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Rent or Buy a Home?

In today's economy is it better to own or rent, possibly rent to own a home. I have 4 children and live in a small 3 bedroom house and I desperately want to get a bigger home. With not so perfect credit and my husband on disability, I am not sure I am ready to own. I know with maintenance problems, owning can be expensive. The house I live in is paid for, but it is a 3 bedroom mobile home, which I can possibly rent out to help pay mortgage but being a landlord can be expensive too.

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huffmanall4

Asked by huffmanall4 at 9:46 PM on Jun. 15, 2011 in Home & Garden

Level 4 (38 Credits)
Answers (5)
  • I would say stay where you are if you have to depend on the mobile homes rent to pay your rent. It might be cramped but I think it is a smart choice to stay maybe try to find some ideas on reorganizing your space to maximize your room.
    sweetpea_mama

    Answer by sweetpea_mama at 9:51 PM on Jun. 15, 2011

  • My husband and I have always owned our home since we were married.  We are in our third one.  Owning is an investment, rent is dead money.  We were able to upgrade our home every time we moved with the profit from the sale of the previous one.

    beeky

    Answer by beeky at 9:53 PM on Jun. 15, 2011

  • If the house you live in now is paid for, stay there and sock away money so you have a larger down payment. The larger your down payment, the better your rate should be when you finally do decide to buy again.
    GoodyBrook

    Answer by GoodyBrook at 9:55 PM on Jun. 15, 2011

  • Renting is just sending money down the drain. Right now, home prices are so low, you can get a lot of house for so cheap.
    JulieJacobKyle

    Answer by JulieJacobKyle at 11:56 PM on Jun. 15, 2011

  • its all on every family what they can aford to do.
    butterflies78

    Answer by butterflies78 at 8:16 PM on Jun. 16, 2011

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