2007-04-27 17:02:28 · 12 answers · asked by Bella 2 in Business & Finance ➔ Renting & Real Estate
Both sounds attractive. Rent free if I have to save my rent money 100% of it in an interest bearing account that is 5% or more or if im guaranteed an 8 %.
2007-04-28 09:40:58 · answer #1 · answered by tinnee 2 · 0⤊ 0⤋
Buy a home and pay as much extra as I could on the principle, even if that is only $50 a month. This way I can pay the house off as quickly as possible and help build equity in my investment!
Nothing is better than having a paid off place to live. Since I plan to live more than 10 or 15 years, the free rent is not a good deal, because sooner or later I will end up needing to pay rent or buy a home, so why not buy it now and start paying it off instead of waiting for home prices to climb more during the next decade or more.
2007-04-27 17:07:45 · answer #2 · answered by redrumkev911 3 · 0⤊ 0⤋
Depends on the living conditions of the two places. If you want to stay in the rent free, then you should consider investing in a home and rent it out for income. Buy when the time is right, not when the market is inflated.
2007-04-28 08:13:56 · answer #3 · answered by FM 4 · 0⤊ 0⤋
buy a home. Even if you are living rent free, you are not building your personal wealth. Homes very rarely decrease in value. Besides, it is the land that they are on that has the real value. If you were to buy a house and make payments for the next 10-15 years, you would still end up making money on your property if you were to sell it.
2007-04-27 17:10:12 · answer #4 · answered by CasualCanadian 2 · 0⤊ 1⤋
Right now, go get a good deal on a foreclosure. A good deal is one with $20k-$30k equity when you purchase it. Buy it and fix it up. If you are not ready to move in... rent it out. Let the renter pay it for you until you are ready to move to a house. I would definitely take advantage of free rent and at the same time have extra cash flow coming in.
2007-04-27 17:23:08 · answer #5 · answered by RotcehZepol 2 · 1⤊ 0⤋
Not enough details . . .
Rent free , in a slum ? 10 yrs in your parents basement ? 10 yrs next door to a nuclear waste dump ?
Too many variables that would be a "No" to free rent .
Rent free in a clean , quiet , safe place that is Not the parents ?
OK , take free & put the rent $$$ into the stock market (outperforms real estate anyway) .
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2007-04-27 17:13:59 · answer #6 · answered by kate 7 · 0⤊ 0⤋
Live rent free, save my money, feel better about my financial situation and eventually purchase a small acreage, build a dome house and raise dairy goats during my retirement. At this point in my life, I have no money to buy a home.
2007-04-27 17:13:34 · answer #7 · answered by Keselyű 4 · 1⤊ 0⤋
Provided the rent free location is nice, I'm not too proud. I'd go for the rent free!
2007-04-27 17:10:21 · answer #8 · answered by Smooch The Pooch 7 · 0⤊ 0⤋
buy a home.. when you purchase a home you are making an investment into your future! Buying a home has many many perks and I would suggest doing that if you are able to! Here are some home buying tips that could help it has a whole section about the perks of buying a home!
http://www.bradcoleman.com/RealEstateTips/HomeBuying/default.aspx
2007-04-27 21:56:08 · answer #9 · answered by Pure Genius 3 · 0⤊ 0⤋
buy a house you could rent it out and gain back the money you spent to buy it. This could be done within 10-15 years. Your house will gain equity and will serve as a great asset to you in the future.
2007-04-27 17:09:17 · answer #10 · answered by brenda s 2 · 1⤊ 1⤋