isn't a mortgage a bind?
2006-10-05 08:07:37 · 24 answers · asked by Anonymous in Home & Garden ➔ Other - Home & Garden
buy cause renting is like a secret hidden mortgage trust me! ive been there!!
2006-10-05 08:09:11 · answer #1 · answered by debbie j 1 · 0⤊ 0⤋
The expenses of purchasing a house exceed bank interest. • You'll have to pay property taxes yearly, which vary by location but would be pretty expensive. • The closing costs for the purchase can also be very expensive depending on where you're purchasing the house. • You'll have maintenance costs that you wouldn't incur if your were renting a place • You risk selling at a loss depending on the home values direction of the neighborhood you're purchasing in. • To rent the place you will have to have it meet your local building code. • You'll pay taxes on the money that you profit from the rent you take in. • You'll also be paying home owner's insurance and property insurance... • Not to mention the down payment on the house. And it would be a more difficult loan to attain since you're renting. I've never rented a property so there may even be more expenses than this. Plenty of people are landlords so don't let this discourage you, just make sure to do all the research and save up to pay those expenses!
2016-03-27 06:09:15 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I think that the 'bind' part is real, but it is balanced by the fact that you have the security of owning your own place which gives you the freedom to paint your house black or have an open fire in your living room, and there's no-one to stop you. So the decision comes down to how much each option will cost. Look at how much rent you pay, and compare that to the interest part of your loan repayment (there are repayment calculators on real estate websites that will tell you). Don't forget the income you're not earning on the deposit. For example a 20% downpayment on a $500,000 house is $100,000, put that in the bank instead and you'd get over $5,000 a year in interest. Then just go with what's cheapest.
2006-10-05 08:34:24 · answer #3 · answered by matchak 2 · 0⤊ 0⤋
if I had my chance again I would have went into buy my house, I have been renting it for 28 years and now I have only 10 years till I retire so could not afford a mortgage now.
A friend bought her house and it is worth a lot of money now and she pays less a month then I do to rent my house,
2006-10-05 08:17:57 · answer #4 · answered by paula p 3 · 0⤊ 0⤋
buy if u can afford a mortgage as with renting u r paying for something that will never be yrs at least witha mortgage u know u will own the place one day and to be honest with the price of renting u may as well pay a mortgage instead
2006-10-05 08:16:42 · answer #5 · answered by kj 5 · 0⤊ 1⤋
Buy!!! Buy!!! Buy!!!
The benefits of buying FAR outweight renting. Sure you are tied in to a mortgage but you are also accomplishing with your money. You will receive a MUCH, MUCH larger tax refund in the spring since a lot of your money will go to paying interest. When renting you won't get ANYTHING back.
2006-10-05 09:38:53 · answer #6 · answered by Mr. Curious 6 · 0⤊ 0⤋
I prefer to rent at the moment because money is tight.Might buy eventually but i think if you want to buy a house it's best if you have money spare for repairs when they are needed unless you take out heating insurance etc... It can be a lot of worry owning a house.
2006-10-05 08:13:05 · answer #7 · answered by Anonymous · 1⤊ 0⤋
BUY your own house! Don't throw your money away building someone elses equity! That is money you work hard for, and deserve to reap the benefits of in the long run. Renting is a terrible way to spend your money when you could buy your own home, and when you are ready to sell it, make your money back, and usually gain even more money than you put in in mortgage payments.
Buy your own home and keep your money!
2006-10-05 08:17:30 · answer #8 · answered by Faith 2 · 0⤊ 1⤋
Buying is the better thing thing to do, because if you are paying a mortgage, at the end you own your house. When you rent, you'll never own it, you just pay to live there.
2006-10-05 08:16:12 · answer #9 · answered by Anonymous · 0⤊ 1⤋
You throw your money away when you rent, but if you have a house you cant afford the stress is bad. I speak from personal experience. If I could go back in time I would rent longer save more and buy a house I could afford.
2006-10-05 08:11:43 · answer #10 · answered by Anonymous · 0⤊ 1⤋
I always rent now after having my fingers burnt, unless you are very well off, afterall in the end the goverment will make you pay for your care needs when you get older. Where as if you rent theres not alot you can do. And make sure you dont have any savings live for today thats what I say.
2006-10-05 08:12:34 · answer #11 · answered by Lisa 3 · 1⤊ 0⤋