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When your tenancy is over you have no equity in your monetary favour as a renter.....
When you own? At least you can sell when you get ready to relocate. |
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Buy a home if you have the down-payment laying around gathering dust...;-)
If not? Renting, at least you can move out in 30 days if your neighbors are cr@ppy to be near. That
is always a plus;-)
Homeowner? Could be a pain if your neighbor's dog pinches loaves in the green lawn you just
planted:-( ........
There are positives and negatives both options. |
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If you do it long term. |
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It is a fact that real estate doubles in value every seven years. If you get the timing right you
will not have to spend more on a repayment that you would on rent. There fore it is better to buy.
Some people have had bad luck with timing. In the end it is better to try again rather than just
give up and hand all your money over to a landlord who will give you nothing in return when your
tenancy has come to an end. |
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Renting is throwing away money. It is comparable to leasing a vehicle. People are just paying to
borrow something that they will never own. Sure for people with bad credit or little money, they
have no other choice. Which in the end makes no sense but it is hard to get a home financed if you
have little or bad credit. I rent and I hate the fact that I am paying an amount every month for
something that will never be mine. The paying will never stop. I want to buy so eventually that
p[ayment will be no more and I will own something. |
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Very true! There is no equity in it! Land is the greatest asset. It always appreciates. |
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By the term renting we understand hiring someone else’s property or possession temporarily by
paying him some money. But at the end of the day we do not get the authority or ownership of that so
called property and it remains to be under the authority of the owner. Thus when we can not own a
property even after paying a certain amount of price then it is absolutely useless to take anything
on rent. You just get the chance to use it as long as you pay but as soon as you stop paying it you
are also denied from using it. So on one hand you spend money but you do not get its ownership. On
the contrary the person who owns it is benefited doubly, firstly he remains to be the owner and
secondly he also gets money over it. |
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Renting IS a complete waste of money because you are just giving someone else all of your money. At
least with a mortgage (original meaning 'Death-Guarantee!) you are paying someone (a financial
organisation) in order to eventually own the property.
Renting might seem like a good idea and perhaps it's a lot less fuss and responsibility than buying
your own home, but it's also a lot less flexibility. You don' t choose the decor, you can't make any
particular changes to the rooms or building in general, you are paying off someone else's
mortgage.
Renting wastes money because these days even students can get mortgages. Some banks offer mortgages
to groups of students, as long as they all have a guarantor for a percentage of the mortgage.
Almost anyone can get a mortgage, regardless of your poor financial history, because the mortgage
lender has the guarantee of the property as an asset to recover should the borrower fail to make
repayments. It's a fairly safe loan.
Renting specifically wastes money because you essentially get shelter, but you do not get what we
might call a home. I believe a home is a property that is owned, that is part of you and your
family.
Don't waste your money, get a mortgage and start investing in property, it's the only guaranteed way
of making money over time. |
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So get a sub prime, and get evicted, we will take the hit. Ooops. We are taking the hit. Social
housing is not a dirty concept.
My neighbour is a "buy to let". I would rather their DHS money was coming from the government, back
into the government, than from the government, into their landlords pocket. |
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Depends on how much you pay, what you get for that, where you live, and how long you plan on staying
there
In some major cities the cost of actually buying a closet starts at a half million, and unless you
plan on living in that closet for 30 years buying doesn't make much sense.
In comparison, if you can find an apartment for substantially less than the average mortgage payment
in the region, and if the apartment comes with extras like heat, water, parking, things you'd have
to pay for in your own house, you may actually come out better renting. |
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My objection is to the "throwing away money" aspect. If that is the only argument for not renting
then I'm against it. There are far too many factors in determining whether to rent or buy to argue
that it's "throwing away money" to rent. |
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No necause when you need to move out you can just leave. |
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In my point of view, renting is not at all a waste of money. Not everyone is able to afford his own
home in very beginning of his practical life. Then the option that remains with us is to rent a
house until we have our own home.
When we rent a house, we get to live in it; we use it to our own convenience as we want. Its better
than not having any place to live in. |
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Not really if you don't have a choice , How many American loose there houses every year. |
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No some people can't afford houses. |
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No because what if you are only staying in that town for a while you don't need to go threw the
hasle |
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Renting a home is like having a snack when you are feeling really hungry. It can be called a waste
of money but essentially you are arranging for a short term solution for a need of shelter and a
place to live.
When you can not afford to buy a house you can not just go around sleeping on the sidewalk with your
family till you save enough to buy a house and that is when you rent a place. |
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Renting a property can go both ways. It could be a good choice or a bad choice. It all depends on
the person who is renting the property situation. If that person does not plan on staying in that
community for a long term period then it is best to rent. Renting a property gives you the freedom
to move about freely. If a person travels for work or school or just to travel it is a good thing.
If a person is looking for more stability and wants to stay in the neighbor where he or she is
renting then that person may wish to get some comps on the value of homes in that particular
neighborhood. If one does decide to buy a home, that person is going to have to pay property taxes,
pay to fix any and all repairs for the home, pay for or do landscaping to keep up the appearance of
the property, pay a monthly mortgage....and if a person moves and decides to rent out the property,
that's good, but then again, you have to have extra money just in case things need to be fixed or
the tenants decide to move out. One also would need homeowner insurance in case anything happens to
the property. Now, if a person is financially stable and has the time to complete these task, then
I'd say go for it. It wouldn't be so much of a waste of money if the options were weighed and if one
wanted to relocate one would only have to rent out the property, which will take time to make sure
that the tenants are reliable. |
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I own a house and am also a landlord. But this article on MSN has me wondering if I went the wrong
way.
"Why rent? To get richer
A contrarian's view: Houses don't appreciate any faster than the level of inflation over the long
term, so forget about buying a home and put your savings into stocks."
Paying interest is also a waste of money. But without owning "free and clear" you got to pay. |
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I guess you could say that ultimately, yes, renting is a waste of money, BUT, I don't think it is in
all cases.
For some people, renting provides the exact solution they need if they are not looking to get
themselves involved in a mortgage at that stage in their life. For example, if you are wanting to
travel and not be tied down by a mortgage when you decide to take off for 12 months or so, then
renting is the best way of being able to live comfortably and then pack up shop whenever you want to
go. Granted, if you owned a place, then you yourself could rent it out, but you can't say that that
doesn't come with additional problems and headaches as at the end of the day you are responsible for
the place.
I think renting just provides that flexibility of being able to go here or there and not have to
commit to anything, or at least spend a lot of time doing so, as opposed to if you were looking for
a house to actually buy.
Renting essentially is a short term solution to a long term problem, but it does occasionally have
it's benefits. I mean, hey, everything that we do is all just a means to an end anyway, so provided
you are living comfortably and enjoying life, then who cares where the money is going! |
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18 Dec 2007 21:20
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