Is renting an inevitable waste of money? - page 9.

Theones

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Quote from: n0ne on March 04, 2023, 07:56:26 PM

It completely depends on the user. If the priority is a shelter, and they doesn't want to invest big the better choice is renting. Here you can avoid the unwanted expenses of renting when a specific amount is invested and the return out of it on the regular basis can be used for paying rent. In some cases it is specific time periods rent need to be paid initially, so that rent isn't necessary to be paid. This way of renting is called leasing.

rightly penned down. That is correct - it depends on user. For me renting is really a waste of money.
Rather I would prefer having a van life of a bus life - where I could move when I feel like moving. I am so tired of my next door neighbour have I been on wheel - I would have left the place.

n0ne

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It completely depends on the user. If the priority is a shelter, and they doesn't want to invest big the better choice is renting. Here you can avoid the unwanted expenses of renting when a specific amount is invested and the return out of it on the regular basis can be used for paying rent. In some cases it is specific time periods rent need to be paid initially, so that rent isn't necessary to be paid. This way of renting is called leasing.

STT

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Quote

Building a new house costs a lot of money,

The biggest premium would be the service of the workers who do the building, their skill and experience combined with land value and the transformation of clear or unused land into a working home can cost alot. If someone acquires or can learn the skills to build a house, they only then need to solve the last part a way to get land cheaply before it becomes popular like a city builds up premium way over basic materials.
Most parts of the world you can not just build anywhere you like or own, there are all sorts of rules and drawbacks to consider but a few select places you have freedom it really does just come down to skill and time to stack bricks on solid unused land. Building can be gigantically profitable and also highly in demand by society that often lacks good housing so its a sector which in theory should do well.

Final point would be that housing is possibly one of the most subsidized and government influenced sectors in the world. I think only finance and debt is as overshadowed by the influence of government, also military hardware must be but these three are really political imo

og kush420

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Quote from: Uruhara on February 27, 2023, 01:57:30 AM

Renting a house for a short period of time cannot be called a waste. but if for a long time then I think it could also be something that is not very good for our own economic growth in the future.

Taking a loan from a bank with low interest and then we buy a house with that money I think is much more effective. but on condition that we have calculated our financial ability to pay installments to the bank every month. but this step is indeed different from taking home installments (home loans). because the price of a house purchased in cash will be cheaper than buying a house on credit.

this is a very good point. Most of the people lease the house rather than paying the rent.
I have seen many documentaries, where people are converting their vans to their houses. And they are happy living there.

shinratensei_

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Quote from: erep on March 04, 2023, 05:58:27 PM

Building a new house costs a lot of money, even someone with a monthly passive income still chooses a bank loan to build a house instead of saving for several years, the basic items for building a house are increasing every year, but it is recommended that you keep saving for the purpose of building a house because we have to setting limits on rents for less than 2 years, Op has lived 4 years and spent $25k in rent which is equivalent to the cost of a new house for a minimalist size.

one should know that builidng house from scratch also require time, you couldn't immediately live in the house you should wait until it gets built first then you could live in that house afterwards, but where are you gonna live in the meantime? of course you'd be renting house for about 1 year and that's already massive waste of money.
having second hand house is fine if it's relatively cheap enough and good enough, meanwhile you're collecting money for building your dream house, having temporary second hand house could also save you from the costs of renting since I think the price of the house rarely deprecating.

erep

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Quote from: kro55 on March 01, 2023, 11:35:14 PM

Of course, there is nothing more comfortable than being in your own home. But nowadays, owning a home is not easy. In my country, for an office worker to be able to save up to buy a house, it takes at least 5 to 10 years, and this will be even further for workers. It can be said that real estate is a luxury for many people, so many people tend to rent houses because, in life, we also have hundreds of other bills to pay, not only saving money to get a house.

Building a new house costs a lot of money, even someone with a monthly passive income still chooses a bank loan to build a house instead of saving for several years, the basic items for building a house are increasing every year, but it is recommended that you keep saving for the purpose of building a house because we have to setting limits on rents for less than 2 years, Op has lived 4 years and spent $25k in rent which is equivalent to the cost of a new house for a minimalist size.

Uruhara

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Quote from: Pamadar on March 01, 2023, 06:56:50 AM

Quote from: Uruhara on February 28, 2023, 04:41:37 PM

a careful planning is needed in this case before we make any decisions including planning for a better future such as having a dream home. or maybe we can start from a simple house that is cheaper.

and it is true that of course when we have an obligation to pay installments every month. it will be more effective if we have a side job to supplement our income and to save some money for reserve funds and emergency funds. which is prepared to pay installments when we are sick and unable to work.

It's the importance of extending your capabilities in finding side jobs to add to your finances. Planning to have your own job is not an easy as it is. You needed to work harder while paying your rents.

Everything is doable if you have a good goal and you are working double time to make sure that you will
be able to make things happen.

And some of us must also be faced with the fact that sometimes there are several types of jobs that make us unable to do side jobs. so it will be more difficult to supplement income from other jobs.

The type of work also determines whether we can find a side job or not. like office workers who have to work overtime every day until midnight. or bank staff such as a teller and other departments that sometimes they have to work overtime every day. so they are exhausted enough to look for side jobs to supplement income. and the only time left is for them to rest. so not all of them can have side jobs.

KaliLinux

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Quote from: Ultegra134 on January 24, 2023, 01:49:08 PM

On top of that, finding the ideal house as a renter is almost impossible; there's a lack of housing, and rents are extremely expensive and unreasonable at the same time. We had a difficult time finding a house recently, and it's far from ideal. There is now a new government-funded loan program that is about to start, funding up to 75% of the loan interest-free while the rest is funded by private banks and is subject to a relatively low interest rate. This led me to think about taking a loan and purchasing an average two-bedroom apartment, but I have the concerns that I voiced earlier.

I believe this is where the major problems are in my location too especially if you are looking for a house in a nice location and a comfortable house too. Prices are usually expensive and it is only in that high-priced houses too that you might likely find funded by Banks and these ones are not interest-free either it is however also much easier to rent as long as it is not expensive.

Theones

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Quote from: karmamiu on March 02, 2023, 01:27:53 AM

Quote from: molsewid on February 27, 2023, 02:44:48 PM

Quote from: Cryptmuster on February 27, 2023, 05:42:49 AM

If there is no other choice, then we are obliged to rent housing. Sometimes I think that maybe it's for the better, things have changed a lot in the last year and I've seen a lot of people have to leave their homes and move to other cities where they rent housing. If I have not spent the money to buy a home, then I will have reserves that will allow me to rent a home for a long time. For now, this is the best option for me, it may change in the future, but for now I will only rent an apartment.

Here in our country there's a rent to own condos that you can try if you want to have property but you only have a certain amount. Renting is not really an expense if that rent will be beneficial for your work and source of income as well as for your peace of mind then why not right? I am renting in a small apartment last year because I need to protect my peace of mind, but this year I went back home but next time if I will rent again it could be a rent to own that time.

Here in my country too, we have a similar running business that is what you called rent to own condos or properties. Personally, I think that depends on person's situation coz there are also times that renting is beneficial if you and your family is working very far from your home, then you could actually choose to rent, just like our family's situation now. It might be temporary for now but maybe in the future we would decide to find a place where we could rent to own and also a place which is accessible and beneficial for us in the long run.

We all need to manage our fundss
Renting is surly the waste of money- one should have a small place to live to avoid over spending.

karmamiu

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Quote from: molsewid on February 27, 2023, 02:44:48 PM

Quote from: Cryptmuster on February 27, 2023, 05:42:49 AM

If there is no other choice, then we are obliged to rent housing. Sometimes I think that maybe it's for the better, things have changed a lot in the last year and I've seen a lot of people have to leave their homes and move to other cities where they rent housing. If I have not spent the money to buy a home, then I will have reserves that will allow me to rent a home for a long time. For now, this is the best option for me, it may change in the future, but for now I will only rent an apartment.

Here in our country there's a rent to own condos that you can try if you want to have property but you only have a certain amount. Renting is not really an expense if that rent will be beneficial for your work and source of income as well as for your peace of mind then why not right? I am renting in a small apartment last year because I need to protect my peace of mind, but this year I went back home but next time if I will rent again it could be a rent to own that time.

Here in my country too, we have a similar running business that is what you called rent to own condos or properties. Personally, I think that depends on person's situation coz there are also times that renting is beneficial if you and your family is working very far from your home, then you could actually choose to rent, just like our family's situation now. It might be temporary for now but maybe in the future we would decide to find a place where we could rent to own and also a place which is accessible and beneficial for us in the long run.

kro55

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Quote from: rojan on March 01, 2023, 09:08:44 PM

Quote from: jrrsparkles on February 28, 2023, 09:32:04 AM

Rent mainly depends on the locality, and it subjective cause if you're a working person and need a house or an appartment very near to your working place then rent is cheaper compared to buying the same property, whereas in long term paying rent becomes obsolete while paying mortgage gets you a house at the end but if you're moving then you can simply switch your house when you're at rent but once you bought a house then it will be there forever.

If a man can build a house of his own, then it is a great thing for him. And if he does not build a house, if he wants to rent someone else's house and live in it. That seems very foolish to me. But what I am Realized that it would be great to build a house for myself. What some people think, I have to do what I have to do to live happily and peacefully for the rest of my life. I think I need a house for myself.

Of course, there is nothing more comfortable than being in your own home. But nowadays, owning a home is not easy. In my country, for an office worker to be able to save up to buy a house, it takes at least 5 to 10 years, and this will be even further for workers. It can be said that real estate is a luxury for many people, so many people tend to rent houses because, in life, we also have hundreds of other bills to pay, not only saving money to get a house.

rojan

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Quote from: jrrsparkles on February 28, 2023, 09:32:04 AM

Rent mainly depends on the locality, and it subjective cause if you're a working person and need a house or an appartment very near to your working place then rent is cheaper compared to buying the same property, whereas in long term paying rent becomes obsolete while paying mortgage gets you a house at the end but if you're moving then you can simply switch your house when you're at rent but once you bought a house then it will be there forever.

If a man can build a house of his own, then it is a great thing for him. And if he does not build a house, if he wants to rent someone else's house and live in it. That seems very foolish to me. But what I am Realized that it would be great to build a house for myself. What some people think, I have to do what I have to do to live happily and peacefully for the rest of my life. I think I need a house for myself.

Davian144

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Quote from: Theones on February 28, 2023, 11:32:54 AM

That is true - I know a friend of mine who said that he slept in his car too for a long time because he could not afford a home.
He used to shower at his office and give the laundry to dry cleaner. Eating outside - some people live a difficult life style before they are really sattled.

But the good thing is that he still has a place to stay for shelter and rest even though it's only limited to his car as a substitute for a house. Because until now there are still more people who rent a place to live by paying it monthly and there are also some people who cannot afford to rent a place to live until now, but are still grateful because they are still allowed to live in their own parents-in-law's house. But I can't imagine those who can't afford to rent a place to live without having their own house and their parents too.

This is the importance of working to make money and saving to buy a house in the future, even if it's just a makeshift size. Because when someone starts to have their own house to live in, they will always feel comfortable and happy and will look richer even though basically the assets they have are not that many.

Pamadar

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Quote from: Uruhara on February 28, 2023, 04:41:37 PM

Quote from: Pamadar on February 27, 2023, 03:46:28 AM

Quote

Taking a loan from a bank with low interest and then we buy a house with that money I think is much more effective. but on condition that we have calculated our financial ability to pay installments to the bank every month. but this step is indeed different from taking home installments (home loans). because the price of a house purchased in cash will be cheaper than buying a house on credit.

Low interest will help you to budget your finances, plus doing some side job to add up in your finances will also help you
to pay your loans. Thinking about long-term goal and planning ahead to make sure that you are capable of covering all your loans
and your daily needs are very important to assess before taking anything.

a careful planning is needed in this case before we make any decisions including planning for a better future such as having a dream home. or maybe we can start from a simple house that is cheaper.

and it is true that of course when we have an obligation to pay installments every month. it will be more effective if we have a side job to supplement our income and to save some money for reserve funds and emergency funds. which is prepared to pay installments when we are sick and unable to work.

It's the importance of extending your capabilities in finding side jobs to add to your finances. Planning to have your own job is not an easy as it is. You needed to work harder while paying your rents.

Everything is doable if you have a good goal and you are working double time to make sure that you will
be able to make things happen.

shinratensei_

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Quote from: og kush420 on February 28, 2023, 10:37:05 AM

Quote from: jrrsparkles on February 28, 2023, 09:32:04 AM

Rent mainly depends on the locality, and it subjective cause if you're a working person and need a house or an appartment very near to your working place then rent is cheaper compared to buying the same property, whereas in long term paying rent becomes obsolete while paying mortgage gets you a house at the end but if you're moving then you can simply switch your house when you're at rent but once you bought a house then it will be there forever.

most of the people are living in van and buses because they cannot afford rent. They are renovating their vehicles.
SAving as much as they could.
This is mainly because people have now started realizing that renting is a waster of money for sure

it seems many have realised that when the rent takes up more than half of their salary there's certainly something wrong with it so they'd think just renovating vehicles for temporary solution of housing might be a good idea. even though the fact in regards of renting is just waste of money could still be heavily argued, I'm certain that majority of people are also wanna have some real assets where they are paying mortgages and get something big in return not just make the landlords richer and richer every months.
i'd imagine someone that rents for 20 years straight could have the same chance of getting kicked out of the house they rented just the same as those that newly renting the house for few months, sounds ridiculous.

Uruhara

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Quote from: Pamadar on February 27, 2023, 03:46:28 AM

Quote

Taking a loan from a bank with low interest and then we buy a house with that money I think is much more effective. but on condition that we have calculated our financial ability to pay installments to the bank every month. but this step is indeed different from taking home installments (home loans). because the price of a house purchased in cash will be cheaper than buying a house on credit.

Low interest will help you to budget your finances, plus doing some side job to add up in your finances will also help you
to pay your loans. Thinking about long-term goal and planning ahead to make sure that you are capable of covering all your loans
and your daily needs are very important to assess before taking anything.

a careful planning is needed in this case before we make any decisions including planning for a better future such as having a dream home. or maybe we can start from a simple house that is cheaper.

and it is true that of course when we have an obligation to pay installments every month. it will be more effective if we have a side job to supplement our income and to save some money for reserve funds and emergency funds. which is prepared to pay installments when we are sick and unable to work.

so98nn

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Renting is only good for businesses with high margins and possibility of gaining clients locally or “pull nature”. For example banks!! They always rent their spaces and wouldn’t buy any fix property for their branches except the Head quarters or registered offices. Most of the time they do this because a branch could get closed due to low customer retention or particular location may not be beneficial etc. Though it happens rarely in the banks. However, there are other businesses like restaurants, storage units etc who will be on rented space only.

However, they are businesses and they are managing it on the profits.

But when it comes to the renting home, we are literally giving away money in the hands of owner. It would be far better to choose bank loan and own the house and pay EMI instead of rents.

Iroh

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Quote from: Negotiation on February 28, 2023, 11:05:49 AM

Renting is definitely a waste of money and many cannot afford to buy their own homes and cars then they were forced to travel by van and bus. Spend money very judiciously don't waste money on unnecessary purchases, instead spend money on necessities. If you have a little more income then you can spend a little more if necessary you can save it if you want.

Renting is definitely not a waste of money. There are a lot of people that can’t afford to buy their own house and that’s why they rent. How’s that a waste of money to you?
You also mentioned we should instead of spending on unnecessary things , to spend money on necessities. Housing yourself doesn’t sound like a necessity to you? If you haven’t got enough to buy a house, you should go live on the streets cause renting is a waste of money and heavens forbid we waste money on wasteful things like renting.

Theones

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Quote from: xSkylarx on February 28, 2023, 11:21:54 AM

Quote from: og kush420 on February 28, 2023, 10:37:05 AM

Quote from: jrrsparkles on February 28, 2023, 09:32:04 AM

Rent mainly depends on the locality, and it subjective cause if you're a working person and need a house or an appartment very near to your working place then rent is cheaper compared to buying the same property, whereas in long term paying rent becomes obsolete while paying mortgage gets you a house at the end but if you're moving then you can simply switch your house when you're at rent but once you bought a house then it will be there forever.

most of the people are living in van and buses because they cannot afford rent. They are renovating their vehicles.
SAving as much as they could.
This is mainly because people have now started realizing that renting is a waster of money for sure

They just make their car a bed without really renovating it. I've seen a documentary that said that most of those people have jobs, but because the rent is so high, they can't afford it, which is why they are now living in their cars. Lucky if you have a van, but if you have a sedan, then it is difficult, as others will say they can't sleep well but still they don't have a choice. It is not a waste as you are using it and finding a purpose for it, but if you can afford to own a home, then why not, but again, it is very expensive and not all of us can afford it.

That is true - I know a friend of mine who said that he slept in his car too for a long time because he could not afford a home.
He used to shower at his office and give the laundry to dry cleaner. Eating outside - some people live a difficult life style before they are really sattled.

xSkylarx

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Quote from: og kush420 on February 28, 2023, 10:37:05 AM

Quote from: jrrsparkles on February 28, 2023, 09:32:04 AM

Rent mainly depends on the locality, and it subjective cause if you're a working person and need a house or an appartment very near to your working place then rent is cheaper compared to buying the same property, whereas in long term paying rent becomes obsolete while paying mortgage gets you a house at the end but if you're moving then you can simply switch your house when you're at rent but once you bought a house then it will be there forever.

most of the people are living in van and buses because they cannot afford rent. They are renovating their vehicles.
SAving as much as they could.
This is mainly because people have now started realizing that renting is a waster of money for sure

They just make their car a bed without really renovating it. I've seen a documentary that said that most of those people have jobs, but because the rent is so high, they can't afford it, which is why they are now living in their cars. Lucky if you have a van, but if you have a sedan, then it is difficult, as others will say they can't sleep well but still they don't have a choice. It is not a waste as you are using it and finding a purpose for it, but if you can afford to own a home, then why not, but again, it is very expensive and not all of us can afford it.

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