I feel adament about paying money towards something I know I wont own. Currently I live at home, but I have an opportunity to rent an appartment with one of my friends. I really wish that I could go with a townhome or an actual house, but I will need about a year more of savings to make the down payment...
Like I said i'm hesitant right now. How do you feeling about renting?
2007-02-17 17:53:52 · 14 answers · asked by [ΦΘΚ] PIяATE 4 in Business & Finance ➔ Renting & Real Estate
Some of us have no choice other than to rent an apartment. Sometimes buying a house is extremely out of people's price range. I live in the Los Angeles area and I can say even the worst houses in a horrible area are terribly overpriced. I prefer renting in a good neighborhood than buying a fixer upper in a bad part of town.
2007-02-17 17:58:46 · answer #1 · answered by ?Erroneous? 4 · 2⤊ 0⤋
It's something most people have to do at some point. Hopefully the place isn't very expensive, so you can save while you're living there and eventually get a house. Most people rent first and save money, then buy a house. Otherwise you'd have to live with your parents for quite a while...I rather rent and save than be a financial burden
2007-02-18 01:56:44 · answer #2 · answered by BG 3 · 0⤊ 0⤋
Renting is as you said, like throwing your money away, or you are just paying someone elses mortgage payment as you occupy the space. Anyways, renting is not ideal for me, I am like you, I much rather own my home then rent it. But unfortunately not everyone can buy so in a lot of cases renting makes more sense, but if you can live at home and continue to save for a down on a house I would do that, but you have to do what makes you happy.
2007-02-18 02:20:44 · answer #3 · answered by nickhawkins21 3 · 1⤊ 1⤋
If you feel adamant about "owning" something for your money, then that's the way you feel. Keep in mind, though, that even if you buy a house, if you take out a mortgage you don't really own the house; the mortgage company does. In fact, very very little of your mortgage payment will go toward the house at all for years--you'll basically be paying interest on the mortgage. You'd have to hang onto that sucker for a very long time OR sell it at a boom time (not now, not for the forseeable future) to make a profit or even "get back" all that money you paid toward interest.
2007-02-18 01:59:37 · answer #4 · answered by Anonymous · 1⤊ 0⤋
I think most rent at some time in their life,, it's a good stepping stone! Buying a home is smarter,, yet if your just moving out of mom and dad's I would not suggest it~ Prove to yourself you can pay rent and bills first! Learn how to live with a friend ,, that is worth its weight in gold also! Unless you have a silver spoon in your mouth you will not be able to to just buy a home ,, without credit and a nice down payment! Do the rent thing for awhile,, you will LEARN a BUNCH! plus you don't have to pay for that hot water heater when it goes out! That's just one of the many things a home owner has to pay out of pocket for at any moment!
2007-02-18 02:02:06 · answer #5 · answered by Anonymous · 2⤊ 0⤋
Stay at home mooch off your parents so you can save your money to make a bigger down payment or do it quicker. Renting is fine but if you can apply that money toward ownership that is better, have your friend move in w/ you and make him pay rent that goes towards your monthly payment.
2007-02-18 01:58:20 · answer #6 · answered by Jayani Min-Yi 2 · 0⤊ 0⤋
If you are already at home with your parents then stay there until you have your down payment or they kick you out, whichever comes first. Lots of people rent for different reasons, honestly I think most rent because they can't get a mortgage but lots of people don't want that responsibility either. Everyone has different priorities. Like you for example, you still have your Santa hat on so you like that and want it that way. Who's to say that's right or wrong.
2007-02-18 02:09:24 · answer #7 · answered by patti duke 7 · 1⤊ 1⤋
There's nothing wrong with renting, especially when you are just starting out. Few people have the money to just go straight into home ownership. Most people take a few years of working to accumulate the experience to command a salary necessary to purchase a home.
2007-02-18 02:53:16 · answer #8 · answered by Uncle Pennybags 7 · 1⤊ 0⤋
i rent only b/c my credit sux and i have no other choice...moving back in with the parents are outta the question b/c they live 3 states away, i'm 28 and have a good job. I don't like renting either....if i were i would stay at home with the fam and in a year get your own place.
2007-02-18 01:57:14 · answer #9 · answered by Anonymous · 0⤊ 0⤋
If you know that in a year you'll be able to afford a downpayment for your own place - go for it. Especially if you have place to live without renting. If you work , you can deduct your mortgage off of your taxes. If you rent - you just pay for your stay and end up with nothing.
Good luck
2007-02-18 02:02:28 · answer #10 · answered by Tatiana D 2 · 0⤊ 0⤋