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Pros and cons on renting vs owning a home?

I rent at $350 a month for three bedrooms. I don't think that's too bad, but we have been wanting to move into a different house a little closer to everything. I was just wondering if it's better to just rent, or make payments to own. I wanted some feedback on this subject.

 
Anonymous

Asked by Anonymous at 3:57 PM on Aug. 31, 2009 in Money & Work

This question is closed.
Answers (6)
  • When you rent, you don't have to worry about maintenance like others on here have said. You don't have to have good credit, and its normally less expensive. BUT you also have to have landlord approval for anything you want to do to alter the house (painting, changing fixtures, etc).

    When you buy, you have the freedom to do what you want to your house, and you only have to pay on it for so many years til its yours forever with no more payments. But you have to be prepared for potentially costly repairs, homeowners insurance, and any other little things that come up that would normally be taken care of by the landlord.

    It basically depends on what you want. If you are happy renting and can not find a decent home you can afford the monthly payment on, then keep on renting. But if you have the money, want the extra space, and want it to be your OWN, then buy.
    AprilDJC

    Answer by AprilDJC at 8:01 PM on Aug. 31, 2009

  • Holy crap! That's cheap! Where do you live? I pay $1100 for a three bedroom, plus water,sewer, trash etc...If you can afford it you might as well make the investment. But if you can't afford all the extras (stuff breaking, falling apart etc. that a landlord would fix) then continue renting. But seriously-where do you live where that is so cheap?
    jenree33

    Answer by jenree33 at 4:01 PM on Aug. 31, 2009

  • In Montana.
    Anonymous

    Answer by Anonymous at 4:03 PM on Aug. 31, 2009

  • There are TONS of pros and cons either way.
    For renting: You don't ever have to pay out of pocket to fix stuff. If something goes wrong, it is up to the landlord to fix. Also, in your case, I am sure it is cheaper to rent. It is nice that if you want to move you don't have to go through the hassle of selling your house. You don't have to have good credit or get loans, etc.
    For buying: When you're old and getting ready to retire, you'll probably have your house paid for, which is good because you won't necessarily have a great income at that time, and you'll be able to save money on rent. Owning your own house is awesome because if your landlord decides to sell, you have to move. It is nice to own your own home when you have kids growing up because they will always have a place that is their home, etc.

    Just depends on what is right for you!
    Anonymous

    Answer by Anonymous at 4:03 PM on Aug. 31, 2009

  • In my opinion it depends on what you prefer. The upside to most rental situations is that it's easier to get into, and you generally have someone to call if something breaks. Less committment in other words.

    On the other hand, if you want an asset, something with equity and something of your own then I personally prefer ownership. We are trying to get our credit set up to buy a house and have rented for years. Renting isn't always stable depending on the area. Here where we live people are buying and selling rental properties I never know how much longer we have here. And besides our landlord does not hold true to his word and when we have a problem with the house he does not take care of matters whatsoever.

    I personally prefer owning but thats just me.
    Ewalani

    Answer by Ewalani at 4:03 PM on Aug. 31, 2009

  • I have both rented and owned- personally I prefer owning something because you are actually putting money into something. I calculated once how much money we spent on rent in the six years that we were renting and I seriously almost cried. It was a LOT of money... and it was gone. It put a roof over our head, but ultimately we moved, the landlord rented to someone else, and all that money we paid was GONE.

    For me, the reasons to rent would be these: no money for downpayment, cannot commit to living in a specific area because you might have to relocate. If you can afford a downpayment to make your monthly mortgage reasonable, and are planning on staying in the area, I would try to buy.

    BTW, I need to move to Montana... when my dh and I lived in Toronto, we paid eight hundred dollars a month for a junior one bedroom apartment, plus another hundred a month to park under the building where our car got robbed twice!
    Freela

    Answer by Freela at 5:04 PM on Aug. 31, 2009