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charlie | Renting v Buying? |
A question for home owners or renters!!
At the end of the year I will be moving out from my parents (for the 2nd time) since this time I can now afford it.
However, I am unsure if I should buy or rent. Rent in my area is very reasonable for a lovely one bedroom flat in the area I would love to move to.
However, if I were to buy in my area I could only afford to buy a grotty flat in a not-so-nice area.
I'll be moving out on my own so unless I was to buy with someone else, which I don't want to do, I couldn't afford the area I want.
So my question is... is renting a waste of money as home owners tell me? Or is home owning restrictive and underrated as renters tell me?
What do you think? |
 |
 
Knownow't
|
There are only really two things to take into account.....
If you buy, the property is an investment, which over time will increase in value...but you will have to maintain it.
If you rent...the rental payments are dead money....but you are not responsible for repairs (generally)
I have always advised to buy in the best area you can afford....over say twenty years you could muliply your original investment by up to four or five fold....
So buying can never be a waste of money.......whereas renting is a waste of money.....but money isn't everything is it. |
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Erné R
|
I think you can rent for a few months, while saving money to buy a place where you want. If you cant rent and save at the same time, just stay where you are (at your perants) and save until you can buy where you want. But don't just buy a HOUSE/FLAT where you don't really want to! |
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Karlnor
 |
Rent
Why? You do not know where you will be e.g. in 5 years time. If you have to move to another part of the country either due to personal reasons or because you have been offered a better job you do not know how long it will take to sell your property, what you will get for it and how long it will take you to find another property you can afford in the new location. Further let us say it works out. Something may happen in the new location that will force you to change your plans again. The new relationship/job is not what you expected and you may have to move again. Extra costs and aggravation. If you rent you are flexible. I know some have said here that it is a waste of money, but what is a mortgage? You pay each month for 30 years for an apartment/house and think about it, when you die you can't take your property with you.
P.S. Just like to add. I have rented since 1987, working all over Europe and I have never regretted it! |
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metzkeb
 |
Buying is a better investment than renting, but there are many concerns and responsibilities you should consider first. 1) You really need a 20% downpayment to reduce your intrest rate and make the buying process more smooth. Otherwise your payments will be larger and you may have to make to payments to cover the lack of downpayment. 2) Consider the taxes you will have to pay each year. This is a significant amount of cash you will need to pay on a yearly basis. 3) If the property you are considering is in a bad neighborhood, it may not retain its value. It's not an investment if it is going to lose money. 4) Consider the amount of money you will need for repairs. We just bought a 5 year old home, and we have already made a few thousand dollars worth of repairs. That amount will be much higher if a major appliance breaks, or the roof leaks, etc.
Overall, renting is a bad deal, unless you can't afford a home. Consider renting to save for your downpayment. My wife and I rented for 2 years so we could afford to purchase a home. You certainly want to avoid being "house poor" or worse - foreclose b/c you got in over your head. |
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aRnObIe
 |
Buying is best than renting...you have so many privileges after by and by... |
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L1LVN
|
Definitely buy if you can afford the downpayment. |
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16 seconds in
 |
You've answered your own question in your second paragraph. Your hunch is to 'rent' a lovely well maintained flat... go with that. I've heard a lot of people who say that renting 'is dead money' but you won't have to go through all that rigmaroll with mortgages... something I personally have never trusted. I have rented for 10 years now and are very happy and don't have a loan (mortgage) over my neck. Please don't get stung with a mortgage that you may regret as you're circumstances may change. Some mortgages are mis-sold and it takes your years to find out. Owning property is not the 'utopia' that it is cracked up to be you know. |
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The One
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I rent and yes you are paying someone Else's mortgage but you have not got the hassle of paying for repairs and the worry of a mortgage for you i would say rent for now and see how it goes and then save until you get some money together to buy if that's what you want. Good luck to you with what ever you decide. |
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Bob The Bugman
 |
Buying a home is far better than renting. When you rent, you simply throw your money away every month. When you pay a mortgage you are earning equity. If you buy a home now, even if its not your dream home, paying on it every month will improve your credit situation and you can always sell (hopefully at a profit) down the road and get something better.
When renting you'll be subject to your landlords rules and will have to pay security deposits, etc. You will not want to improve someone else's home so you're kind of stuck with what you have. If the landlord decides to raise your rent or there is something you can't agree on, you'll likely move and re-incur the expenses of security deposits etc. Chances are likely that your rent will also increase in your next rental. |
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zara2211
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we bought, we'd never rented before but glad we chose to buy. it's a struggle but at least our house is exactly that. ..our house. |
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