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Own or Rent?

Which costs less?

 
marklorna

Asked by marklorna at 10:12 AM on Jun. 25, 2010 in Just for Fun

Level 7 (160 Credits)
This question is closed.
Answers (9)
  • In the long term, owning is best. To think I have lived here for four years and dont have a dime of investment to show for it.
    beyondhopes

    Answer by beyondhopes at 5:38 PM on Jun. 25, 2010

  • It all depends really.

    Location, housing prices, your credit, your income, and what landlord's charge.

    It is always worth comparing the two if you come to the point in your life where you wonder whether all those years of renting could have bought you a house instead.
    PrydferthMenyw

    Answer by PrydferthMenyw at 10:15 AM on Jun. 25, 2010

  • I think rent. yes a morgage payment may be the same, or less then monthly rent but you have to add in the cost of repairs to your home, taxes and other general needs that a landlord usually pays. but the safety and freedom of owning your own home make up for those imo.
    SabrenaLeigh

    Answer by SabrenaLeigh at 10:15 AM on Jun. 25, 2010

  • technically, renting costs less. no maintenance for repairs, etc. and sometimes, certain utilities are included, so there's no deposit with different companys. although, you aren't putting equity into your own home by renting from someone else. you're helping them pay their mortgage down, and maybe not saving for yourself.
    it depends on your situation, really. personal finances, debts, salary, cost of living.
    dullscissors

    Answer by dullscissors at 10:15 AM on Jun. 25, 2010

  • It depends on a lot of different things. When renting you don't have to worry about fixing things or paying taxes on the property. when you buy, one day you will own the home. So it just depends.
    AmazingAmanda

    Answer by AmazingAmanda at 10:16 AM on Jun. 25, 2010

  • To me rent because if something tears up you won't have to come out of your pockets.
    mamaofficer

    Answer by mamaofficer at 10:16 AM on Jun. 25, 2010

  • Owning because it is an investment. When you sell, you make a return on your investment.
    beeky

    Answer by beeky at 10:22 AM on Jun. 25, 2010

  • It all depends on what you are doing and if you are being smart. In the long run, it is more economically fiscal to own. But ONLY if you get a good rate and put some money down and don't get a fluctuating rate.
    RutterMama

    Answer by RutterMama at 10:23 AM on Jun. 25, 2010

  • Usually renting will cost less, but owning has it's benefits even tho the payment can be a bit (and sometimes not by much) more.
    Right now my dh and I are renting.. we offered to buy this home from current owner in about a yr... our house payments will most likely match what we are paying now in rent (which is fairly high for our area) bc of the zoning of the house, but in the long run, to me it will be well worth it...
    gmasboy

    Answer by gmasboy at 10:43 AM on Jun. 25, 2010

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