Which Is Better: Renting Or Buying

@KrauseHome (36689)
United States
March 15, 2009 3:17pm CST
Even with the Economy the way it is now, or do you think Renting is the way to go? And if you have bought within the last 3 yrs. or so, have you been effected by the downturn on the Economy as well? Personally we live in a One Bedroom Condo, and even though we are still seeing housing prices, etc. fall all of the time, we still are seeing our Condo fees raising all of the time, and it makes us wonder what is really the Best thing for us anymore for sure. We are paying over $300 more than what a one Bedroom rents for usually around here a month including the Condo fee, Condo payment, etc. over what a one bedroom rents for around here. I have even seen 2 bedrooms for around $200 a month less for Rent around here... (These would be apartments.) It has gotten to the point we are now considering selling our Condo just above what we owe and go rent somewhere just to be able to save some $$ and have a little more breathing room for sure. But overall, it is getting crazy that you can now go Rent and know you have a little sense of Security instead of buying something somewhere and then have to worry about what next. Personally it is getting Sad that things are happening the way that they are, and sometimes I wonder if there can ever be an end for sure. My husband bought this Condo over 11 yrs. ago and we had to refinance at least once due to my Health problems, but personally if we would have known then what we know now, we would have gotten out of this fiasco sooner and maybe be going thru a lot less stress for sure. Over all it is a hard decision for sure, and one we will be thinking and Praying about in the next month to make a better decision for sure. But personally, what are your thoughts these days as well. ~~TINA~~
10 people like this
36 responses
@spalladino (17921)
• United States
15 Mar 09
When you buy a home, you own it and you are in control. When you rent you are at the mercy of the landlord who could decide to sell, to not renew your lease of, if you have no lease, to give you 30 day's notice to vacate for whatever reason. The owner could also not be paying the mortgage payments while you continue to pay the rent and then you find yourself living in a house that's in foreclosure. Condos are a different animal althogether because you're at the mercy of the condo association who can raise their fees at will. My first property was a townhouse and we had a home owners association that drove me nuts! They didn't maintain the common areas yet they raised their fees as often as they possibly could.
2 people like this
@marty3888 (2360)
• Acme, Michigan
15 Mar 09
Owning is almost always better. I don't know how much above you were thinking of selling, but Don't sell, then go rent. You'll only get yourself in the same situation. First of all, and by the way, I'm no financial adviser or anything like that. Just saying what makes sense to me. Go to a mortgage company, explain your sitation and let them know you're looking for a house with mortgage payments simular to what you would pay rent. even if you have to settle for a house that's not as nice or big as your condo. At least you wouldn't have to wory about fees going up. In fact, over the years, our minimum payment on our house has gone down. Remember to figure in taxes and homeowner's insurance. Also, if you're not putting 20% down there will be an extra charge called PMI, private mortgage insurance, but that will go away in a year. Oursw waqs $50 a month. Also, from the beginning, we payed a little more towards the principal in an effort to pay this off as soon as possible. I don't know if that has anything to do with our payment comoing down. Anyway, that's my opinion. Good luck!
1 person likes this
@deebomb (15315)
• United States
15 Mar 09
There are advantage and disadvantages for both renting and owning your home. If you rent you don't have to worry about the cost of the up keep like replacing the roof, problems with the heating and ac, big pluming problems. But you can't remodel if you desire. You do have to worry about the landlord keeping up his mortgage and insurance and those things. If your renting you don't have any thing to show for all the years of renting. In this economy some home are losing value and the owner owes more than the market value. So it's a toss up.
1 person likes this
• Philippines
15 Mar 09
As to what most Mylotters say here, they are right, better own a house than to rent for the rest of your lives. Imagine you have to bother monthly for the rent because you don't own it, and when the owner of the place changes his mind, then you have to move out again and look for another one. Although it is not that easy, i myself would also wanted to earn and save money for our future house and the best for us is to buy house and lot, not rent a flat for the rest of our lives. There are lots of advantages when you have your own house. You can improve it, or renovate it and more without asking anyone if they will allow you to do so. For us we need to ask the owner of our flat if we are allowed to drill and put a nail on some wall for decor or for the curtains. Anyway, this is not my idea of staying, me and hubby really need more money to buy our own house before we have kids of our own. Happy Mylotting!
• United States
16 Mar 09
There are ups and downs either way that you go. The biggest thing about renting is that the owner can decide when you leave whenever he/she wants to. It is their house and they can do what they want to. The good thing about renting is that usually the person renting the house out has to make repairs and pay the taxes on the house and the land. That is one downfall of owning a house. I mean owning that it is payed for and you have the deed. There is also insurance to consider. These are just a few random thoughts.
• United States
16 Mar 09
I've always thougtht it's better owning a home then renting . When you are renting you are at the mercy of the owner . They can jack up the rent. Sometimes even turn down the heat. Allow certain things one day and change their minds the next day . plus that money you pay on rent is gone each month you never get it back. With owning your own home. You get that money back when you resell the house . You control everything that you do to your house , and you take pride in being a home owner .
@NIECIE21 (365)
• United States
17 Mar 09
There are pros and cons to both renting and buying. right now, I am renting due to being in school and not sure if this is the area I want to stay in once I get in my field. But, I am saving to buy a home. When you own your own place, you are in full control of what you are able to do with the house and do not have to agree to things you may want but can not have (ie: pets)
@winterose (39893)
• Canada
17 Mar 09
well I have absolutely no money to buy so that solves that problem and I don't have money to rent a condo either.
@murugezh (273)
• India
16 Mar 09
Hi KrauseHome Nice question on this situation when compare today's economy well every one will say better avoid invsetment but according to me it depends on the house size area that you are living and the budget that you are planning its depends on all the circumstances, well that buying and renting were differed like this when you rent its a simple to rotate and any way you are invest money by installment and you can later have your own property too. But renting might deserve another look right now. After five years in which rents have barely budged while house prices in New York, Washington, Los Angeles and elsewhere have doubled, renting has become a surprisingly smart option for many people who never would have considered it before. Owning a home often ties up hundreds of thousands of dollars that might be invested more safely and more lucratively elsewhere over the next decade. And while real estate brokers may hate to acknowledge it, home ownership involves its own versions of throwing money away, like property taxes and the costs of borrowing. All in your plan and way your desiding, so plan and execute the correct way according to the area that you are living. Happy lotting, Have Good Day.
• Nepal
16 Mar 09
hello frd as i dont know much but according to me i feel owing a house is a better option beacuse after all it is a fixed asset to be saved for facing future problems.hope ur problems gets solved in a best way.
• United States
16 Mar 09
At this time how our economy is going, i think its better to rent and wait until the economy gets a little better. The intrerest rates will be high or get higher. you don't want to get in the position where you can't afford to pay your morgage because of high interest rates. Renting is the best way to go now. Mean while you can save some more while you rent so by the time things get better with the banks then you can think about buying a house.
• Taiwan
16 Mar 09
You should definitely consider buying. At the current state of the economy, It would be a good time to buy houses since housing prices are bound to go back up when the economy is gets better.
• Philippines
16 Mar 09
On the economic point of view of renting vs buying, there are quite number of factors to be considered. First, I would consider my current finances if i am able to buy either through cash or installments or i will have to resort to renting because i cant pay for the whole purchase price or even cant afford to pay any installment plan. Assess your current financial situations before you decide on this. Second, I guess you have to consider also the value of the property or consider future use for the property. If the property is worth investing in then by all means it is worth buying either through cash or financing. But in the long run, I guess it is very wise to buy real state rather than just renting for the rest of your family. By having appropriate deals through financing you will reap the advantages of owning real state rather than just by renting. Of course, appropriate study of the finance costs should be really taken care of to take advantage of the most economical deal to buy real state
@cream97 (29152)
• United States
16 Mar 09
Hi, KrauseHome! At this point, I would rather buy than rent. If I was to rent, I would do the renting to buy option. That way, I won't be losing out on any money invested. I have rented all of my life. And soon, my hubbie and I will want to own our own home. We want something that we can call our own. Renting can be a drag. Especially, if you have a mean and demanding manager who expects rent to be paid on time or else. With owning a home, you have more time on your hands to pay for the mortgage. That is how I feel about renting vs owning as of now. I am sorry that you had to go through the process of refinancing your condo. We all have made some decisions when it comes to our living arrangements. Don't feel bad.. I have went through more than you have.. Trust me..
• Philippines
16 Mar 09
I just want to be practical here. With our current financial situation, renting a home is the option. But there is no arguement that buying your own home is a better option if you can finance it. What we can do is to analyze the situation and plan for the future. What we've chosen, me and my wife, is to rent a home where we are comfortable. Since we got an affortable house to rent, the pressure is less. At least we can focus on developing our own business to be able to buy our own house in the future. Of course we don't want to rent for the rest of our lives.
@deejean06 (1953)
• United States
16 Mar 09
Personally I chose to buy because then you have something that's yours. I just felt that if I rented then it would be money given to someone else and I would have nothing to show at the end of the lease but a lighter wallet. At least with the condo it's yours and you can sell it if you'd like. Real estate is usually a good investment and over time the investment usually appreciates. I think at this time it is a slump - albeit a major one - but it will recover eventually and then you hopefully you will be able to make a nice sum on your investment. Good luck with everything!
@izathewzia (5139)
• Philippines
16 Mar 09
I already experienced renting a house. I felt it is impractical since you are paying but the property is owned by other person. Unlike buying, you are paying but at the end of it all, the property is your already.
@lalapuff (290)
• Philippines
16 Mar 09
for some things that are as good as investment, like a house and lot or a brand new car, buying is better. you get to keep them and hand them down to who knows how many generations so long as you maintain its good condition. for renting..hmmm..maybe for gowns where you're not the main star and it's just a quick event for your part, maybe you could rent instead =)
@angemac23 (2004)
• Canada
16 Mar 09
For me, right now, renting is way better. I Don't have to worry about foreclosure and if my landlord forecloses, I can just move somewhere else, so strings attached. I also don't have to worry about maintenance, property taxes and stuff like that and since I don't really know where I want to be yet, I like not having any attachments to bog me down!
@lingli_78 (12834)
• Australia
16 Mar 09
of course buying... for me, owning my own house is much better than renting... i feel more secure and i feel like home everytime i went home from work... the feeling is different compare to when i was still renting... yes, i struggle to make the repayment and other costs related to the house... but at least i own the house and it is an investment as well... take care and have a nice day...
• United States
16 Mar 09
I like renting, because someone else is responsible for all the problems. And as far as the tax deductions go for home owning....sometimes the cost does not benefit the tax payer.