Is renting an inevitable waste of money? - page 16.

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Quote from: Ultegra134 on February 04, 2023, 01:57:33 PM

Quote from: adzino on February 04, 2023, 10:47:16 AM

You are lucky that you can find an apartment within a $400 range. That's cheap when you compare it with other countries. But I don't think "renting" is a waste of money. You are renting it because you have to. It's like saying why not buy a whole farm and produce your own food instead of buying food everyday because it is an inevitable waste of money. Start saving for the down payment as much as you can. Then pay the rest. You will be paying a little more than what you pay for the rent, but in the long run, you will have your own house. You just need to make sure you always have a job. And also remember, not everyone can afford to own their own house.

Although it's cheap compared to other countries, it's not considered cheap when the average salary is €700–€800. If you're alone, it's practically impossible to rent by yourself; you'll need a roommate or a partner to split rent and utilities. The rents aren't considered expensive themselves, but the salaries are too low to support paying such a rent. It certainly isn't a waste of money; you need to live somewhere, but it's not generating any profit for yourself in the long run.

Quote from: odunybiz on February 04, 2023, 09:56:41 AM

~snipped~

Monthly payment. It may not sound too much compared to other European countries or the USA, but it's approximately half of your monthly salary. Certainly, loans are a huge commitment, and you can't have any guarantees about the future. Just because life is working out now doesn't mean that it'll also do so 10 years from now.

For Most of the people renting is waste of money. For the other - renting is a good option
I am the one who would think that renting in the waste of money. there comes time in your life when you are broke - you can cut down on your grocery and other utilities - but you can not tell the owner to wait for some time because you don't have money to pay off they rent.

Ultegra134

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Quote from: adzino on February 04, 2023, 10:47:16 AM

You are lucky that you can find an apartment within a $400 range. That's cheap when you compare it with other countries. But I don't think "renting" is a waste of money. You are renting it because you have to. It's like saying why not buy a whole farm and produce your own food instead of buying food everyday because it is an inevitable waste of money. Start saving for the down payment as much as you can. Then pay the rest. You will be paying a little more than what you pay for the rent, but in the long run, you will have your own house. You just need to make sure you always have a job. And also remember, not everyone can afford to own their own house.

Although it's cheap compared to other countries, it's not considered cheap when the average salary is €700–€800. If you're alone, it's practically impossible to rent by yourself; you'll need a roommate or a partner to split rent and utilities. The rents aren't considered expensive themselves, but the salaries are too low to support paying such a rent. It certainly isn't a waste of money; you need to live somewhere, but it's not generating any profit for yourself in the long run.

Quote from: odunybiz on February 04, 2023, 09:56:41 AM

~snipped~

Monthly payment. It may not sound too much compared to other European countries or the USA, but it's approximately half of your monthly salary. Certainly, loans are a huge commitment, and you can't have any guarantees about the future. Just because life is working out now doesn't mean that it'll also do so 10 years from now.

adzino

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You are lucky that you can find an apartment within a $400 range. That's cheap when you compare it with other countries. But I don't think "renting" is a waste of money. You are renting it because you have to. It's like saying why not buy a whole farm and produce your own food instead of buying food everyday because it is an inevitable waste of money. Start saving for the down payment as much as you can. Then pay the rest. You will be paying a little more than what you pay for the rent, but in the long run, you will have your own house. You just need to make sure you always have a job. And also remember, not everyone can afford to own their own house.

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Quote from: Cookdata on February 03, 2023, 05:59:03 AM

The cost of production has increased so as the cost of equipment, materials, and cost of workmanship in raising a square wall of rooms. Building a house is beneficiary in the long run but let's make a comparison with the amount you will spend to build your desired house and what it will take to rent a house. To be honest, it is easier to afford a house rent of your choice but you can't build that type if you want to build one yourself, it will take years and if one is not financially buoyant to build a house, the two have an advantage they play but building yours has more on the long run, I wouldn't advise anyone to buy a house because there is a probability of using poor materials for construction.

We also need to remember that rent goes up due to inflation as well. If the price of bread goes up, the electricity bill goes up, the apple new iphones are more expensive, the meal you had is higher, and the workers people hire are more expensive, then what would be the case to keep the rent the same price? That's not going to happen.

So if you own a house, you will want the rent to go up as much as the inflation, so if your nation has an inflation of 10%, then the rent you want to take from the people should go up 10%, if you do more than that's bad, if you do less than it's bad for the owner of the house. This is why I doubt it would be fair for anyone if it's anything but the inflation rate.

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Quote from: Pejoh Asu on February 04, 2023, 09:32:40 AM

Not all debt is waste of money, if we can manage debt for business capital or increase capital then this is good, unfortunately most people nowadays only think instantly, they make debt a thing that can fulfill their pleasure, then problems occur, for example it is difficult pay then they can only regret.

Debt could be helpful if we know how yo handle and spend it wisely so that we can make a profit from it but if we'll use it to fulfill our wants over our needs, we will definitely be wasting it. Renting is fine if that's what we can afford but it will be better if we are also saving to buy our own house because renting forever is really a burden. Saving as for me is the key.

odunybiz

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Quote from: Ultegra134 on January 24, 2023, 12:49:08 PM

If you're young and haven't inherited a property from your ancestors, chances are that you're forced to rent.

As a young guy without inheritance, you will definitely rent an apartment to live. It's just advisable to rent apartment base on your income so one won't end up in debt.

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The average rent for a one-bedroom apartment is between €300 and €400 at best

Is this a monthly rent payment or yearly rent payment?

Quote

Thirdly, because a loan is a many-year commitment, there's no guarantee that you'll be able to afford the monthly payment 15 years from now.

Naturally, I can't advice taking a loan for renting an apartment especially when you have no good job. One should learn how to manage the little resources he/she has and only take loan for business purposes.

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Not all debt is waste of money, if we can manage debt for business capital or increase capital then this is good, unfortunately most people nowadays only think instantly, they make debt a thing that can fulfill their pleasure, then problems occur, for example it is difficult pay then they can only regret.

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Quote from: nimogsm on February 04, 2023, 04:13:06 AM

Quote from: lobo13hf on February 03, 2023, 06:33:29 PM

I always considers renting waste of money, I mean even though it might be more economically efficient if calculated but you still never gonna own anything at the end of the day you're quite literally just become the workers of the landlord, meanwhile if you decided to buy a house you'd eventually get something in return and it could rise in value, with renting all the money you just spent just lost like that, moreover it just feels good when you eventually gonna reach the point where you could live in a place without paying, meanwhile the other people that rents still got to think about how to make their ends meet in next month you're just lifting off some serious burden when that time comes. also it could also motivates you to earn more.

renting is always difficult.Especially if you rent a house alone, then it is even more difficult to buy your property, it is already easier in a couple since you can distribute responsibilities and start paying for your housing.Without additional earnings, it is almost impossible to buy your real estate, since a lot of expenses do not allow you to do this.

It is easy to buy your own property if you have money, but without it, like if you need to have a loan in a bank and pay it for a couple of years, that is a huge problem, and you'll also be sacrificing a lot of things for it, but we have no other choice as we don't have money to buy it in cash. Also, if you took out a loan just to purchase your dream house, you would mostly pay it off in a couple of years. The problem is that if you lose a job within that year, all of your money that was paid in monthly installments will be gone, as well as your property. It is very risky, but if we don't take that risk, we can't buy that house.

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Quote from: lobo13hf on February 03, 2023, 06:33:29 PM

I always considers renting waste of money, I mean even though it might be more economically efficient if calculated but you still never gonna own anything at the end of the day you're quite literally just become the workers of the landlord, meanwhile if you decided to buy a house you'd eventually get something in return and it could rise in value, with renting all the money you just spent just lost like that, moreover it just feels good when you eventually gonna reach the point where you could live in a place without paying, meanwhile the other people that rents still got to think about how to make their ends meet in next month you're just lifting off some serious burden when that time comes. also it could also motivates you to earn more.

renting is always difficult.Especially if you rent a house alone, then it is even more difficult to buy your property, it is already easier in a couple since you can distribute responsibilities and start paying for your housing.Without additional earnings, it is almost impossible to buy your real estate, since a lot of expenses do not allow you to do this.

19Nov16

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I think renting money is a dangerous thing if we are not good at managing finances, nowadays people are too easy to spend money so expenses are greater than income, from now on we have to change our mindset to be more productive and not wasteful because it will make it difficult for us and get into debt.

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Quote from: ningrum on February 03, 2023, 08:05:43 AM

Quote from: AicecreaME on February 03, 2023, 07:30:04 AM

A rent to own or a loan that will give you a house right after you paid it, is a good decision. Renting a house forever will cost you a lot, and it is only for temporary. The disadvantage of it is that not every single time is you have money, and once you didn't pay the rent, you're living in the street and you don't want that to happen. Saving is also another option, then buy a house and lot.

Indeed, what you want is to buy a house because it will save more on our expenses, be it every month or every year to rent a house,
but at this time buying a house also requires a lot of money, of course, and this is not easy,
I think it all comes back again depending on our abilities and just adjusting.

well, my take on this. if you are renting and you seldom go home to live in it. then, that's a waste of money. but if your family is enjoying and are happy with it, then, your rent is worth every penny. not many people can afford to buy their own house or get a rent to own as there are some requirements that they can't fulfill. so what they are doing is just live what they can afford with their money.

Mahanton

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Quote from: AicecreaME on February 03, 2023, 07:30:04 AM

A rent to own or a loan that will give you a house right after you paid it, is a good decision. Renting a house forever will cost you a lot, and it is only for temporary. The disadvantage of it is that not every single time is you have money, and once you didn't pay the rent, you're living in the street and you don't want that to happen. Saving is also another option, then buy a house and lot.

Therefore, you would really be needing a wise decision and see and check it out if you could sustain your current job or some investment to neither sustain your rent or would take up some house loan and
able to pay for long term or lots of years.Its not an easy thing.Who doesnt really want to have their own house? It is really just there are situations or conditions in our lives which
it do really hinders us on making such decision.We dont want to engage on things which we do know that we might able to lose it all in the end of the line
or simply cant sustain this is why we do stick into those non good alternatives but it does really have some pros too.

lobo13hf

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I always considers renting waste of money, I mean even though it might be more economically efficient if calculated but you still never gonna own anything at the end of the day you're quite literally just become the workers of the landlord, meanwhile if you decided to buy a house you'd eventually get something in return and it could rise in value, with renting all the money you just spent just lost like that, moreover it just feels good when you eventually gonna reach the point where you could live in a place without paying, meanwhile the other people that rents still got to think about how to make their ends meet in next month you're just lifting off some serious burden when that time comes. also it could also motivates you to earn more.

Ultegra134

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Quote from: karabiber on February 03, 2023, 09:13:51 AM

It is impossible to invest considering that you do not inherit from your ancestors. I get the feeling that i have wasted money sitting in a rental house and that's what i'm experiencing right now. Regardless i would definitely prefer to live in my own home and many people think so. As long as the interest rate was not too high i would use all my means to buy a house on loan.

I was looking for a house at the time of pandemic covid-19 and rental houses were very cheap. Homes for sale were very cheap. I thought about buying a house at that time but i was afraid because the interest rates were very high in the country i live in.

How could i have known that inflation would increase after the pandemic? With the increase in inflation my chances of owning a house were much reduced and i began to research the government's low interest house sale campaigns. Renting is definitely a waste of money and if you want a comfortable life in retirement you should own a home.

That's why I mentioned that it's an inevitable waste of money. You're paying monthly but aren't generating anything from the money you're spending. Provided that you spend your entire life in a rental house, the money going towards rent would accumulate enough to buy a house in 15–20 years. The issue with loans is that if you aren't able to find a government-funded project like the one I mentioned, chances are that the interest would be enormous and would drive the cost overboard. I don't regret spending all my money on rent; there's nothing I could have done differently at 25 years old.

erep

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Quote from: Pamadar on February 03, 2023, 02:19:14 PM

You need to adjust and find the best way to save in order to fill that hope to own a house, the disadvantage of renting is you are paying each month or each years but the properties will never be yours.

Regarding the OP's statement that he has settled in a rented house in recent years, so even if he is saving he has to pay rent every month unless he has income from other sources for the purpose of saving, I would suggest applying for a low interest rate loan instead of paying rent for the house every month but will not change the ownership of the property to ours, he can take out a loan according to monthly income and it is highly recommended that the monthly loan fee is equivalent to the monthly house rental fee.

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Quote from: ningrum on February 03, 2023, 08:05:43 AM

Quote from: AicecreaME on February 03, 2023, 07:30:04 AM

A rent to own or a loan that will give you a house right after you paid it, is a good decision. Renting a house forever will cost you a lot, and it is only for temporary. The disadvantage of it is that not every single time is you have money, and once you didn't pay the rent, you're living in the street and you don't want that to happen. Saving is also another option, then buy a house and lot.

Indeed, what you want is to buy a house because it will save more on our expenses, be it every month or every year to rent a house,
but at this time buying a house also requires a lot of money, of course, and this is not easy,
I think it all comes back again depending on our abilities and just adjusting.

You need to adjust and find the best way to save in order to fill that hope to own a house, the disadvantage of renting is you are paying each month or each years but the properties will never be yours.

Unlike if you own a house, it will lessen the expenses as you can save the money that supposedy
for renting, you can use it for investment or for business, chances to grow the money is good
and it will help you in your future finances.

serjent05

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If you can find an RFO(ready for occupancy unit) that will save you a lot. Regardless if you have to pay it for 15 years and are not able to finish it is just the same as renting, after all, if you look at it this way, you never lose anything if you failed to finish the term since the money you spend on that unit is like the money you could have spent on renting.

So I would say look for a suitable RFO unit where you think you can have good access for your job and possible future job (you'll never know about this). If you have a stable job that can pay the monthly dues with no problem then go ahead. Thinking too much will incapacitate you in doing the best action. Sometimes we need to take a risk and face all difficulties head-on.

karabiber

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It is impossible to invest considering that you do not inherit from your ancestors. I get the feeling that i have wasted money sitting in a rental house and that's what i'm experiencing right now. Regardless i would definitely prefer to live in my own home and many people think so. As long as the interest rate was not too high i would use all my means to buy a house on loan.

I was looking for a house at the time of pandemic covid-19 and rental houses were very cheap. Homes for sale were very cheap. I thought about buying a house at that time but i was afraid because the interest rates were very high in the country i live in.

How could i have known that inflation would increase after the pandemic? With the increase in inflation my chances of owning a house were much reduced and i began to research the government's low interest house sale campaigns. Renting is definitely a waste of money and if you want a comfortable life in retirement you should own a home.

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Quote from: AicecreaME on February 03, 2023, 07:30:04 AM

A rent to own or a loan that will give you a house right after you paid it, is a good decision. Renting a house forever will cost you a lot, and it is only for temporary. The disadvantage of it is that not every single time is you have money, and once you didn't pay the rent, you're living in the street and you don't want that to happen. Saving is also another option, then buy a house and lot.

Indeed, what you want is to buy a house because it will save more on our expenses, be it every month or every year to rent a house,
but at this time buying a house also requires a lot of money, of course, and this is not easy,
I think it all comes back again depending on our abilities and just adjusting.

AicecreaME

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A rent to own or a loan that will give you a house right after you paid it, is a good decision. Renting a house forever will cost you a lot, and it is only for temporary. The disadvantage of it is that not every single time is you have money, and once you didn't pay the rent, you're living in the street and you don't want that to happen. Saving is also another option, then buy a house and lot.

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