Stephen K
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Some people don;t want the commitment this young in life.
Some cannot swing the loan AND the down for it
Seriously, some mortgages are less expensive than some rents |
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justbeingher
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No upkeep expense, no yard, no insurance, and no house note that wrecks your credit if you default. You can move when your lease is up if you hate your neighbors. If you get liened/leveed by the IRS they can't take your house.
I'm not saying that makes renting better, but those would be reasons. |
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I hate Comcast
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I do because it's a lot cheaper. It is so expensive to pay all of those fees and costs to close on a home - IF you are approved, after all of the inspections, periods, applications, meetings, etc. I love renting because I can live anywhere I want to, move whenever I want to, and I also don't have to pay any bullshit fees like HOA, escrow, insurance, taxes, etc.
My closing thought it that credit was created by a bunch of rich assholes to make me feel like they are doing me a favor by offering me some shitty interest rate....take your interest rate, points, and closing costs and ram them deep in your fat *** mercedes driving ***!!!!!!!
Sorry to lose it there. I'm ok now. :) |
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Princess Purple
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Well sometimes you don't plan to stay in an area for a very long period of time. So, it makes more sense to rent than it does to buy the house and try to sell it later.
It can also be cheaper. |
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steve t
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because their credit sucks |
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John L
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Some people don't want the responsibility of unexpected repairs.
I don't get it but I know people like that. |
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Obamania
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Much of the time it's not about preference, it's about what you can afford. Just like a job, it's not that you prefer that job it' s that you need the money. But I would prefer to own a home because I want something with my name on it, and I don't like landlords. |
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littleme836
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Less responsibility. Usually no utilities and if something breaks, it is not your problem. Lawn care and snow shoveling isn't an issue either. Also, some apts. offer things like a gym and a pool or club house |
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smile2cute
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renting a place requires less of a commitment. and as a rule people dont like to be tied down. although these days renting is like flushing money down the toilet since you can own for just about the same price. |
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just me.
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Greater mobility, you dont have to worry about selling a home. Freedom, have the option to live somewhere else if you are not satisfied. Payments, you pay only a small security deposit rather than a large one. No direct maintenance costs. Good credit rating (if you pay on time of course!) Monthly rental payments often much less than mortgage payments. No temptation to overspend on home improvements! |
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Nicki
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Owning a home is a big responsibility verses renting. If you live in an apartment that you don't like you can just get out of your lease pack up and move but when buying a home you are subjected to living there for at least 5-7 years. |
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Not A Moonbat
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Because it's cheaper. You don't build equity, but you don't pay property taxes or high insurance premiums. Plus if you have to move, you can get up and go within a week to a month depending on your lease, and not have to worry about how much or when your house sells. Plus there's little maintanence except for your own housekeeping, and if something goes wrong, the landlord takes care of it at no cost to you.
Plus in this volitile housing market where adjustable mortgages can quickly double and triple, you can wind up homeless in a matter of days, just because of some blip in the banking system. Need an apartment? Find one in a few days, move in, you're all set.
I wish I could crank the stereo though. |
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Rae Sue
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because if some one buys a house they have to use alot of money and they cant do that, so ppl rent it, and when they do have enogh$ they buy the house, but if ur renting it, ur probablly just trying to find a better house (then the one ur renting) thats a lil cheaer or nicer. |
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Wildwheeler
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in my case it was cheaper to buy the same house then rent it. but you have a big amount of money you own the bank, and with renting you can just move and be done with it. but a house you are investing your money not giving it away |
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Linus
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Some people prefer to rent instead of owning a house because:
1) They dont have to worry about paying the annual real estate taxes.
2) They dont have to save money for repairs and maintenance. They just report this to the owner/lessor and the latter takes care of getting the services and charges.
3) They can easily transfer to another house if there is change in their situation, like new job location, to be near their children's schools, better neighborhood.
4) If they made an error in location, they can easily stay away from the paths of cyclones and tornadoes by transferring to better locations.
5) If the couple is just starting a family, they can live in a small house first that is affordable with their income. Then, when the children need more space, they can transfer to a bigger house. When they become adults and get married and move out, the couple/parents can transfer to a smaller house again commensurate to their retirement income.
All these are possible because it is easy for them to decide and without much costs. If they own the house, decisions will be difficult because of bigger costs, hassle, and the attachment to the house (which has become a home) for sentimental reasons. |
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killiolm
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The first answer is WRONG it does not cost any more to buy than to rent....actually renting is throwing money away. The problem is credit-being able to obtain a loan and consistently make payments. The other is commitment to the long term of owning a home- the payments and staying in one place without moving. |
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Ronald P
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the cost is less or more depending on space. having a home is a great idea. don't get one that has a mortgage and utility payment will be over 40% of your disposable income. remember houses go up in value if you take good care of it. |
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John C
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most people I know rent because they can't afford to buy. |
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jugglins
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Most that I talk to tell me it is so they aren't responsible for any major repairs (if the heat/air breaks, if the roof needs repairing, pipe breaks, etc)
In my opinion you come out ahead if you keep everything in good repair the equity in the house will always grow faster than the costs of the basic repairs |
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Mr. Goodkat
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For Mrs Goodkat and I, we do not want the hassle of having to pay for a plumber or electrician or whatever if something goes wrong. For example, our house needs a new roof this year. Wont cost us anything, landlord has to pay for it. |
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katerbecker
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I think it is usually a matter of money. Many folks can't afford property in the market area in which they live. They must rent. It used to be true that a mortgage payment would be less than rent, but with property values having increased so much (they are decreasing, but they are higher than before the bubble still) add to the mortgage local and sometimes state property taxes as well as maintenance cost and sometimes homeowners' association fees and you don't have much wiggle room in your budget.
When you rent property, you don't have to worry about major maintenance issues or taxes.Often the grass is mowed for you and yardwork completed as well, and in some places some utilities are even included in your rent. Sometimes renting affords you access to a pool or a clubhouse as well. You can end up getting a lot of value for your renting dollar, as many markets are very competitive. |
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iicyiice
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they dont |
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happyindywoman
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There are a few reasons: 1. You don't need much for a deposit to rent an apartment or house vs. the large amount of down payment or mortgage payments for the house, 2. A person may not be sure he/she wants to settle in the community they are living in now so they can be a lot more free to move if they are only renting, 3. They may like to have someone else responsible for all of the maintenance of their home which they get with an apartment. 4. They may want to use their money a different way (for example, they may spend it on thier car or invest a lot in the stock market and not feel buying a house is the best investment for them.) |
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wiifan117
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I've always wondered the same thing, but as an accounting major, probably a lot of the same reason companies lease instead of buy...
Less risk, less responsibility, less liability...
No financial liability (sure there are leases, but once your 1 year lease is up, you can usually go to monthly)...with a house you are locked into a 27-30 year mortgage, that is on your credit report and is a financial responsibility, and if not met you end up in deep financial troubles (possibly bankruptcy), and nowhere to live. If you don't pay your rent, they might try to collect or sue, but you are pretty much off the hook and your life isn't ruined. Not to mention your amount in default will be much less than that of a 30 year mortgage in the first few years.
Also, while renting does often required a credit check, a credit check and mortgage application is much more strenuous when buying a home (getting a mortgage) than that of renting. |
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Kim K
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I have a house that is being rented out to section 8 AND i am renting a luxury apartment..i could get 2 homes but that will be way too much responsibility..so if you cut out all else, the major factor lies with responsibility... |
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trouble_sum81
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Cheaper, and when you rent your landlord is responsible for fixing all the problems. No property tax. |
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earth angel
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sometimes, if they have no savings for down payment and no savings left for reserve (15,000 dollars is good), they could not be approved for loan, sometimes, people have a bad credit and can't be approved for home loan, change of job combined with no savings is also a reason, and just little knowledge of benefit of owning a home. Sometimes, people don't want to go over contracts signing - they feel they are dumb if they don't understand what the contract is saying and that make them not to ask or just forget it. |
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elissa:]
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they rent if tehy lik the house and if its a good deal to rent or compared to other renting homes becaseu they dont have enough money to buy it. think about it.. if you get 5000 a month and theres a house you like thats 2000 a month to rent and 500 000 to buy.. what easier? there you go :] |
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Nic/sty
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walk a mile in a person's shoes. |
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bloomingdaisy
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becuz wen u brake an appliance, u dont have to pay for it. u dont have to manage everything
its a money saver and time saver |
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caseymmcdaniel
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Actually monthly rent can be equal to or more than a mortgage payment.
People who rent do so because there are less responsibilities involved with owning a home. A person who owns a home has to worry about all maintainance, repairs and all bills associated with them. Most often, a landlord is responsible for most of the bills, maintainance and repairs for the home.
Good luck! |
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ethel staten
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I deeded my house over to my nephew with a lifetime right. Which is
my house until I die. My nephwe borrowed money on the house, with out my consent, without my signature. He did not pay the money back.and now the bank is trying to foreclose. They did not do their homework to know that I was owner. What can I do? |
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