Buying Vs Renting a Home- Which is the right move? - page 5.

GideonGono

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Quote from: electronicash on May 15, 2024, 02:08:35 PM

it really matters when you plan of how long you are going to stay in a certain place. if you have a kid and you give importance to his childhood friends and that he could have a life long friends, i guess buying would be better for he can have a place to call a home town.

if you are just in the place where you are called because you have a job. i think its best to just let your kids visit from time to time and just rent a place when you know you won't be staying for a long time.

Yes, I agree we should consider how long do we plan to stay there, if it is the place where we want our kids or family to grow, then it is better to buy instead of renting out, at least it would be under your name, and you could renovate or redecorate it however you want.
Buying a house would also secure our place when we want to retire or start our own business.

kryptqnick

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It's great that there's a calculator, but it's clearly just for the US market, right? I think the answer to buying vs renting depends strongly on where you live, whether you have access to a reasonable mortgage, and whether you can buy accommodation where you actually want to live/have work/have relatives or friends nearby.
My country has some of the highest mortgage interest rates in the world, and mortgages are generally uncommon, very restrictive, not very accessible. So when people buy, they usually save up enough to pay the whole sum, but that's only possible after working for, I don't know, 10+ years at a very high-paying job and ideally also having a partner in a similar situation with whom you're saving up together.
The rent, on the other hand, is very cheap in my country, and it's easy to find a place to rent (I mention it because I know it can be a huge challenge in some countries because they have a housing crisis). So an obvious and often the only real option is to rent, and then if you're planning to buy, you usually need to save up while renting.
But all that only applies to my country.

qwertyup23

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Quote from: ChiBitCTy on May 15, 2024, 01:45:13 PM

This topic has come up quite a few times over the years on this board. A lot of the discussion around it has mostly been others opinions. I found this neat little graph online (instagram) from the New York Times that compares the two. Now keep in mind one's location will certainly have an effect on which one might make more sense, even in what part of you own country you're in.

I am a firm believer that you lose money when you rent a house especially if you consider it long-term.

The problem with renting is if you plan to stay in that house long-term, then it will definitely hurt your financials the more you stay there. If you plan to stay at a place for more than 8+ years, then it is better to really purchase the home instead of renting it.

In the Philippines, the average rent of condominium units is around $270-$350 per month on a studio unit. If you purchase a unit, it will probably cost you around $60,000 - $70,000 depending on the condo and its location. That is the reason on why your plan is essential in making a decision whether you want to rent or not.

You plan to stay temporarily in such area? Better rent;
You plan to stay at least permanently on that location or at least for a long time? Better purchase the lot/unit.

TheUltraElite

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This might be true in some places but not everywhere. To be able to keep that "home" word in your mind at ease, you need your own house and not a rented one. Someone might want to RV their life out there in the USA but in developing countries this is out of the question, you will get robbed in the middle of the night on the streets.

Figures might show a lot of things but reality comes out to be much different. Consider being in a rented apartment when the pandemic had hit, your tenants could easily have kicked you out.

Dont forget that your house is also the one your kids are going to inherit as property. They might need it in future to live or sell.

Solosanz

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There's no reason to buy house, even you're already married and have a kids.

The housing price is ridiculously high recently, it's not worth it anymore. Even you have $500K which mean you can afford to buy house, but after you own it, now you will start from beginning to build your wealth.

But if you choose to rent, you can use the $500K to invest in Bitcoin, you only need to earn 10% which is $50K, you can use the $24K to pay your rent cost and re-invest the $26K. Actually your $26K isn't a profit, but it's only to hedge against inflation.

348Judah

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Between buying or renting a house, i will rather prefer going for building one, when we put in the cost for buying a house, we will see the difference in building one for ourself that its more profitable for us to build than when we buy, also considering renting a house, i see it a bad idea but many couldn't afford building one, therefore they have to rent where they can leave in and survive through, until they have the capacity of building their own.

Peanutswar

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Actually this concept will be depends the term of goals. If you have a money now and would like to buy a house you can easily do it but of course, there's a lot of things need to be considered like the title, ownership transfer, other fees and etc. next is the house is ready to use now or you want to build on your own design and criteria but if you don't know yet you can rent at least so you have a shelter can be used while wondering about your house at low cost of course, people sometimes do the same thing they bought a land, rent for a while and get worked hard until their house finished. Of course most of us would like to have at least called their owned house.

milewilda

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Quote from: shield132 on May 17, 2024, 03:45:27 AM

Quote from: ChiBitCTy on May 15, 2024, 01:45:13 PM

This topic has come up quite a few times over the years on this board. A lot of the discussion around it has mostly been others opinions. I found this neat little graph online (instagram) from the New York Times that compares the two. Now keep in mind one's location will certainly have an effect on which one might make more sense, even in what part of you own country you're in.

I have a few friends in America and they all told me that when you own a house, you still have to pay a monthly fee for it, so they prefer renting a house unless you are a millionaire. I also have some friends in Europe and they told me the same, it isn't worth buying a house if you are not a millionaire. If we keep in mind that when you buy a house, the house still needs maintenance and repairs often and you have to pay for it out of your pocket, then we can say that renting is a good option. It gives you flexibility which is a big bonus. If you need to move to another city or country, you can easily just rent a new house and don't have to worry about anything. The problem with the rent is that more than half of the time you work only to pay rent and when you own a house, you don't have that burden on your shoulders, owning a house gives you a calm mind.

Usually it is really that pertaining about real propery tax on which this is something that needs to be paid annually which do really sucks but if we do tend to see the amount then it isnt really that much.
This is why i dont really believe much about it to be an excuse for you to avoid on getting a house due to this very reason on which we know that this isnt something that could break your bank or would really be
that a huge amount for you to avoid on getting one. When it comes to amount or comparing and being that practical then we can say that having that renting will really be saving you up for long term in compared when building your own house on which we know that it wont come cheap. I dont know on whats the mindset of some people on why they do make out such consideration on making up such decision
but well we do have our own decisions in life on which we do seem that it would really be giving out that advantage to us on which its a common approach or decision that we do need up.

Kelward

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Logically I'll wonder how I can afford to build or buy a house, instead I'll go ahead to rent, it doesn't make financial sense to me, unless I'm in an area where I'll be staying for a short period of time, even at that, I can still move and sale the house or put it on rent. Real estate is one of the best investments that anybody can go into, it's physical asset that appreciates as time goes on, so if you have the money to buy or build, it doesn't matter whether you're going to live in it or not, just have the property and someone else will rent it and pay you money.

shield132

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Quote from: ChiBitCTy on May 15, 2024, 01:45:13 PM

This topic has come up quite a few times over the years on this board. A lot of the discussion around it has mostly been others opinions. I found this neat little graph online (instagram) from the New York Times that compares the two. Now keep in mind one's location will certainly have an effect on which one might make more sense, even in what part of you own country you're in.

I have a few friends in America and they all told me that when you own a house, you still have to pay a monthly fee for it, so they prefer renting a house unless you are a millionaire. I also have some friends in Europe and they told me the same, it isn't worth buying a house if you are not a millionaire. If we keep in mind that when you buy a house, the house still needs maintenance and repairs often and you have to pay for it out of your pocket, then we can say that renting is a good option. It gives you flexibility which is a big bonus. If you need to move to another city or country, you can easily just rent a new house and don't have to worry about anything. The problem with the rent is that more than half of the time you work only to pay rent and when you own a house, you don't have that burden on your shoulders, owning a house gives you a calm mind.

AmoreJaz

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Quote from: red4slash on May 16, 2024, 04:15:23 PM

Actually in this case I agree with some people that in the end before deciding to choose the best between renting and buying, we need to look at the location that is indeed our current residence.
For some big cities in big countries maybe buying a house is difficult because the cost is indeed very difficult to reach so renting is a good option but in some other countries especially for countries that are underdeveloped or still in development then it will not be too applicable even though in the end rent will still be much cheaper but on the other hand for developing areas at least when we buy then we will get a situation where the house and the place we have becomes an investment as well just in case.

I now live in Indonesia but in an area that is still considered remote and underdeveloped and when choosing whether to rent or buy then I will serve to buy for the first option unless it is still difficult for us to buy then rent can be done while collecting money to buy because indeed as I said earlier this can be a good investment material especially for places and buildings that we buy in my country over time will be increasingly valuable and that I can feel from a few years ago until now the price is always increasing.

Location is indeed a major factor in considering this kind of decision. If you are staying in a highly urbanized areas, for sure, the prices are high. And that means, you will only rent on that place and not buy a property. But if you are seemingly in a remote area, high likely that that real estate properties are quite affordable. And you can justify buying one because it is not too hard from your pocket and besides, as you mentioned, the value of the property will further increase.

jrrsparkles

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Quote from: Queentoshi on May 16, 2024, 04:07:18 PM

Quote from: Jatiluhung on May 16, 2024, 12:21:44 PM

And actually, in this case, there are some people in an area who prefer to rent rather than buy. for various reasons, whether for work reasons or even because they want to avoid property taxes. But I'm sure for those who already have a family such as a wife and several children, they will tend to buy it as their main choice. But for business people who don't have a family, I think renting will be a much more viable option.

As a smart person it would be wise to face half a building or a property that you own before you decide to rent. You can make the smart move of owning properties in places and locations where there are no property tax laws, and then rent in places where there are to avoid the laws.
Owning a property is an investment because whenever you decide to sell off the property you would still make a lot of gain because of the increase in the value of the land.

If someone is capable of owning houses in multiple places then I don't even think they will consider that paying property tax as a burden for them cause they are rich and they know how to cover those taxes with their business. Property taxes works different to countries as well but that's not really the point cause here OP is considering owning house for living which mean its liability not an asset in the means of technical knowledge I got in this field.

red4slash

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Actually in this case I agree with some people that in the end before deciding to choose the best between renting and buying, we need to look at the location that is indeed our current residence.
For some big cities in big countries maybe buying a house is difficult because the cost is indeed very difficult to reach so renting is a good option but in some other countries especially for countries that are underdeveloped or still in development then it will not be too applicable even though in the end rent will still be much cheaper but on the other hand for developing areas at least when we buy then we will get a situation where the house and the place we have becomes an investment as well just in case.

I now live in Indonesia but in an area that is still considered remote and underdeveloped and when choosing whether to rent or buy then I will serve to buy for the first option unless it is still difficult for us to buy then rent can be done while collecting money to buy because indeed as I said earlier this can be a good investment material especially for places and buildings that we buy in my country over time will be increasingly valuable and that I can feel from a few years ago until now the price is always increasing.

Queentoshi

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Quote from: Jatiluhung on May 16, 2024, 12:21:44 PM

And actually, in this case, there are some people in an area who prefer to rent rather than buy. for various reasons, whether for work reasons or even because they want to avoid property taxes. But I'm sure for those who already have a family such as a wife and several children, they will tend to buy it as their main choice. But for business people who don't have a family, I think renting will be a much more viable option.

As a smart person it would be wise to face half a building or a property that you own before you decide to rent. You can make the smart move of owning properties in places and locations where there are no property tax laws, and then rent in places where there are to avoid the laws.
Owning a property is an investment because whenever you decide to sell off the property you would still make a lot of gain because of the increase in the value of the land.

Juse14

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If you have enough money, it is better to buy a house than rent it, even if you intend to live in the city for only a few months or years. Because buying a house is the same as investing. Meanwhile, if you decide to rent, in my opinion it will only cost you every month, especially if you intend to stay for a long time.

However, when you decide to buy a house, buy a house that is strategically located, because this allows the land and buildings you buy to increase in price. So this is quite a profitable investment, and even if you have no intention of selling it again when you leave and move to another city, then you can rent out the house to other people, and this will provide a profit for you every month.

And even if you don't have enough money to buy a house, if you intend to stay for a long period of time, rather than renting it, it is better for you to take out a home loan with low installments. Because when you rent, regardless of how long you rent it, the house still belongs to someone else. Meanwhile, when you decide to take credit, within a certain period the land and building will become your property.

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Quote from: Asiska02 on May 16, 2024, 02:30:53 PM

Quote from: ChiBitCTy on May 15, 2024, 01:45:13 PM

This topic has come up quite a few times over the years on this board. A lot of the discussion around it has mostly been others opinions. I found this neat little graph online (instagram) from the New York Times that compares the two. Now keep in mind one's location will certainly have an effect on which one might make more sense, even in what part of you own country you're in.

I will rather get a home for that price than renting a house and save that amount for a period of ten years. My reasons are very simple and straightforward but others might have a contrary opinion to my reasons but this is based on where I live and the economy situation of my place overtime.

If I can get a house for that price today, I will gladly buy a house than rent because in 10 years time that house will not worth that price again and I would have to pay x10 of what I would have bought now in that 10 years time. In that 10years time, that same house would have also worth x10 of what I’ve bought it or let’s just say x8 since it won’t be a new house at the time. It is very clear that I would benefit more than buying a house rather than renting a house to save money.

Totally depends on where your home is located on, because there would really be those properties that doesnt really appreciate that much in terms of its value overtime but of course if its really that located on something on the city or nearby then you could really be able to assume out that its value will really be that having some appreciation and this is something which you would definitely be preferring into.
Also, i do agree on most points that if i were really that making up some choice then having my own home is really that better, not really just that for the sake of talking about aprreciation of value or
having that kind of savings then its really that totally different if you do live on a house on which you do know that you own it rather than on having that renting kind of condition but well it would be just a matter of preference in the end of the day.

Fortify

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Quote from: ChiBitCTy on May 15, 2024, 01:45:13 PM

This topic has come up quite a few times over the years on this board. A lot of the discussion around it has mostly been others opinions. I found this neat little graph online (instagram) from the New York Times that compares the two. Now keep in mind one's location will certainly have an effect on which one might make more sense, even in what part of you own country you're in.

This graph is really meaningless and does not reflect the actual reality of renting vs home ownership. Renting is definitely useful for certain people, especially those who are younger or need to be mobile when searching for work. Not being tied down to one geographic location is very useful and it is the only thing that certain groups can afford. Home ownership comes with it's own set of benefits and responsibilities however. You are ultimately paying off an asset each month and will end up with ownership of a very expensive asset at the end of it, you're not paying for someone elses house. There is also the inevitable debate about the ability to "make yourself at home" as many renters are restricted in what they can do, but sometimes benefit because the landlord may have to keep a certain level of upkeep for them.

Zlantann

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Quote from: ChiBitCTy on May 15, 2024, 01:45:13 PM

This topic has come up quite a few times over the years on this board. A lot of the discussion around it has mostly been others opinions. I found this neat little graph online (instagram) from the New York Times that compares the two. Now keep in mind one's location will certainly have an effect on which one might make more sense, even in what part of you own country you're in.

The only reason why I prefer to buy a house is because my country doesn't have laws that favour tenants. Even in areas where these laws exist, they are hardly enforced. Landlords have so much power that they can even eject a tenant from his house without any court order. So I would prefer to own my own house to protect myself and my family. However, renting a house is cheaper for me in where I live currently.

Quote from: Mate2237 on May 15, 2024, 05:07:36 PM

If you have the money buy the house and stop renting. Remember even though you are renting a house you have to do some maintenance work in the house to you taste and not everything you will like to involve your landlord to come and do it for you buy a house, you can design your house the way you want. There are some kind of things you won't do in the rented place but you can do it in your own house.

It is not even advisable for a grown up person to rent a house when he has the money. There is nothing like personal home.

Owning your own house gives comfort and freedom but you have to consider the expenses of maintaining a house which include repairs and tax. I heard that some countries charge high property tax which can consume someone's earnings. So in that case renting a house will be the best option. But if one has the money to cover these expenses, the best option will be to buy or build a house. The cost of owning a house is also expensive and most people might never afford it even with their lifetime savings.

Asiska02

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Quote from: ChiBitCTy on May 15, 2024, 01:45:13 PM

This topic has come up quite a few times over the years on this board. A lot of the discussion around it has mostly been others opinions. I found this neat little graph online (instagram) from the New York Times that compares the two. Now keep in mind one's location will certainly have an effect on which one might make more sense, even in what part of you own country you're in.

I will rather get a home for that price than renting a house and save that amount for a period of ten years. My reasons are very simple and straightforward but others might have a contrary opinion to my reasons but this is based on where I live and the economy situation of my place overtime.

If I can get a house for that price today, I will gladly buy a house than rent because in 10 years time that house will not worth that price again and I would have to pay x10 of what I would have bought now in that 10 years time. In that 10years time, that same house would have also worth x10 of what I’ve bought it or let’s just say x8 since it won’t be a new house at the time. It is very clear that I would benefit more than buying a house rather than renting a house to save money.

darkangel11

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These calculators that say you save up on rent don't take into account all the aspects of owning and renting. When you own a house it's yours, meaning that you can remodel, modify it, shape it as you like it, but when you rent it you have to maintain it and make it look the same as when you got it, which may be hard after 5 years of living in it. When you make it look better, improve it, you have to remember that this improvement will stay while you leave to live somewhere else. There's also a matter of being thrown out. The owner can always another plan for the house. He can divorce and be forced to sell and divide the property or give it away and you can't do anything about it. What about price appreciation of the property? When you own it you can sell it for more after 10 years, but when you rent it you will actually lose more money if the house gains value because the landlord will want more money for it. Renting is not that much better than buying.

Topic: Buying Vs Renting a Home- Which is the right move? - page 5. (Read 845 times)