Isn't renting just throwing money away?
2007-06-23 01:29:00 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
i rent but there is a method in my madness my landlord is selling in the near future and i realy want this house and he is willing to do a good price as i am a tenent
2007-06-23 11:49:04 · answer #1 · answered by purplemadcowdee 4 · 0⤊ 0⤋
We happen to own, but there are valid reasons to rent. Credit issues, a job which will only keep a person in an area a short time, or simply the desire to not be concerned with maintenance issues.
The latest statistic for my state (Wisconsin) shows that roughly half of the state residents rent their living facilities.
2007-06-23 08:37:35 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Does anyone really own their place of living, I say not. Why? Because if you own in town you much pay city taxes, state taxes and any other tax the Government can think of else your home will go up for sale. You can not build on your (own ) land unless you have a permit the from; Who? The Government, and your neighbors approve. If you (Own) it, why can't you build what you want. Next if you live in the country, you can not build extra buildings you may need unless you get a permit from? You guessed it, The Government. And even if you have own the land for 20 years you still have to pay county and state taxes, Why?, It is yours supposedly. And we call America the Land of the FREE. Right!!!
2007-06-23 08:49:08 · answer #3 · answered by PREACHER'S WIFE 5 · 0⤊ 0⤋
It really does depend on your situation. There is a lot of up-front cost in buying a home, so the benefits of home ownership are really based on staying in one place for long enough to recover those costs. In general, if you place to stay put more than 3 years, owning is likely a good move. At 5 years it has big advantages.
If you do choose to own, I recommend that you go with a 15-yr fixed mortage. It saves you a fortune in the long term:
I have a big article I wrote on this subject here:
http://money.kevingunn.org/index.php?/archives/2-Mortgaging-your-life-away-Thoughts-on-housing.html
2007-06-23 08:46:35 · answer #4 · answered by kevinngunn 3 · 0⤊ 0⤋
Think about that next time you put a new roof on your house.
My girlfriend and I have this conversation all the time.
She owns her house and I rent.
When maintenance is required, she or I have to do it or she has to hire someone to do it, whereas I just pick up the phone and the cost does not come out of my wallet.
I am also free to do what I want, when I want, as I can take off anytime without having the responsibility of the house looming over me.
2007-06-23 08:42:53 · answer #5 · answered by surffsav 5 · 0⤊ 0⤋
It depends on your financial situation, financial state of mind and maturity. I happen to own and I am very lucky. I do feel like renting is a waste of money but not everyone is meant to own their property
2007-06-23 08:39:05 · answer #6 · answered by prodigychild_21 4 · 0⤊ 0⤋
If you buy smart you will increase your net worth. thats what happened to me. I only have owned for three years and i have like 40 k in equity
2007-06-23 08:51:25 · answer #7 · answered by Anonymous · 0⤊ 0⤋
We just bought...and we did feel like we were throwing our $$$ away. Buying isnt for everybody
2007-06-23 10:29:17 · answer #8 · answered by baseballjedi 3 · 0⤊ 0⤋