after college my dad helped me out a bit and I landed a good job and immediately put a down payment on a house.
     
  10. Allison2021

    Allison2021Active Member

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    I rented apartments for more than 10 years before I mortgaged my first condo. My credit rating grew greatly. I know I had terrible credit about sixteen years ago. Then TransUnion would allow you to pay a fee to receive your credit report, and score. My score was as low as 490. That was the time that my income was just above minimum wage. It took a decade to get it over 700. By then my income had risen, and I could afford a decent condo. I could also qualify for a great mortgage. So, it may have been worth waiting to qualify.
     
  11. nonsiccus

    nonsiccusActive Member

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    One thing to note is that this advice will vary wildly based on the local real estate market for the reader. In some areas, housing and property taxes (among other "hidden" fees) are extremely low, while in others you'll be under water just on those fees. Do some research obviously, and if you can, try and spend some time chatting with someone that works in the real estate market for the area you're looking at.

    That being said, equity is great to have and renting is definitely not building any.
     
  12. ExpertAdvice

    ExpertAdviceActive Member

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    I have never rented property before, but judging from the economy and certain situations in my country, if you are a student, and you plan to go to two of the leading Universities in my country; and you live outside of the Capital and the closest city, you will need to rent; that will typically last three-four years. If you are a young professional, you better get comfortable renting for a solid 10 years. When you've hit 30, that's the time I believe most people start to buy homes. Of course, not all scenarios are like this, you will find people up to age 70 in my country renting a property. As for me, I want to purchase a prime piece of property in three years time :)
     
  13. Nikkishea21

    Nikkishea21Member

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    I moved out of my parents home four years ago and i acquired a property this year. It is a rewarding feeling though it came with a lot of financial burdens but i am getting through it all one day at a time.
     
  14. Victor Leigh

    Victor LeighActive Member

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    I have not bought any houses yet. That's because I don't stay too long in any one place. I think the longest I have ever stayed in one place is about two years. It's my hobby to travel and see new places.
     
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