well i know about the basic things like do ur own maintenance work and mowing etc.
What i really want is a comparision in terms of financial benefits in the long term as well as short term. Are we better of owning our own house in the long term or not
Also i would like to know about all the hidden costs that come with owning our own house.
2007-06-16 08:50:53 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
well we own our house.. lts better to own then rent because lts yours and your money is not going into other peoples pockets. l think renting is a rip off
2007-06-16 08:54:06 · answer #1 · answered by Anonymous · 1⤊ 0⤋
When renting, you pay your rent to the landlord every month, you are at their mercy for repairs, and at the end of the lease, you have absolutely nothing to show for all the money you paid.
When buying, you are building equity in your house. You do not have to follow anyone else's rules about what you can do to decorate the inside of your house. You know that repairs will get done when you want them, although it will cost you money out of your own pocket.
Other ongoing expenses to think about are property taxes and insurance. Your mortgage company can set up an escrow account and collect the money monthly with your loan payments. They then pay the taxes and insurance when due so you don't have to come up with a big chunk of money all at once. There are one time closing costs, and depending on your mortgage, maybe private mortgage insurance (PMI) that may be added onto your payment. Some homes are in an area with a homeowner's association (HOA) that will have monthly or yearly dues to help keep up your neighborhood.
2007-06-16 15:58:56 · answer #2 · answered by Brian G 6 · 0⤊ 0⤋
In some cases the best decision is to rent. In others the best decision is to buy. Your personal life choices should be considered. Do you intend to stay in one place for three years or more? Do you have good credit? Have you saved a substantial down payment? If the answers are yes, then home ownership sounds right. By owning your home, you are essentially investing the "rent" money. Can you think of a better way to keep an eye on your investment than to live in it?
2007-06-20 11:26:55 · answer #3 · answered by exitbrian.com 2 · 0⤊ 0⤋
i been arguing with my Co-workers over this, i am confesses that living in apartment is better.
the monthly payment of apartment is cheaper, but someone will say you will loose your money? you are already losing half of your money for your house morgage by paying all this interest. and then when you come to sell your house, people may not like the high price you put in your house, so you will end up reducing the price down!
i hate all the maintenance work that i should go thru everytime try to fix my housek, new carpet, better windows, kitchen, new paints...etc
apartment take care of cutting your grass, some apartment take care of your water and gas. and when you want to move, you can just move so easy from apartment to another, say your job location has changed, you can adjust easier.
2007-06-16 15:57:35 · answer #4 · answered by Anonymous · 0⤊ 0⤋
In the long run, buying is the better option. You could buy a condo, that takes care of the maintence for you. Renting is basically throwing away money. Build your own equity... if your ready.
2007-06-16 15:59:50 · answer #5 · answered by Maeflower 3 · 0⤊ 0⤋
A house is the biggest investment you'll ever make. If you can get a mortgage, definitly get a house!
2007-06-16 15:55:17 · answer #6 · answered by Pretty in Pink 3 · 1⤊ 0⤋
inless its rent opstion to buy its a waste you could own your own house the way rent is sky high
2007-06-16 16:00:23 · answer #7 · answered by Antionette B 2 · 0⤊ 0⤋
If you rent something, you get to use it, then give it back.
If you buy something, you get to use it, and then sell it to get all your money back.
Hm. Rent or own? ... Hm.
2007-06-16 15:55:11 · answer #8 · answered by Stuart 7 · 2⤊ 0⤋