is it better to rent or buy?

Answer 1

To make this simple:

BUYING! is much BETTER!

You can NEVER save or make money with renting!

Answer 2

There are pros and cons to both situations.
To Rent: The advantages are : If you decide you do not like the area anymore, you can move at any time with notice to your landlord. You can choose a different area or a different state, just pack up and leave. Renting, you are only bound by the fees you have agreed to and know exactly what you are paying for. As a renter you are not obligated to fix anything such as a water tank, a furnace, a leaking roof, painting, toilet that won't work and such unless you specifically break something that is not found to be under "normal wear and tear". You do not have to worry about the taxes being due and where the taxes are to be paid. As a tenant, you do not have to consider the trash fees. The owner has to take care of that. You do not have to worry about your local Codes Dept., property inspections and fees associated with these. That also is up to the owner. The exception to this is if the tenant becomes "filthy" in renting obligation. The tenant does not have to consider insurances for possible floods, wind damage, fire and so on. Again with the exception that a tenant can purchase their own "Renters Insurance" which the tenant would be responsible for. It would cover only the tenants belongings. The tenant does not have to worry about regular maintenance such as mowing the lawn, shoveling in the winter and general upkeep on the house. This also can involve extermination of critters. As a tenant, you are free to come and go as you please. You do not have to set up appointments and wait for this and wait for that. You do not have to worry about finding the right person for the job along with the contracts and supplies. You do not have to worry about finding the repair items, the cost and installation and then getting them. A tenant does not have to worry about major happenings around the property such as drug houses, burnt houses and abandonned houses. Even the smaller things such as animal poop, broken tree limbs and all sorts of others.You can always leave.
As a homeowner: Know that the place you have chosen is yours. You can not be evicted should you choose not to follow rules of the norm. You can decorate the way you wish on the interior as well as the exterior (within reason). You have a little more privacy (depending on neighbors) as to who is coming and going. You have the right to stay in a location as long as you would like (years) if so desired. The monies that you put into the house is for your benefit and can be returned should you decide to sell. You can choose the pets you would like and how many(depending on ordinances). You can install whatever kind and type of furnace, hot water tank and other items that you like. You can use the purchase of the home to your benefit (within time) for loans (equity and such.) You do not have to have someone directly living above you, beside you or above you.
I hope this has been a little help in your consideration.

Answer 3

It depends on what you want for yourself. On one hand, if you rent, you don't have to pay property tax, sewage and waste disposal, or water. You don't have to spend $600.00 a year on homeowner's insurance, and you don't have to mow your lawn. You can pay a minimal amount of renter's insurance, and you landlord is responsible for repairs, such as the hot water heater going out, the air conditioning not blowing cold air... you get the point. This saves you so much money that you can invest in other things, such as nice clothes, vacations, jewelry, a new car, and even a hefty IRA.

On the other hand, when you rent, your space is not really your own. If you wanted to knock down a wall and paint the room magenta, you would have to get permission. (and good luck with that, right?). If you stay in an apartment, then you have to deal with anyone and everyone that moves in near you... the loud music, the yelling, etc. And they have to deal with you and your loud music... not much fun, really.

I am about to give up my beautiful and very stylish wardrobe, my jewelry shopping, and my trips to London for a Victorian house. (We close in four days!) I think that renting all these years was great because I had a chance to see the world and buy anything I wanted, really. But, I never had a home--a real home that I could call my own. And, that is what home ownership is all about--you have a place in this world that is yours (and the bank's). There are tons of expenses (and I still have to buy a lawnmower--never had one of those things before), but I love my house so much that it is worth giving up the rest of my future wardrobe, vacations, cars, and that really great diamond ring I saw recently ......

Answer 4

Without a doubt buying because if you add up the money for renting you could very well buy a house somewhere and own it in a couple of years but with renting you have no ownership.

Answer 5

If you can afford it, definately buy. Renting is just throwing your money away if you can afford a home of your own. You get a tax break for the interest paid so you will see more money in your paycheck. This will help offset the increase in monthly housing payments. Go to a first home buyers seminar and learn about the process of buying a home. You might surprise yourself and find out you can afford it.

Answer 6

it is better to buy than to rent for many reasons here are a few examples: some landlord does repairs when they are ready or have the funds, some rent is more expensive than mortgage, its hard to put money into property that isn't yours

Answer 7

Owning kicks the tush off renting, even if you invest all of the difference tax free. The reason is leverage.

There are exceptions. It takes about three years before you're usually in the black from your purchase, so if you're going to move, get reassigned, whatever, within three years, be careful.

Also, be certain to buy a property within your means.

Here's an article I wrote on precisely this subject.

http://www.danmelson.com/posts/1147464845.shtml

There are many others on my websites.

Answer 8

Renting
Advantages
Easy to Move
Fewer Responsibilities for Maintenance
Minimal Financial Commitment

Disadvantages
No Tax Benifits
Limitations reguarding remodeling
May have restrictions reguarding pets, other activities

Answer 9

long story short: it depends
details: be sure you can be in the same residence for at least 2 years, and know how much properties in the area have been appreciating(detached single-family does best, followed by duplexes; condos and other multi-family often don't appreciate that well)
be sure you can afford the payments--NEVER get behind on your mortgage, and allow money for unexpected expenses (you have to fix anything that goes wrong, plus any improvements!)
if you can swing it, ownership is terrific...tax breaks everywhere, the property usually appreciates a little each day, so you get richer by doing nothing, and the pride of ownership is terrific

Answer 10

It depends on what is the subject? Generally speaking, buy if you afford it; rent if it is for short term purpose.