throwing away money or smart idea?

[Anonymous]

Reading the post Bout the women trying to buy a home got me thinking. Is renting a home better or worse then buying? We right now couldn't afford to buy. We wouldn't have money for repairs if anything were to break. Ii like being able to call the landlord and say such and such thing broke and she comes and fixes IRL but do you this in its stupid to rent instead of buy?

We pay 725 for a three bedroom, 2 bath nice size house. With a nice backyard. If we bout it would prob cost a lot more and that not do able. We make about 2200 amonth.

What does every one think. Is renting just throwing away your money?

[erinsmom1964]

Well if you can't buy doesn't sound as if you have a choice but yes I do think renting is just throwing money away NOW with the market and interest rates they way they are.  If it were me( and it was a few years ago) I would rent smaller and cheaper to save up my down payment instead of wasting extra money making someone else's house payment for them.

[mommy_me]

 i think it depends on the person. No one answer will work for everyone

[KME445]

Of course not.  Throwing your money away is throwing your money away.  Renting puts a roof over your head.  In other words, you get a life neccesity in exchange.  Plus, some economists have long argued that the benefits of home ownership have been overstated and it is not all it is cracked up to be.  I own and am fine with that, but ownership is not for everyone.

http://articles.latimes.com/2010/oct/03/business/la-fi-home-ownership-20101003

[Anonymous]

Renting has it's good and bad points just has being a homeowner does. 

Renting you are paying someone to live in their home...something that you will never own. But, if you have a good landlord they will fix any repairs that is not your own doing. 

Owning a home you are responsible for any repairs that need to be done and some of those can be quiet expensive. Depending on the area, downpayment, etc the montly mortage when buying your own home can be cheaper than renting also. 

We currently rent because we don't have good enough credit yet to own a home, but we want to own a home very badly. We pay $700 a month for a 4 bedroom, 3 full bath house that is a little over 2,000 square feet. My husband brings home almost $2600 a month. 

[Kodysmommy928]

Honestly, by renting you are paying for someone elses mortgage.  If you can buy, it is usually the better option.

[Anonymous - Original Poster]

How much money is usually needed for a down payment for a house between 100 and 150. And what will the monthly payments likely be?

[nellyb118]

I always thought renting was throwing away money but now that we own I feel the same about owning,lol. We spend SO much on maintenance and repairs plus a huge majority of our mortgage payment goes to interest and taxes barely any gets paid to the principal balance.
But I guess in the long run once the house is paid off it won't be so bad.

[kellieknits]

It depends on the person. We don't feel it is smart for us to buy because we move so frequently. When my husband retires from the military, we'll settle somewhere and buy. Until then, we're too nomadic.

[Tish_Hughes]

This.

Having a roof over your head is not a waste and home ownership isn't what it's cracked up to be. Besides, how many people actually OWN? You are in debt until you get your deed If you don't, you don't own anything. I like renting, personally. Lol

Quoting KME445:

Of course not.  Throwing your money away is throwing your money away.  Renting puts a roof over your head.  In other words, you get a life neccesity in exchange.  Plus, some economists have long argued that the benefits of home ownership have been overstated and it is not all it is cracked up to be.  I own and am fine with that, but ownership is not for everyone.

http://articles.latimes.com/2010/oct/03/business/la-fi-home-ownership-20101003

[Anonymous]

It really depends. Some people never want to own a house.

I don't think it is throwing money away if you rent.