Is it worth buying a house? Or renting?

Discussion in Mortgage & House Payments started by brentcsi101 • Apr 27, 2012.

  1. UshaBecker

    UshaBeckerMember

    Joined:
    Jun 1, 2013
    Threads:
    1
    Messages:
    82
    Likes Received:
    1
    I completely agree with you...buying a home is better than renting cause you already pay the rent so shell out some more money and get your installment done..
     
  2. jodiann12

    jodiann12Active Member

    Joined:
    Aug 27, 2013
    Threads:
    18
    Messages:
    162
    Likes Received:
    0
    I agree that with all those who've said that buying is better than renting; but if you choose to buy then you have to be very disciplined in your spending. You have to ensure that you have a plan for paying off your mortgage as soon as possible. Some financial experts agree that you should pay off your mortgage after you paid off your credit card debt, created a 6 month emergency fund, accumulated sufficient savings your retirement and your children's college fund. There are many financial websites which would teach how to pay off your mortgage within a reasonable time frame. You have to Google "How to pay off your mortgage sooner" to find out how to do so.
     
  3. BlackSolaris

    BlackSolarisActive Member

    Joined:
    Apr 1, 2013
    Threads:
    8
    Messages:
    579
    Likes Received:
    1
    If you have a big family and maybe want to settle down in one specific part, maybe you might want to buy a house, or even construct one from the ground up, but if you still are young and with a lot to do with life, i would say to rent one for the time being.
     
  4. Denis Hard

    Denis HardWell-Known Member

    Joined:
    Sep 22, 2013
    Threads:
    991
    Messages:
    4,335
    Likes Received:
    790
    It depends on a number of factors:

    Some people may have come into town only to work and once they retire move back to their home states on their farm. Would you buy a second house if you already have a home elsewhere?

    The market conditions. You'll have to make comparisons between the amount of money you'd spend paying rent against what you'd use buying a house if you intend to stay in a place for a relatively long time. If the house comes cheaper then buying the house would be the most logical thing to do.
     
  5. Bolt

    BoltWell-Known Member

    Joined:
    Aug 6, 2012
    Threads:
    179
    Messages:
    1,009
    Likes Received:
    6
    A mortgage is effectively rent, you pay installments each month. However, the difference between the mortgage and rent is that you can own the property outright once you have paid the long term rent off, this obviously isn't the case when you rent. I suppose it depends on the rent and mortgage rates and what you want from life etc.
     
  6. JosieP

    JosiePWell-Known Member

    Joined:
    Mar 31, 2013
    Threads:
    34
    Messages:
    2,487
    Likes Received:
    436
    I'm on the fence about it. We sold our house recently and are renting until we get to know all areas of our new city so we can decide where to buy. on one hand, if you don't buy, what happens in your old age if you aren't rent or mortgage free? Better to buy a house early so having a roof over your head won't be a concern. It's also cheaper to pay mortgage, but then you're paying for the upkeep. Anything goes wrong, it's out of your own pocket and not so when you're renting. I like the idea of moving around, so I'm hesitant to settle just yet.. but the fact still remains, I don't want to (and may possibly not be able to) be paying rent when I'm very old. I may just have to settle.
     
  7. fancy

    fancyMember

    Joined:
    Mar 30, 2013
    Threads:
    4
    Messages:
    62
    Likes Received:
    0
    From my considered opinion I suggest buying rather than renting. Though the initial costs of buying a home are a bit higher as compared to renting you end up saving some good amount of money in the long run. When you buy a home you are also assured of security since in no way would you you’re your home locked because you failed or delayed paying your rent since you own it forever until when you decide to sell it. Besides all that most homes grow in value if they are maintained properly under the appropriate conditions.
     
  8. MindyT

    MindyTActive Member

    Joined:
    Sep 24, 2013
    Threads:
    11
    Messages:
    341
    Likes Received:
    7
    I think that it depends on where you live, your lifestyle, and your finances. If you are never home or can't keep up the daily maintenance of a house, I say rent. There are a lot of start up costs of getting a house. You will need to put all utilities in your name (usually has fees). Most of the times when you rent these are included. Also, you will need to get homeowner's insurance and pay property taxes. Is it worth it? I think so. It is yours. You can decorate as you wish. You can have animals. You are not following someone else's rules and conditions.
     
  9. pandandesign

    pandandesignActive Member

    Joined:
    Oct 16, 2013
    Threads:
    37
    Messages:
    428
    Likes Received:
    2
    It depends on how much money do you have. I would say do the math first, if you have enough to buy the house plus leftover money to pay for utilities, property tax, food, and others for at least 6 months. Then it's a good idea to buy a house. I would not recommend renting a house because I have heard people ending up moving to another places again because the home is in the process of foreclosure. If you make a lot of money, I would consider buying a house because I know that's what most people would want.
     
  10. Treadlight

    TreadlightMember

    Joined:
    Nov 30, 2013
    Threads:
    2
    Messages:
    26
    Likes Received:
    0
    Buying is always better. You are actually getting something in return for all the money you have been putting out. When you rent, it's gone forever. The market is so fluid that no one can ever say for certainty whether something is going to appreciate or depreciate.
     
  11. AskJeeves

    AskJeevesMember

    Joined:
    Oct 14, 2013
    Threads:
    2
    Messages:
    25
    Likes Received:
    1
    Buying a house is a much better deal than just renting. If you rent a house, you will never really get anywhere financially. Unless, of course, you are renting for a short period of time while you school or something like that. Getting a mortgage and down payment is a great way to build your credit. Of course, you should only buy a house if you have the sufficient funds for it. Otherwise, we will get another recession!
     
  12. novasparker

    novasparkerActive Member

    Joined:
    Jun 28, 2012
    Threads:
    20
    Messages:
    185
    Likes Received:
    0
    at this point, even though there are a lot of houses on the market that are really cheap, it's so hard to get a mortgage loan that it doesn't make sense to even try to go that route unless you have a lot of money in the bank, a great job with a lot of income, little to no debt and great credit....most of us don't have all of these things going for us at once. This means that renting is your only other option. Renting can be great and a lot less expensive than owning since you don't have to make the repairs to the home yourself and you don't have to pay property taxes.
     
  13. stacyje

    stacyjeActive Member

    Joined:
    Dec 15, 2013
    Threads:
    11
    Messages:
    366
    Likes Received:
    9
    I would personally like a to own my own home, I have no problem renting but you just cant do things you would like to do to your own home to an rented home you have limits, so if you can I would recommend finding something you like and buying.
     
  14. Francy

    FrancyMember

    Joined:
    May 18, 2014
    Threads:
    7
    Messages:
    35
    Likes Received:
    0
    I would opt to buy. I've rented before, for quite a long time and I feel like I am just throwing my money away. I own a home now, and I feel like my money is going towards something. If you don't want the commitment and you'd rather have a landlord take care of things, then I would definitely rent. However, the benefits of owning a home are pretty amazing.
     
  15. ACSAPA

    ACSAPAWell-Known Member

    Joined:
    Jul 10, 2012
    Threads:
    52
    Messages:
    3,093
    Likes Received:
    240
    In my case, renting works for me because I don't want to stay in my city forever and I might move to a new city or state once my daughter goes off to college.
    If I was planning to stay put for more than a couple of years, it would be worth it to buy, but since my daughter is growing up and will be setting off on her own, I see no real reason to own a permanent piece of property that I'll have to sell in 2 years when I move.
     
  16. Nickchick

    NickchickWell-Known Member

    Joined:
    Sep 21, 2013
    Threads:
    8
    Messages:
    1,076
    Likes Received:
    34
    It's a huge investment but I definitely agree that it is worth it. Like other people said you can come and go as you please because it's your property. I do like most of the people that work in the leasing office but I am realizing more and more each day why owning a house is an American dream. I think it's less private to live in an apartment because they are so close together and sometimes maintenance has to come in for things other than repairs. Today I got woke up early because they had to take off the radon testing thing. I often find it difficult to go back to sleep once I've been woken up.
    I just think that it's never going to happen for me because I can't get a decent job no matter how hard I try.
     
  17. sidney

    sidneyWell-Known Member

    Joined:
    Sep 14, 2012
    Threads:
    110
    Messages:
    5,621
    Likes Received:
    378
    I think that it's better to buy a house instead of renting it, because renting a house can be hassle in the sense that you have no permanent home and you have to continually move, while buying one spares you of that hassle. Plus if ever you lose your job, you can feel safe that you won't be forced to move out because you can't pay the rent. You will just have to deal with your necessities being cut off, like water, electricity, etc. or going hungry, but at least you still have a roof over your head.
     
  18. worldmachine

    worldmachineActive Member

    Joined:
    Mar 11, 2015
    Threads:
    9
    Messages:
    126
    Likes Received:
    19
    Here in the UK it has always been considered much better to own your home rather than rent, but these days the gap is closing between buying and renting, with both having their pro's and cons.

    Property was always considered the best investment you could make, but there has been a lot of instability in the British property market since 2008. Many homes fell sharply in value and have struggled to recover. My house was valued recently at less than i paid for it so i decided to rent it out instead as i needed to move but didn't want to take a huge loss. Where i live now property is worth no more than it was 10 years ago.

    With renting you sign up for a fixed term so you can leave fairly quickly if you need to for any reason, also you will not have to pay for any repairs, that is down to the landlord, so you will never have any unexpected bills to worry about. Renting offers more stability but at least with buying your home is your own and you can't put a value on that.
     
  19. Onionman

    OnionmanActive Member

    Joined:
    Nov 10, 2014
    Threads:
    13
    Messages:
    443
    Likes Received:
    44
    It's based on any number of considerations. At the end of the day, it's down to available money and whether you plan to stay in one place for a long time. I've done both over the years and found the flexibility of rent as great, but the security of ownership being very much in line with how I see the world. It's based partly on those two choices.
     
  20. kjonesm1

    kjonesm1Active Member

    Joined:
    Feb 4, 2015
    Threads:
    24
    Messages:
    245
    Likes Received:
    38
    I prefer to rent an apartment because of the sheer convenience. I love being able to call my leasing office if I need light bulbs or a garbage disposal replaced or maintenance on my washer. I like that I have enough space for my family, but it's not so big that I have problems keeping it clean. I have been an apartment dweller for over 10 years and I love the freedom it gives me as well. I enjoy new scenery and living in apartments has allowed me to move to different states over the years.
     
Loading...
Similar Threads - worth buying houseForumDate
Buying A House To Let.Mortgage & House PaymentsJan 14, 2017
Is Refinancing Worth It?Mortgage & House PaymentsOct 17, 2015
Need Advice On Buying A Home - Credit Score, Lenders, And More.Mortgage & House PaymentsFeb 20, 2015
Is it worth paying a portion of the mortgage off?Mortgage & House PaymentsSep 10, 2014
When will my house be worth more than I own on it.Mortgage & House PaymentsNov 3, 2013