Rent vs Buying a House

Status
Not open for further replies.
Now I'm totally confused, but I just leased a van, I have a house I'm going to sell...and I'm staying in my current home for at least another year....

is that OK with all of you?
 
LOL Yes cybermom.

If it came to it again, my wife and I would own another trailer. We paid $19,500 for our first one (which we later sold at the same price) and our second one at $6,600 (which we sold after living in it for two years and upgrades at the cost of the upgrades and original purchase price). Lot rent for both places was around $200 per month.

It didn't matter that we didn't live in a nice fancy house because we were able to put money aside for a structure home purchase. And just the fact that if we wanted to paint the wall or do anything else to the trailer we could do it for the simple reason we didn't have to request permission from an owner.

And as an aside, be sure you get renter's insurance if you are simply renting. The property owner's homeowners insurance won't pay for any of your stuff it the property is damaged.
 
......i own my current home too..and I'm with you on the being able to paint, or even nail a picture on the wall without permission! I definitely prefer owning to renting, (I only ever rented apartments though and I always kept renters insurance)..

But if someone's considering your first home purchase keep in mind a word of warning..budget more than you think! People make the mistake of thinking they're swaping one payment for another and don't add in all the other bills that come along with a home. I'm not just talking utilities, I'm meaning the upkeep!
 
cybermom said:
I was told the rule is this: Never pay interest on a depreciating asset. I.E.: Buy property, lease cars.
Click to expand...

You will lose money on a car regardless, but you can minimized the impact by purchasing. At the end of a lease you have nothing; at the end of a 3 or 5 year car loan, you will have a car. (It may be really crappy and worth a couple grand) but it's still a tangible asset.

There are a few autos that hold their value better than all others::

Corvette (any year or model)
Honda (Civic or Accord)
Toyota (Camry or Corolla)
 
RobG said:
Ok even if a property ends up costing $340,000 and people are not smart enough to pay it down in 30 years


It takes 30 years to pay out $340,000 and you have a property that went up in value

...
Click to expand...

So, Rob, give us a 6-month update. Did your house go up in value? By what percent?
 
ya lot of people considering buying an home..but to rent an home!!even me I'm considering buying home even an renting...
 
I would support to buy a home.(I got my self one)
remember to some extra on the side for backup(6 month of payment)
buy something that fit your budget (add all your spend hobby and bill check how much you have left for the payment.

then think about rent or buy a house for you
 
buying a house is the way to go. You can make a lot of money if you can buy a fixer upper, fix it up and the flip it for a profit.
 
There is nothing wrong with renting. I want to buy a house but I just can't afford to at the moment. I don't make enough and I don't want to have to a 100% financed loan to buy a home. I want to be able to put money down and feel comfortable in living it. I just fear that something would break, or something would come through the roof and I wouldn't be able to afford it.
 
Status
Not open for further replies.
Back
Top