If you were to inherit money, would you keep renting your house, or
By joystick
@joystick (1675)
March 6, 2012 8:41pm CST
would you buy one.I would buy one, the reason for this would be, to have something to leave to my children, rather than paying rent for life as well.I think that the rent now is the same as a mortgage.The only difference would be, that you could chose where you lived and not worry paying where you lived and never worry about getting behind with the rent.After all if you inherit, you have to tell the benefits people that you claim off, now if you were to buy a house with that money it would not matter or make a difference with your benefits.So it really do not pay to save or bank money, as your benefits get cut.
5 people like this
27 responses
@Dominique25 (9464)
• United States
7 Mar 12
I guess it depends on how much I inherited.If it were so much that I wouldn't have to think about ever running out I would probably buy a house.If it were a small amount I would keep rent. I don't mind renting a place. It is easier to care for things that way. Owning a house when things go wrong it all has to be taken care of by you. When you rent all you have to do is call the landlord. And we aren't handy people. So it's best if someone else does the work.
@dogsnme (1264)
• United States
7 Mar 12
I use to rent an apartment. I did it the first few years I was on my own. I graduated high school in 1986. In January or February of '87 I moved out. Actually, my dad kicked me out. I lived in apartments until October of '92 when I bought my house. And believe me, I would not change a thing. I will not go back to paying rent if I can help it. It's only me, here. You're right. When something breaks I have to fix it. When the grass grows I have to mow it. When the clothes and dishes get dirty I have to wash them. I am responsible for everything here. But, it's something I've learned to deal with and it's not as bad as you think. I'm not as handy as some people but you learn how to fix things just like you learn how to do anything else. I've put vinyl siding on my house. I didn't call someone else. And it's not as hard to do as you might think. I've replaced the windows in my house. I installed them all myself. I've put chain link fence up around my whole yard and am in the process of putting up a wooden privacy fence in another area. These are things I could never do in an apartment. I also have four dogs that I would never give up for the world. I could never have them in an apartment. Really, the benefits of owning your own home outweigh, tremendously, the headaches that come with it. I'm not knocking you for choosing to rent. You have to do what you feel is best for you. But, if you've ever entertained the thought, even for a moment, of buying a house I encourage you to think about it some more. There is certainly more responsibility that comes with buying a house and it's a big step that can sometimes seem quite daunting. But, I don't regret buying mine for one moment. I would do it again, and again and again.
@elementah (106)
• United States
7 Mar 12
Well, it depends on how much I inherit. But I would most likely use the money to invest somehow. Probably on a house that doesn't cost too much but is in good quality shape and is in a place where earthquakes and tornadoes and stuff rarely happen with no trees that can fall and damage the house. I would rent that house to other people. Then, I would find a house and pay rent to someone else. I hope this makes sense, lol.
1 person likes this
@chiyosan (30184)
• Philippines
7 Mar 12
it would depend on the amount i would inherit. of course if i would inherit huge amount of money then i guess buying a townhouse would not hurt that much. it would be great especially if the house is near my workplace and if it is low maintenance. =)
1 person likes this
@marty3888 (2355)
• Acme, Michigan
7 Mar 12
Well, yes it does make alot of sense to bank and save, especially if you are going to buy a house. But I do agree, either buy a house outright or put a big big down payment on a nice house and get a 15 year mortgage. My choice would be, say if you inherited 70 or 80 thousand, find a house for 40,000 and bank the rest. I own my house although I have a mortgage, it's mine, or rather ours and we can do what we want. We don't have to worry about landlord rules. That is the best thing about owning vs renting.
@shadjee1 (602)
• Philippines
7 Mar 12
I would prefer to have my house if i did inherit a lot of money. I may need to pay for taxes or what not but come to think of it, it's an investment that your child, grandchild can inherit in the future. Nothing beats on having your own house and building them with your own preference.
1 person likes this
@blue65packer (11826)
• United States
7 Mar 12
If I inherited money I would keep on renting. Buying a house is not what I ever wanted to do. Buying a house is to much of a hassle. If something breaks I have to fix it or have someone else do it. If something is need of repair while renting I will call the landlord. It is his problem,not mine! Less worry for me! It also saves me money and the hassle!
1 person likes this
@shooie (4984)
• United States
14 Mar 12
If I inherited enough money I would buy a house. We rent right now and looking for a house. Not going to wait to inherit anything....lol Nor really going to worry about leaving anything for the kids. We work hard for what we have and want and the kids can do the same. lol
@shooie (4984)
• United States
14 Mar 12
If I inherited enough money I would buy a house. We rent right now and looking for a house. Not going to wait to inherit anything....lol Nor really going to worry about leaving anything for the kids. We work hard for what we have and want and the kids can do the same. lol
@kiran8 (15348)
• Mangalore, India
13 Mar 12
This is my favorite fantasy - one where I inherit a lot of money , but so far no luck 
.I would agree with you since it is the wisest investment, buying a house and furnishing it etc etc...a house with garden would be nice! The other plus point is , when you invest your money on land you save on tax...all the best 
.I would agree with you since it is the wisest investment, buying a house and furnishing it etc etc...a house with garden would be nice! The other plus point is , when you invest your money on land you save on tax...all the best 
@dorannmwin (36392)
• United States
10 Mar 12
Well, my husband and I bought our own house in the beginning of 2008 and the price that we are paying for our mortgage (including taxes and insurance) is less than most people in our area are paying for rent.
With that said, if we were to come into a large sum of money, then we would pay off our house because that would be one less thing that we would have to worry about. In addition to that, we would probably also buy a second house that we would use for a rental income as well.
@nangisha (3496)
• Indonesia
12 Mar 12
Hi Joystick....
I think having roof above your head is a mandatory. So if I had money I prefer to buy my own house. Its will keep safe in future because if I had loose job I won't become homeless I can rent half my house to others to rend money or sell it at higher price and move to smaller one, there are many possibilities.
My parent open a small store in our house so its another possibilities. If you keep renting your money will go to house owner.So having your own always a great option and good decision because the property value keep raising each year.
Have a nice day 
!.
!.
@asliah (11137)
• Philippines
1 Oct 12
hi,
for me i will still choose to rent as long as i can,actually i am planning to buy a house but that is for rent only,so that i can still use it as my business,that house have 8 rooms,and after i have such enough money then i will use the one room as my house.
@LittleMel (8742)
• Canada
8 Mar 12
depends how much money I guess
if it's enough to buy a house, I will buy
if not, I have to save it for rainy days
@scarlet_woman (23465)
• United States
7 Mar 12
if it was a lot of money,i'd pay off the mortgage and keep the house.
depending on how much,i'd add on to the house.
@celticeagle (158702)
• Boise, Idaho
7 Mar 12
It would depend on how much money i inherited. i live in a section 8 housing apartment so I would have to be sure that I have the money to live elsewhere. It would depend on alot of things.
@dogsnme (1264)
• United States
7 Mar 12
If I were to inherit money right now, regardless of how much it is, I would use it toward paying off my house which I am very close to doing. If for example, I inherited $50,000 I would use what I needed to pay off the house. I would then, if necessary, use what's left to make needed repairs to my home. If I had any left I would use it to pay my way thru trade school. There are many things I could do with it but it would be used toward investing in my home and my future. I would also put what I could of it in a personal savings account. I am saving hard right now to pay off my house later this year. Once I do, I will be completely debt free. And I have vowed that once I am debt free I will never again go into debt unless I absolutely have to. I use to live in an apartment and pay rent but it's something I will never do again unless it's unavoidable. I have lived on my own since I was 18 or 19 years old and am 44 now. I have lived in my house since October of '92. And during that time I have learned how precious individual freedom and independence is. And I would have it no other way.
@zjdway (25)
• Qingdao, China
8 Mar 12
I will buy one, of course. In my hometown, the guy who get married should have his own house, or people around you would think that you are not a good man. And the rent one is other peoples, there are no sense of securtity.
I buy a apartment last year. Use borrowed money to buy, as i want to get marry this year. I have to buy one.
@crazzydolphin (3636)
• United States
7 Mar 12
i rent an appartment right now but if i were to inherit some money i would go out and find somewhere else to live with my own house and my own rules. i live on my own and have my own rules but then again i dont...where i live we have inspections and your house has to be a certain way and you cant have certain things and they are not to happy if an accident happens and a hole gets put into the wall (not that the walls are very good ne ways)...it would b great to have the money to move out of this town and some where i enjoy living. somewhere my kids can actually play outside and i do not have to worry about who is out there and what will happen to them..
