2007-01-28 07:11:19 · 11 answers · asked by libena 1 in Business & Finance ➔ Renting & Real Estate
House - is usually much better - if you are going to stay in the area for 2 or more years.
Fixed mortgage - 30 years - you have a fixed payment for 30 years.
An apartment does not have a fixed rent from one year to the next, and most go up each year.
You may deduct interest, and taxes that you have on your home from your 1040 income taxes on Schedule A.
Houses usually go up in value - and that builds your net worth.
At the end of 10 years, you pay down the mortgage a good amount, and usually your home has gone up in value - a good amount.
At the end of 10 years, when you rent, you have a big amount of rental receipts - and nothing else.
GOD bless us always.
CPA-retired
MBA-Boston Univ.
2007-02-04 13:05:40 · answer #1 · answered by May I help You? 6 · 0⤊ 0⤋
In dollar sense only, it depends upon what you are paying for rent versus what a mortgage payment would be. There are also carrying costs for owning a house, taxes, insurance, maintenance. If you had it in you to collect rent and be a landlord, buying a duplex or three-unit house can help. With a duplex, the rent you receive from the side you don't live in can help pay for the morgtage and other costs of owning the property. Being a landlord is not for the faint of heart, however. If you can afford to own a home, and you are willing to do the work of maintaining it, the payoff over the years will be tremendous.
2007-01-28 08:11:11 · answer #2 · answered by guyotgirl 3 · 0⤊ 1⤋
If you're talking about renting, you get much more bang for your buck with a house. Sometimes apartment complexes have amenities that houses do not, such as gyms, pools, sports courts, etc.
If you're going to have roommates, go for a house and the bigger the house and the more roommates, the cheaper it is for everyone.
If you're going to live on your own, go for a small, single bedroom apartment.
If you're talking about rent vs. own, I always say to buy rather than rent. When you rent, you're throwing money away, but when you buy, it is an investment. You build equity and it improves your credit score. Rent doesn't affect your score unless you don't pay it.
2007-02-02 06:06:14 · answer #3 · answered by Marcus 3 · 0⤊ 1⤋
It depends on the area and the market of where you are living. I know in FL it is cheaper to rent an apartment. I know if you want to buy it's a good time to buy a house.
2007-02-02 05:42:54 · answer #4 · answered by Sharon C 2 · 0⤊ 1⤋
It's probably "cheaper" to have an apartment, but there are many more advantages to owning your own home, as well as the tax deduction of being able to write of your interest payment. I'd buy over rent anyday. Goodluck!
2007-01-28 07:19:08 · answer #5 · answered by L-Boogie 3 · 0⤊ 1⤋
That would depend on where you lived. In Kentucky, Ohio and parts of Indiana an apt. is cheaper. The closer you get to the
coast or more populated area it'll get even more expensive.
2007-01-29 00:46:15 · answer #6 · answered by Williamstown 5 · 0⤊ 1⤋
If u can afford a house it is always the best investment. Provided you are stable and plan to live there for an extended period of time. A new house with a warranty usually helps first time buyers.
2007-02-04 18:29:51 · answer #7 · answered by mackjcsf 2 · 0⤊ 1⤋
Depends on for how long....but usually if you are looking long term, with a house you can benefit from value appreciation. You can also rent it to generate income.
Go for ownership if you can.
2007-01-28 07:15:41 · answer #8 · answered by smiling_freds_biz_info 6 · 0⤊ 1⤋
it kinda depends on the area you live in and how much money you can put down on a house. Try one of this site it might help!
http://www.eloan.com/s/rentvsown/input
2007-01-28 07:16:36 · answer #9 · answered by Bopeep 4 · 1⤊ 1⤋
It depends on your future goals. Do you want to go on paying for something that will never be yours or would you rather be able to say "this will be mine someday?"
2007-01-28 07:17:23 · answer #10 · answered by dudettasmurf 1 · 1⤊ 0⤋