Renting a loft or buying a house?

Question

What would you do..these two lofts are AMAZING, but is it worth it?...One is for $8500 a month and the other is $5500 a month.. Would it be better to just put down on a house instead?
I'm 21 years old, when I think about purchasing a house, I think that is something I would want to wait until I'm ready to start a family or something. It's just me (and my two puppies) so I think buying a house will be a little over board. You can view the lofts and tell me what you think...Thanks in adv.

#1-http://newyork.craigslist.org/brk/fee/290473427.html

#2-http://newyork.craigslist.org/brk/nfb/278616712.html

P.s. Yes, I know it seems like alot of space for 1 female, but I'm also planning on working from home as well, I'm a hair stylist/makeup artist, so one room of the Loft will be sectioned off for my business...

Thank you all for the answers...At first I was saying the same thing, I might as well buy a house, but, lol you dont know how excited I was just thinking about having that place to myself lol.

To: Accord, yes I have good clients and do alot of Hair Extensions, but I'm also "Daddy's Little Girl" lol, and I'm ready to go on my own, so he's helping........a little..J/K ...he's helping ALOT..

Answer 1

If you can afford either of the lofts, you're much better off buying a house. When you buy, your money grows as the property increases in value. Eventually you can end up making a lot of profit on property. Additionally the monthly mortgage payments are tax deductible. You can deduct them from the amount of money you earn each year.

When renting you just throw your money away each month.

Answer 2

2

Answer 3

I totally agree with this answer:
"If you can afford either of the lofts, you're much better off buying a house. When you buy, your money grows as the property increases in value. Eventually you can end up making a lot of profit on property. Additionally the monthly mortgage payments are tax deductible. You can deduct them from the amount of money you earn each year.
When renting you just throw your money away each month."

I say buy the house, you can do whatever you want whenever you want. As if you rent, then you have to ask for permission and you have no freedom over what you want to do with your apartment. I say BUY, its the best way to go. If you can afford to pay that much for a loft a month, then you can afford a mortgage payment, and its something that is your own. You have room to grow, and starting young is what makes rich people richer. Take that into consideration.

But if you do decide to go the loft way, then I liked the $5,500/mo. loft, it seems so much more cozy and CHEAPER.

Good luck to you.

Answer 4

Hi i checked out the lofts and they are very nice like you said.Its definitely a mind twister but its known that buying is better. Don't settle just yet keep looking you just might find that space you want to buy.

Answer 5

rent a loft for the next two years or so, and then when the feds increase the interest rate back to normal levels and all the people who werent qualified to receive home loans default on their loans, you will be able to snatch a nice one up for a good price

Answer 6

your a make up artist and a hair stylist and you can afford 5500.00 a month rent you must be one hell of a hair and make up artist. thats alot of money for one person for rent. what would happen if you were to get real sick and couldn't work do you have money saved for emergencies?

Answer 7

Rent To Own Home : http://RentToOwnHome.uzaev.com/?LYJY

Answer 8

buy a house, renting will only make someone else rich. start investing young and you may not need to work later on.