Rent Or buy a property - What do you prefer and why?

Answer 1

There are pros and cons for both
Pro's Renting
1) Dont have to worry about property taxes and insurance.
2)Something major goes on the house you arent responsible for fixing.
Con's Renting
1) Most times you can never do any painting, planting, or changing anything with the house without getting your landlords permission.
2) At the landlords mercy for getting things fixed.
3) Where you live isnt technically"home" because at the end of the lease if the landlord doesnt want to renew or decides to sell you have to pack up and start all over again.

Pro's Buying
1) Home Equity
2) Its yours, you are free to do any improvements as you wish, no one to ask.
3) Security - dont have to worry about your lease ending and possibility of having to pack up and move again.

Con's Buying
1) Well look at the market right now, if you needed to move for a job or personal reasons you arent guaranteed you can sell right away and if you need the sale of your house to move your life could be on hold due to the market.
2) Increases in Property and Insurance - Payments will go up and if you bought all ready on the high side of your budget that could be a problem
3)Maintnance and Unexpected Emergencies. You always need an emergency fund for unplanned repairs.

I prefer owning - I like that even though I may pay more vs renting due to property taxes and insurance I also have home equity that I wouldnt have renting. With Renting you are paying to stay in the house, thats it, your money isnt going to anything else. Sure the house you are living in is probably appreciating in value every year, but as a renter that benefits you in no way.

Answer 2

I prefer to rent from a social landlord. I can do what home improvements I like providing it is safe and legal.
My rent is easily affordable, I have no maintenance bills, I can afford decent holidays 4 times a year and a new car.
Friends who are struggling to pay a mortgage with all the other costs are living on credit to make ends meet.
They don't go out, have no money, their car is clapped out.
People say how much they have made when they sell but where are they going to live?. In between them selling their house and buying another, the prices can have gone up and so they are never better off.
Owning property is a con really, you aren't going to live forever, all you are doing is buying the right to live in a certain place as long as you keep paying. Stop paying and you will be soon evicted!.
And if property prices crash as they have done in the past, a lot of people are going to be stuck, not able to sell because the mortgage is greater than the value of the house. All those of you with 100% mortgages take note.
I saw it in 1989 and it can happen again.

Answer 3

I rent. I would love to buy but will never get on the property ladder even with my income....which is good.

I dont like paying someone for something like i have for the past 8 years that will not be mine at the end of the day.

So...i would prefer to own but can only rent until something drastic changes

Answer 4

I am a homeowner. I have been for 18 years. My home has been paid off for 14 years. I still prefer renting.
The value of my home is $120,000. I get no return on the investment. I have to pay $2,500 a year in taxes. My maintenance and condo fees budget is $1,500. It is costing me at about $16,000 a year to live in my home.

I could rent a two bedroom apartment for $500 a month, in my neighborhood.

Answer 5

nicely a townhouse or apartment has 2 flooring...once you replace right into a senior you not choose nor choose a 2 floor domicile. reason being you are going to have hassle alongside with your legs and could by no skill be waiting to make the steps. If, notwithstanding you have toddlers or kinfolk who would be looking after then you an upstairs place of dwelling could be an selection so as that they might nicely be on the brink of you and your desires. As you age you do not probable opt for the extra suitable room in the journey that your toddlers have flown the coop and seem to be good or good in a marriage, you are able to continuously convey out a cot in case you opt for them to stay in a single day. many human beings like myself stay in a heat climate and prefer to have an place of dwelling. A one mattress room place of dwelling suits the retirement earnings lots of folk obtain (each and every so often they could pass on authorities counsel) however the nicest situation approximately an place of dwelling is that as you age you are able to not do each and each of the cleansing, garden artwork, domicile upkeep which you used to do nor are you able to have the money for to pay somebody to do it. So while all this is lumped into your lease and additionally you're unfastened to play bingo alongside with your legs that somewhat can carry you, nicely you thank your fortunate stars that there are apartments around. right here every day I hear the youthful human beings humming around reducing the garden, blowing the leaves, fixing issues in peoples apartments (overflowing lavatories, offering AC filters, changing out fridges and stoves for brand spanking new ones, setting up new carpeting, portray), and the trojan horse spray males coming around, the males exterior washing down the homes or planting new plant life and turf or cleansing out the leaves from the gutters. it rather is numerous artwork if a senior had to do it.

Answer 6

I'd prefer to buy but I can only rent at moment because I'm saving up for a deposit to buy.

Answer 7

BUY i just sold my houes 3bedrooms tw attic rooms here in Newcastle for 205 000pounds i paid 24ooo for it 15 years ago so i say buy do it up then sell house prices here are still rocketing

Answer 8

Well if I had the capital, buy of course as the property is yours then.
Renting is a sap on your finances as you are paying for something that is not your own.

Answer 9

buy - tax breaks, i can paint the walls whatever color i want, make modifications and not see them accrue to the landlord. no risk of being evicted on 30-60 days notice. more control. more permanency = i decide when i sell/move. no worries over nailing things to wall, etc. i am earning equity buildup, not my landlord.