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Renting vs. Owning. Which is Better For Your Budget?

Mirage

Secret Agent
Staff member
V.I.P.
What's your housing situation and how did you come to your conclusion? Do you rent or do you own? I have been renting for some time now but am in the process of purchasing a house. Rent in my area is actually getting quite expensive lately ($1,600-$2,000 for a 1,000 or so square feet two bedroom apartment) so the move to home ownership makes a lot of sense.

Mortgage interest rates are also quite good right now.

Also...

 

Babe_Ruth

Sultan of Swat
Staff member
V.I.P.
I would never rent. To me(and this is my personal opinion) renting is a waste of money. Buying a house is a great investment. Me and my brother purchased a house together in 2009, I eventually bought him out and it went up at least $30,000 in price since that time. I do have a tenant right to help with the mortgage payments(he's one of my best friends) but overall, my mortgage payments are pretty cheap.
 

Hilander

Free Spirit
Staff member
V.I.P.
We own our house. Renting is a waste of money. The only way you are better off renting is if you have a job that keeps you moving. Of course if you buy you are responsible for maintenance, if you can't be bothered by that you might be better off renting.
 

Millz

Better Call Saul
Staff member
V.I.P.
If you can afford it you gotta go with owning rather than renting. It's not always financially feasible but it is the obvious answer.

My mortgage payment is under $1,000 a month so to own and have a price that is pretty good is a nice combo for us.
 

Babe_Ruth

Sultan of Swat
Staff member
V.I.P.
My mortgage payments are also under $1000 a month so that helps a lot. The only thing that hurts me is that I have to pay condo fees every top of the month.

So, if anything outside the condo breaks, then they’ll repair it themselves(shingles or windows for examples). But, it was built brand new in 2009, so it won’t need any major repairs for a while. I also have someone cut my grass and clean up the snow.
 

thealigator

Registered Member
I personally rent and always have. I don't own a home for two reasons;

1. I cannot afford it, I am and always have been terrible with money and simply don't have the sort of money to put down on a house, House prices are so high these days I don't even look.

2. The other reason is very eloquently summed up by Frank Turner in "The Road":

"Ever since my childhood I've been scared I've been afraid
Of being trapped by circumstance and staying in one place
So I always keep a small bag full of clothes carefully stored
Somewhere secret somewhere safe
And somewhere close to the door"

I am not that bad to be fair, I have not been afraid since my childhood and I don't have a bag of clothes near to my door but I do like the idea of being able to pick up whenever I want and move away if I need to. I like having that freedom and the flexibility. I honestly don't think that will ever change.
 

Millz

Better Call Saul
Staff member
V.I.P.
I personally rent and always have. I don't own a home for two reasons;

1. I cannot afford it, I am and always have been terrible with money and simply don't have the sort of money to put down on a house, House prices are so high these days I don't even look.

2. The other reason is very eloquently summed up by Frank Turner in "The Road":

"Ever since my childhood I've been scared I've been afraid
Of being trapped by circumstance and staying in one place
So I always keep a small bag full of clothes carefully stored
Somewhere secret somewhere safe
And somewhere close to the door"

I am not that bad to be fair, I have not been afraid since my childhood and I don't have a bag of clothes near to my door but I do like the idea of being able to pick up whenever I want and move away if I need to. I like having that freedom and the flexibility. I honestly don't think that will ever change.
Do you not have a contract with the apartment / flat?

Maybe that's only a US thing, I dunno.
 

thealigator

Registered Member
Do you not have a contract with the apartment / flat? Maybe that's only a US thing, I dunno.
I do have a contract, sorry I didn't explain myself very well there.

When I say I can pack up and leave I do have to give a months notice to tell my landlord I no longer wish to remain in my property, I can pay a months went and be gone, there is nothing to stop me. Most landlords here in the UK will sign you into a six month contract and then after that six months it will go onto a rolling month by month basis. Sorry that I did not explain that initially.
 

Impaired

Registered Member
My guess is that people who say they would never rent have never had to. Buying isn't an option for everyone, especially starting out - nor is it always wise.
 

Babe_Ruth

Sultan of Swat
Staff member
V.I.P.
My guess is that people who say they would never rent have never had to. Buying isn't an option for everyone, especially starting out - nor is it always wise.
I know it’s definitely not an option for everyone, but if you start saving up at a young age(make some sacrifices) you can save up enough for a good/decent down payment.

And, by no means is this a shot at anyone, people don’t always have the methods to do so.
 
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