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Topic: Rent or buy real estate - let's have a debate - page 6. (Read 1323 times)

sr. member
Activity: 1428
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There is no better thing than Buying a property but it depends on the amount of money a person has. But if one cannot afford it then living in a renting place is better as one can give little amount of rent but cannot afford to built a big house as it requires lots of money.

Taking loan to buy a property is easy but it will put a person into risky situations like his salary will not be enough to fulfil daily expenses but one thing is possible that save little amount on monthly basis then it can be possible even after years.
hero member
Activity: 630
Merit: 611
I totally get your point about preferring to buy rather than rent. It's a smart long-term investment strategy if you have the means. But you're right. It's not as easy as it sounds. There are challenges and considerations involved, especially when it comes to financing and managing the property.
Every choice will always have a good side and a bad side, a good side and a bad side. It's just that when talking about which option has more advantages than disadvantages, I personally am more inclined to buy and fully own the property. although maintenance is needed, the increase in property prices from year to year will cover the maintenance costs. different from renting which will make the money we pay only evaporate and we cannot expect any development for the money we pay.
newbie
Activity: 1
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I totally get your point about preferring to buy rather than rent. It's a smart long-term investment strategy if you have the means. But you're right. It's not as easy as it sounds. There are challenges and considerations involved, especially when it comes to financing and managing the property. Before diving into any real estate venture, I highly recommend consulting with building surveyors who can provide valuable insights and guidance. They can assess the property's condition and potential risks and offer expert advice. You can check out sjonessurveying.co.uk for more information.
hero member
Activity: 462
Merit: 767
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I would say it depends on your financial conditions. If you have enough money to buy a property without taking a loan, why spend money on renting a property? Or, It's still better if you take a loan and buy a property. But, if you must take a 100% loan to buy a property, I won't suggest buying one. You have to pay the loan for a long time.

Meanwhile, many things can be changed. Buying a property is a one-time investment, and you are making a secure place for your kids. You don't know how much your kids will make and whether they can buy a property. If you are about kids' future, You may want to buy a property even with a 100% loan.
full member
Activity: 406
Merit: 188
I have been debating about it with couple of my colleagues whether stay on rent or buy a property.

Let's assume, you are well capable enough to buy a new property through bank loan. Your income supports the mortgage payment so banks are willing to lend you money.

What will be the best route to take? Buy the property or stay in a rented place?

The usual appreciation rate of your property value is around 10% owing to the development work that are ongoing. For rented property, your rent increases by 15% every year.

What's the better option for you and why?

I've been on the same page about buying a house for years. In other words, if you are not going to live in the house you bought yourself, I think you will have made an unnecessary investment. If you have taken a loan for the house you bought, you will also pay the interest and a part of your salary will always be missing until the year you pay this loan. This means lowering your quality of life. I am against this situation. There's no reason to buy a house you won't live in. You can use this money in many different areas. Because of people's interest in real estate, they have been paying some of their salaries for years and trying to live off their remaining salaries.

If you are going to live in the house you bought yourself, then it makes a little more sense. Even if this is the case, you have to pay off loans for years and live on a part of your income. Human life is not that long. Strive to live well. If you have a high income, that's different.
sr. member
Activity: 2380
Merit: 267
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Everyone certainly wants to own property because property investment is the safest and most profitable, in several big cities in my country the increase in property is fantastic and makes many poor people sell their land and they choose to live in rural areas which are still cheap, unfortunately many crimes can occur in business property such as fraud, government-backed evictions and so on.
agree, owning property is an investment that can be sold at any time and usually the investment will continue to move up, especially if the property is purchased in an area that continues to grow and has adequate supporting facilities, it is certain that the property will continue to be a target. It is not surprising that the more property is sought after, the more expensive it will be, so many who do not have jobs [poor] have to be shifted to rural areas because they cannot afford it.
member
Activity: 1232
Merit: 12
Everyone certainly wants to own property because property investment is the safest and most profitable, in several big cities in my country the increase in property is fantastic and makes many poor people sell their land and they choose to live in rural areas which are still cheap, unfortunately many crimes can occur in business property such as fraud, government-backed evictions and so on.
member
Activity: 322
Merit: 26
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Whether or not you buy real estate depends on your financial situation. If you can afford a bank loan then I think you should buy real estate. Because we all know the fact that money is depreciating day by day.  One thing you notice is that as days pass the prices of land, gold and silver are increasing. If you can afford the loan then would say take the risk once because you can't rent for the whole year. You will have to relocate someday and if you have your own land then it will become a means of your future security.
full member
Activity: 406
Merit: 100
Renting may be a better option if you value flexibility and mobility. Renting would allow you to  easily move out to a new location without the hassle of selling a property. Renting can be more cost effective in the short term, as you do not have to worry about property taxes, maintenance costs or a down payment. Buying a house is a good investment  in the long term. Real estate generally appreciates over time, meaning your property may increase in value and provide a return on investment. Owning a home can provide stability and a sense of pride in ownership. To rent or to buy should be based on your individual financial situation and lifestyle preferences. It's important to consider factors such as your income, savings, credit score, and long term goals when making this decision.
hero member
Activity: 1960
Merit: 547
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In my own opinion there nothing to debate this topic because this all depends on a persons need.

We know how expensive the real estate assets on business hub cities compare to province so much better if you rent since you can enjoy all of your time since you will not get drained to travel long hours for you to get home.

You can also buy house and lot even if your budget is tight but expect it will be on province and not near to your workplace. so try to decide depends on your needs since buying an asset is somehow a big obligation to take.
That makes it debatable because the answers are subjective. One person can state on why renting a real estate is better and the other person can give his opinion as well on why buying a real estate is the best. Real estate in a city is expensive but once you buy it, you can still be able to recover your capital for a short period of time if you open up different businesses there.

You can also resell your real estate later on, for a much higher value. To have a real estate in the province area do also have its own advantage because it is more relaxing there and you can use some of your land to make a farm. It can as well provide you an extra income.

Owning real estate is everyone's dream. Those who say renting is better than buying are those who can't afford to own real estate, whether in the city center or the provinces. Because we all know that real estate is always the best long-term investment. When owning real estate, and if there is no need to live, you can also rent it out or let it run a business to generate passive monthly income from it.
Owning real estate brings many benefits to us, and that is why it surpasses gold and remains the first choice of large investors.
legendary
Activity: 2422
Merit: 1358
If you are living in rather inflationary country its far better to start paying to bank than your home owner. If you can strike permanent low rate credit with bank your debt will keep getting melted over time. Potential rent of your home will keep increasing always in such countries. But your debt's weight on your income will keep decreasing with permanent rate credits. I would honestly enjoy to buy even second-third maybe even fourt flats if taxes aren't that high.
hero member
Activity: 2968
Merit: 670
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In my own opinion there nothing to debate this topic because this all depends on a persons need.

We know how expensive the real estate assets on business hub cities compare to province so much better if you rent since you can enjoy all of your time since you will not get drained to travel long hours for you to get home.

You can also buy house and lot even if your budget is tight but expect it will be on province and not near to your workplace. so try to decide depends on your needs since buying an asset is somehow a big obligation to take.
That makes it debatable because the answers are subjective. One person can state on why renting a real estate is better and the other person can give his opinion as well on why buying a real estate is the best. Real estate in a city is expensive but once you buy it, you can still be able to recover your capital for a short period of time if you open up different businesses there.

You can also resell your real estate later on, for a much higher value. To have a real estate in the province area do also have its own advantage because it is more relaxing there and you can use some of your land to make a farm. It can as well provide you an extra income.
hero member
Activity: 630
Merit: 611
This is an easy real world topic:

In my town Person A is renting a flat for 500 units a month, and rent out the flat short-term with AirBNB for 70 units a day. After 8 days the monthly fee is back in the pocket.

Of course, you can do it with a bought flat and with a rented flat. But when you rented it, you do not need to care about major repairings / repairing reserves. Of course, when you buy you do have one tax adventage per flat, but also the risk of devakutation of the flat value through changing neigbourhoods. 
This seems like a pretty good idea for some areas. Maybe if the neighborhood does have a high number of potential tenants then it could be quite profitable. But if it turns out that the neighborhood does not have enough potential tenants. then it is at risk of making flat tenants suffer losses. The bottom line is that everything has its own risks. but as long as we have analyzed the existing potential before deciding to rent the flat. and when you see good potential then act. then maybe this can indeed be quite effective and profitable.
hero member
Activity: 2912
Merit: 629
What will be the best route to take? Buy the property or stay in a rented place?
This depends on what's beneficial on each individual's situation. Some people prefer to keep on renting because it has an advantage and usually because it's near from work and buying a property at such place is quite expensive. While a cheap property is located far and you'll spend time for transportation which is a disadvantage for a worker.

Well, if i'm capable to buy a property I will do it, because it means you can call it your own and it's an asset. While if you rent, even it takes years, your payment will go for nothing though it might be convenient for many reasons (cheaper rent, near from work etc.). So the decision will depend on what you prefer and of course more wise and beneficial.
legendary
Activity: 3276
Merit: 2442
If you are going to live in that RE for a long time, then just buy it. Seriously. Renting is not even an alternative unless you are going to move to some other city/country in a foreseeable future. Renting a house is like having another employer telling you what to do. Why would anybody agree to that crap?

If you are looking for a place to live only for 1-5 years then rent it. If you don't know if you ever gonna move to some other city/country, then buy it.

As simple as it gets.
legendary
Activity: 1946
Merit: 1100
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I like the "Buy" idea better than renting. Ok, hear me out, here's the plan. If you have the ability and situation to buy or build one for you, then go for it. But make sure you choose the one where you can live by yourself and also rent it to other people. That way, you will rent your own property to others to make money also living in that place rent-free, because you own that place.
This will not just give you a place to live, but also a place from where you can earn every month that you can use to pay off the loan. Also, when the loan payment is paid fully, if you wish to move to some place, you can rent your property and choose somewhere else with less rent than you are going to get from your property. This way you will be able to make profits and also live where ever you like.
I don't know how much this will make sense to other, but to me, it's a perfect plan. At least to me tho.
It's not as easy as you think, people don't live on rent because they want to but they do it because they have to since they can't afford to buy a property or get a loan that can be enough for them to buy a house or build one. Also, banks don't give out huge loans to just anyone that walks in with a loan application, they need some collateral, a good paying salary, and many other stuff, if you get through all those criterias, then you might get a loan that will still not be enough for you to build or get a luxury home that you can rent to get a lot of money in return.

Remember, you won't be able to pay off the loan you've taken from the bank only from the rent even if you rent the whole place, if you give half of it on rent and live yourself in the other half, you will barely get enough to cover the bills and everything of your own. If all these things were this easy, there would be no one living on rent anywhere in the world.
Surely, securing a bank loan isn't akin to a casual supermarket pick-up, but it's not as intimidating as plunging into the Bermuda Triangle either. I stand firm on the transformative potential of cryptocurrency - Bitcoin and its kin. It's like a lighthouse for those adrift financially. Investing here could unlock new income routes, aiding individuals to secure their homes. Concerning loan repayment through rent alone, your view seems one-dimensional. There are multiple ways to amass income, friend. Relying solely on rent for loan repayment is passé. We inhabit an age where diversified income sources are the new normal.
hero member
Activity: 2954
Merit: 672
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I'll buy the property and have it rented while I am also renting. But I'll make sure that the rent of my own property is going to be enough to cover the mortgage and my rent as well.
I'll have a cash flow and that's going to help me understand why renting is just temporary and I'll still want to own my property in the near future. It may take time and it's not easy but the important thing is I'll own it someday when I am done paying the property. But the best scenario is that when you're able and you've got enough savings and cash, I'll pay the property cash so that I won't think of anything everyday for how many years and I can sleep tight and very well in the evening.
It’s always a perfect choice to buy the property and let it do business for you. That will make you financially secured in the long run, as long as you manage your finances well and not try to live above your means.  But if you think renting this time is all you can afford, since you don’t want to take a loan also, then I think it’s also reasonable enough as long as you also save for your future plans.

Well, I think that will do for the mean time and I strongly think that it's what most people are doing since they don't have that much spare yet to buy a lot and a house on it to make it a business or an asset. It's pretty much understandable considering that the price of a land these days are quite expensive plus there are tax and other bills that needed to be considered too before owning it. Just for the mean time though but don't settle with anything less because as long as we're still breathing, we always have the chance to be comfortable in life.
hero member
Activity: 2912
Merit: 613
I have been debating about it with couple of my colleagues whether stay on rent or buy a property.

Let's assume, you are well capable enough to buy a new property through bank loan. Your income supports the mortgage payment so banks are willing to lend you money.

What will be the best route to take? Buy the property or stay in a rented place?

The usual appreciation rate of your property value is around 10% owing to the development work that are ongoing. For rented property, your rent increases by 15% every year.

What's the better option for you and why?
Taking a bank loan is still not advisable. As much as possible, you have to rely only on your hard-earned savings and if you think you are able enough, then no reason to debate but buying the property is always the best option than renting it the whole time. After all, you can always sell it back with a higher price or just use the property for business purposes so you can have additional source of income.
sr. member
Activity: 1008
Merit: 366
If all these things were this easy, there would be no one living on rent anywhere in the world.
That is why you need to read the OP first. It is clearly stated that if you are capable of and, the bank will give you the loan and your income covers the mortgage payment. I will quote that for you below.
Let's assume, you are well capable enough to buy a new property through bank loan. Your income supports the mortgage payment so banks are willing to lend you money.

So keeping that in mind, now what's your answer. I said all that because OP suggested that it if possible and the bank will cover the loan. When the situation is on your side like this, in my opinion, buying a property is the best option. You can pay off the loan using your income and if you rent your apartment then you can get extra support on your loan payment. That will ensure less stress.
And it's not that easy, as you said. It is hard, and you need to be capable in order to do it. And it is quite possible given the circumstances.
sr. member
Activity: 2548
Merit: 329
I like the "Buy" idea better than renting. Ok, hear me out, here's the plan. If you have the ability and situation to buy or build one for you, then go for it. But make sure you choose the one where you can live by yourself and also rent it to other people. That way, you will rent your own property to others to make money also living in that place rent-free, because you own that place.
This will not just give you a place to live, but also a place from where you can earn every month that you can use to pay off the loan. Also, when the loan payment is paid fully, if you wish to move to some place, you can rent your property and choose somewhere else with less rent than you are going to get from your property. This way you will be able to make profits and also live where ever you like.
I don't know how much this will make sense to other, but to me, it's a perfect plan. At least to me tho.
It's not as easy as you think, people don't live on rent because they want to but they do it because they have to since they can't afford to buy a property or get a loan that can be enough for them to buy a house or build one. Also, banks don't give out huge loans to just anyone that walks in with a loan application, they need some collateral, a good paying salary, and many other stuff, if you get through all those criterias, then you might get a loan that will still not be enough for you to build or get a luxury home that you can rent to get a lot of money in return.

Remember, you won't be able to pay off the loan you've taken from the bank only from the rent even if you rent the whole place, if you give half of it on rent and live yourself in the other half, you will barely get enough to cover the bills and everything of your own. If all these things were this easy, there would be no one living on rent anywhere in the world.
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