Topic: Is renting an inevitable waste of money? - page 17. (Read 2609 times)

it's better to buy it, rather than having to rent continuously, because no matter how long you live in that rented apartment, it still won't be yours.

the calculation is simple, if you now start a loan and continue to buy an apartment, you won't worry about the house and the rent. but you have to pay monthly installments for 15 years.

second calculation,
you don't take out a loan, but you pay rent for an apartment for "let's say" fifteen years, after fifteen years you don't get the apartment.
well here's the difference
both require installments,
if you buy an apartment with money from a loan, continue to pay installments every month, for fifteen years, after fifteen years all your debts are paid off to the bank, and as a result your house is still yours.

The second
You rent an apartment for fifteen years, and after fifteen years of renting a house, you still get nothing, because it's rent, and your money used for rent, it doesn't make anything.

but I give this opinion based on smooth economic conditions and no obstacles.

The point is to first measure the financial ability that you have today.

For me, I've been paying for rent since 2013, I dropped out of school so this made me start travelling and hustling for money early, we are now in 2023 and by April this year, my yearly rent will be due and I will have to pay for another 1 year, this means that I have been paying rent for more than 11 years now, if I put together all the money I've spent on paying rent for this 11 years, it is more than enough to build and own a beautiful home of my own.
So for me personally, if I find where i can take a very low interest rate loan to purchase a house, I tell you that I will do it without hesitation or thinking too much about it, as long as the house one i really like and the location where it is situated is good too, and I am also sure that the house is really worth the price its being sold for.

Advantage if you are living away from the city as you can have a roof while away from your home but it is more advantageous if you own one. Also, there are more job opportunities in the cities than in rural that is why you need to go but the real problem is how do you own it? Assume you've been renting that apartment for nearly 15 years; since you don't own it, do you continue to pay for it or continue to rent it? Or you plan to buy an apartment on your own as you can save rent and also you can give it to your grandchildren in the future. The problem is that it is very expensive that not everyone can afford it so they don't have a choice just to pay rent.

This depends on how our conditions are when renting something, be it a house or something else. Because in some cases renting a house is the best choice when we go somewhere, for the purpose of working, studying or something else. It depends on our needs in my opinion.
I am also one of those people who often rents a house, yes I remember the last time I rented a house when I worked somewhere far from where I live. So I calculated how much I spent on transportation to get to work and how much I spent on renting a house, and it turned out to be less than having to go home alone. Time is also a consideration, because when we rest we will be more awake and not travel too long.

Many people rent money and only use it for pleasure such as consumption, hobbies and so on, if we are used to doing this then it is appropriate for us to stop it immediately, it is better to rent money for productive things such as investment, many investment choices and in my opinion what is becoming a trend the best right now is bitcoin or altcoins.

For some people who reside in a rural area but choose to work in a metropolis, renting is not a waste of money. Renting is advantageous for single people since they can rent a single bedroom for a reasonable monthly fee. In contrast, it can be difficult for a family man to set aside enough money from his salary to cover both his rent and other monthly expenses.

I assume this is a housing loan right? Then you can take a loan under your name so you have the full right even both of you don't end up together.

That's important. Don't settle in place that is far from where you're working (or less work can be found). It's not wise to find a home faraway from work then it will cost you huge budget for transportation not to mention the time spent for travelling.

This is understandable but if you opted to keep on renting instead of getting your own you'll not gain anything in the future yet you spend much money. That's why you need to have plan and get a loan based on your capability to pay. In this situation stable income is really necessary.

It can't be that simple. When you've got most of your stuff in your house, you just can't rent it to somebody else. Not only are your furniture and appliances the only things left, you also have your precious collections and paintings, books, PC, bicycle, and so on. You can't guarantee everything will still be in perfect shape when you come back.

My brother has a house of his own. He sometimes thought of moving to another place for a while, but he can't entertain the option of having his house rented for the same reason.

Well, I couldn't disagree with you on that since living with parents can save you enough money to buy your own before leaving with your parents house. I can't tell exactly what are the reasons about that but I guess it's just the way how they were being raised or maybe it's hard to have your own house on the other countries that's why most of them just rented a house or maybe it's just too far away from the city that's why most of them risk to rent even though they were just working to live and not to earn.

Perhaps, I would take the advice on the top of this post and consider downgrading their standard of living and by this way they can earn plenty of money that would be enough to buy their own house.

Renting serve its purpose, it smore flexible than owning a house on a specific area and yes, this is our way to conserve money and use other resources to slowly achieve your goals. We've been renting for years now, and I can say that its not easy to achieve your own property but I know in time, we can make it and that can be a sweet achievement for us. Be wise with your rentals, if its located in a good area where you can earn more much better.

Owners of people will not be comfortable with our presence at home to stay for a long time, unless you are traveling and staying temporarily at your best friend's house for less than a week. I'd rather live in a rented house than live in a friend's house.

Someone takes a loan if the conditions are needed to buy or build their own house, he also has an income that can afford to pay the rent for the previous house, so it's okay to apply for a loan for low interest.

This confirms my idea that paying the rent debt is a life necessity imposed by certain circumstances. This is one of the basic expenses that everyone spends in their daily life. You know in advance what you need to pay monthly as a rental value, and therefore set a budget and divide your monthly income accordingly, which helps you save money and enjoy your life. Perhaps I am one of the few who believe that rent is a good thing and makes people's lives easier. It certainly has flaws, but it's not that bad compared to its advantages.

Ive known some rich people who doesnt have an own house but they are living on condominiums which i could say that they do really love on living a life where they cant be able to put themselves on a hassle.

I have realized for myself that if i were that rich then building your own house would be ideal but there are ones who do much prefer the accessibility on various venues and relevant places for you to deal
and live with on everyday.

There are really that differences for those people who dont have much money which leaves out on the option on having that renting for so long.Somehow its impossible that you wont
really be having in mind that on having your own and this is why we do go into certain options.

We have to rely on someone or leverage on things for a particular time in other for us to make some achievement while we set out goals and targets in place, this will be part of the procedures in life that will be required of us to take and trod  through in becoming whom we are meant to be, you pay for what you rented unlike when you lend them, it's never a waste of money but rather a way to conserve money when the time comes for you to acquire yours after you must have gained experience.

Well, in this case, everybody has a different condition and reason for renting.
I live with my family (4 people including me), still renting a house with two bedrooms and other main rooms, which costs only $670 per year. This is the average price in my area here and the house is really enough for us, much better with the environment here that is very suitable for me, my kids and also activities. With that cost, I am sure that many people around me will also talk about "why not buy or build a house? Why don't live with your parents?", This is always heard in my ears. But, this is our decision not to live together with our parents because we have our family with our responsibilities.

Who doesn't want a house? I am sure that most of us want a house or apartment or other names for living permanently, not renting. I am also having a target to buy my own house. But, not everybody is able to do it. So do I? We are still trying our best to save money and collect more money to buy a house someday. This expectation is one of the lists in my targets.

If we are calculating the money, how much money we have spent on renting, this sometimes hurts because we have spent so much money. But, once more, we sometimes have no choice, and renting is still the best way to do it for now. Why not? As long as we can still pay for it and try for our best life.

But you cant really make yourself staying into your own friends house for too long or even on years.Arent you that having the feeling on being shy on making yourself lived into someones house?
No matter how close you are with your bestfriend but you are living on a place that you wont really be that comfortable because you would really be keen in towards your actions because you do know
that it isnt your house.

This is why i cant really blame out other people on thriving their best on getting their own unit or houses even if its that risky to take up some loan.
Just be sure that you would be able to pay up those monthly amort for long years.

Well, the thing is that everyone would wish to outrightly have their own house, or maybe even houses and still be able to comfortably cover every other expense they have, but i'm afraid only the rich can actually afford that luxury. I feel between rent and purchase depends on the individual, their income and their area of residence, if you have a steady/stable source of income, then you could buy a house through paying the mortgage on it in installments, it is going to take quite a long time to pay up, but you eventually will if you manage to keep that steady source of income coming.

Having said that, i don't think there is anything wrong in renting a house, if you get a suitable location whilst considering proximity to your workplace, then you can go on and continue paying rent. I basically believe that before one should consider taking a loan to buy a house, or paying a mortgage on a house, they must have drawn out a long term plan as well as analysed their long term income and mobility, but rent on the other hand somewhat affords flexibility and ease of relocation.

Not everyone are fortunate enough to have some left behind properties to inherit and make for themselves an easy life from it. Some might not even get to have it in a location that makes the property have a high value. Therefore, many have got to struggle for everything, to build their fortune from the bare floor.

Hence, with renting as a necessity to your survival and an easy life, I won't really term it a necessary waste. You are getting the value for your rent at least and that's of the most importance or that's what the money spent on renting is meant for. One otway or the other, your bound to spendsome of your earned funds on something and a house is definitely worth it. Shelter is a need and until you've got enough to build yours, you've got to do what you must to have a roof over your head.

This is where I becomes of the most importance. If you've got the leverage to set aside something for later. If your salary or wages and rent isn't giving you that leverage to set some funds aside for later, then you might just be biting more than you can chew.

Relating to the OP's statement, he really needs a long term loan for a solution to owning a house instead of having to pay monthly rent, technically he's just switching from rent to loan but he already owns his own house, but it's important to note that the loan repayments are worth the cost monthly rent then there is no reason he can't pay off the loan because he can pay off the house rent for 6 years.

Op had said 75% of the loan would be government funded interest free and the rest would be handled by private banks for low interest so it was logical to apply for a loan. but I don't know the specific economic conditions of the OP and but if you don't have a stable income it's better not to apply for a loan.

Renting is a waste of money. I pay rent annually I know this for a fact. Your rent can never decrease rather the landlord will always inform you of an upward review of the rent.
And if you cannot pay of have a problem with it you are served with a quit notice. Every year you pay higher for rent.
If you have you own house, it will cost a lot of money to build or buy one, but once you do, you have peace of mind for the rest of your life.
I have concluded and agreed with the OP that renting is an inevitable waste of money.