Is it worth it to buy a house? Or is renting the way to go?

Question

I want to own a home so bad!! I hear people talk about how great it is to own a home I also hear others say it is good to just pay rent and let mgmt companies take care of the home ownership woes. what do you think Apartments or home ownerships?

Answer 1

ownership. the main reason is because at some point usually 30 years the payments end!!!!!

Answer 2

It depends and some of the variables are specific to the person answering the question. Some like maintenance and yard work. Some want pride of ownership. Others lead busy lives and prefer to have someone else handle everything.

There are good deals and bad deals when buying. Prices can go up and they can go down. Rents tend to increase over time while a loan will eventually be paid off. Granted there will still be maintenance and property taxes so even owning will mean paying for ever.

If you really want to own a home, have your expectations set at a reasonable level when it comes to maintenance and have the financial ability then you likely will be happier as a long term owner than a renter.

Just like how people dress, what they drive and where they eat. We all have preference and what works for one is not the right answer for everyone else.

Answer 3

Rent if you can save the difference between the cost of ownership and renting. If you can't save then buy. It will force you to save. Next year will have some good deals to buy. Between now and then study, study, study the real estate market so you are ready to recognise a good deal when one comes a long.
It will be quite a while before owning is a better idea financially because rents a low.. Properly invested savings will be better in the long run, if you can do it.

Answer 4

if you expect to live in the same place for a few years, owning is generally better than renting. In certain markets where the home prices are very high, and a lot of investors are buying properties, it can be cheaper to rent right now, but in the long-term owning is a better deal. ownership requires more involvement in maintenance, however, as an owner you can paint your walls purple if you want whereas that's not usually allowed in a rental unit.

Answer 5

Struggling to pay a mortgage and the other associated cost of home ownership is STILL better than throwing your money away on rent. Paying rent is like setting the same amount of money on fire each month, a mortgage is like putting money in the bank, [so to speak] so you can access it at a later date.

Good luck.

Answer 6

There are allot of factors to consider.. What are the property taxes involved,, Do you pay more for tax on your property then you would pay for rent ?? This is the case in some areas, and tax is lost money. .If your goal is to have money in your pocket at the end of the month this may be a factor..If your goal is to be an owner of an investment that will eventually pay off.. Then you may consider buying. Look at all the things you have to pay but check your tax to rent difference.. This is what will tell you if its worth it ..

Answer 7

You have to define "worth it" for yourself. Financially, owning usually is best, because homes almost always go up in value. The plus for renting is less stress, in that the landlord is responsible to maintenance and repair.

Answer 8

depends on where you live & what the market is like. look & see if you can get a decent place to live for the amount of money you're willing spend. if you have 20% down, you'll save money on monthly payments (no PMI). just do you're research-talk to other home owners & learn as much as you can. sometimes it's better to wait. good luck!