Do you prefer renting or buying?What are the pros and cons?

United States
December 31, 2009 10:02am CST
I am considering soon to buy a home. I have always liked renting because honestly, I was scared of the commitment. What if something really expensive breaks or what if I lose my income somehow,etc. But, recently, I feel like I have thrown away so much money and helped my landlords more than myself. Plus, I want to have something to leave for my kids. Do you rent or own? Why?
4 responses
@cher913 (25890)
• Canada
31 Dec 09
we lived in both a rented house and now the bank owns our house (we like to think we do lol!) i dont know, my hubby lost his job and we pay for insurance in a case like that, so right now, the insurance is paying our mortgage. so that is ok but i would like to live in an apartment and not have to worry about stuff like that though.
1 person likes this
@bird123 (10525)
• United States
2 Jan 10
Buying a home is the smartest investment you can make.You want to have a house fully paid for by retirement.When you rent, the rent goes up almost every year. Owning a house won't do that. Sure you can have fixing problems with a house. Learn to be a fixer upper.In fact if you buy a house in need of repair, you can gain equity by fixing it up when you buy the house at a lower cost.30 years of renting and you have nothing. 30 years of buying and not only do you have the original cost of the house, you have the inflation adjusted cost of the house. If you get into money problems when you are real old, you can get a reverse mortgage and still live in the house. I will never ever rent. You are just scared. Everyone is the first time.Great deals of houses now. Now is the time. When the housing market comes back, the value of your home will go up. You will make extra equity because prices are down now!!Buy low. Sell high.It's low now. Time to buy. Don't forget to check the first time home buyer credits from uncle sam.
• Indonesia
31 Dec 09
I suggest u to have ur own. It seems difficult at first but it's best later. Property is the best investment.
@Genericbe (1378)
• Philippines
31 Dec 09
We own our house right now. I think if I have my own source of earnings like my parents then I will also try to buy a house for me and my coming family. I was attached more with my family. I think, you must not be scared of any commitment. Just make sure you will try your best to overcome that trial in life. Sooner you will have your own home. Your reasons may be a practical one and it is understandable for such any one having their own family. Your priority first is the food , if you are renting it is good for you have shelter and clothing. Someday you can have those dreams just do not be scared and be able to spend money wisely is the best thing you can save good assets for the future.