I currently own a house which I began renting a few months ago and plan to do so until I feel like selling it, if ever. I've been thinking about buying a house, but by myself, could only afford something that is about in the same price range. It seems to me that I could rent something for about the same price as a mortgage and get a beautiful apartment (from what i've seen). Does this make sense and sound like a good idea? I've got someone renting (paying off) my house while I get to live in a beautiful apartment for about the same amount.
Do you agree that for the cost of a mortgage, one can usually get a gorgeous apartment at the same cost? I would like to hear some opinions. Thanks!!
2007-10-01 05:08:27 · 8 answers · asked by Nikki 2 in Business & Finance ➔ Renting & Real Estate
Fabulous idea-but, if you are considering your financial health you might consider buying another smaller house and fixing it up a tiny bit and keep on renting-it sounds like you have the skills to handle the tenants and why not settle your future while you are still young enough to have the energy and interest to do so. This is such a good time to think about buying properties. You might check out the groups on yahoo and see if there are properties that come up that might fit in with your interests. Good luck. Equity grows and you know what happens renting! Been there! Pretty is what teases you into that pattern!
2007-10-01 06:30:39 · answer #1 · answered by helprhome 5 · 1⤊ 0⤋
Obviouslt depends from country to country but generally yes you can get a bit better apartment if you rent. Its all about thinking short or long term...as you pay your mortgage off it gets cheaper and cheaper so in the end you will be paying less than you would be had you still been renting and the added bonus is that the property will be yours to do with as you wish. Also you will have had the property increase in value (Capital appreciation), hopefully, over that time and could make a propfit should you wish to sell. Im pro buying...just dont see the point in giving people my money for nothing basically
2007-10-01 05:15:48 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Renting is great ... if you're the property owner.
At the end of six months, your tenant will have increased your equity in that house by a certain amount, right? But what does the tenant have at the end of six months? An expired lease and nothing else.
Renting is for people who can't afford/are unable to buy property or are willing to trade off the loss of money in order to not have to deal with the hassles of being a property owner.
2007-10-01 05:12:29 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Always depends on how long you plan to be there .
More than 5 years buy , less than 5 rent .
Rent is a bad investment if there too long ,
But wiser if this is a short term thing .
Remember , rents rise . Mine went up 50% during a tenancy .
Except for the clueless that get ARMs , house payments do NOT go up .
>
2007-10-01 05:15:05 · answer #4 · answered by kate 7 · 1⤊ 0⤋
you make a great point, you can find VERY nice apartments for the same monthly payment amount as a mortgage, and sometimes less. On top of that you are not responsible for fixing things around your apartment unless you are the one who broke them. On the other hand, apartment living can sometimes be horrible depending on who your neighbors are and you would generally speaking not have a yard.
I guess it just boils down to what your interests are and what is most important to you when choosing a home.
Good luck!
2007-10-01 05:13:09 · answer #5 · answered by Jason S 4 · 1⤊ 1⤋
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2016-10-05 21:59:09 · answer #6 · answered by suero 4 · 0⤊ 0⤋
At this time its a buyers market. Housing has fallen through the floor causing very low resale value. Buy now, when the housing market recovers, the value and your equity will rise also.
2007-10-01 05:14:28 · answer #7 · answered by Anonymous · 1⤊ 0⤋
yes it could!
2007-10-01 05:12:05 · answer #8 · answered by yepyep 1 · 0⤊ 0⤋