rent or own

United States
April 2, 2007 7:57pm CST
I seen one of my friends started a discussion about renting or owning your home,If you live on a fixed income it is kind of impossiable to buy a place to live because when you get a raise in your check everything else goes up and it is hard to be able to buy a home for me some people might be luckier to have their homes already but with me it is not that easy how many of you have the same problem
1 person likes this
1 response
@bgerig (1259)
• United States
3 Apr 07
I have been fortunate to be able to own...making payments which are about the same I would be paying for rent, but I am earning equity in the property. Orgiinally, I had a little down payment but not the five percent they wanted, so I was able to negotiate it. I was very fortunate. That was a two story house and I was able to rent out some rooms whch helped wiht income. Then after a couple years, I was able to sell it for a profit and buy a home just for me. The bank still owns most of it, but I am pleased each year when I get my statement to see that I am owning more and more of it...plus I benefit greatly in deducting the interest and real estate taxes from my income taxes...and the property is appreciating in value as well. I would encourage any one to buy what they can afford.
• United States
3 Apr 07
I just have enough income to keep my head above the water.but as you said it is really nice to be able to pay the rent to the bank because some day you will own it and you'll have nothing owed on it