Is renting an inevitable waste of money?

[bakasabo]

The correct answer depends on the country you are in. If the city is expensive, like New-York for example, renting is your only solution to live there. For example in my city the amount people pay for 2 bedroom rent + utility bills equals paying out loan for same 2 bedroom flat. Financially having a rent flat isnt profitable, but you will have to stick to one place for 15-20 years if you take a loan, when youth dream is to move to other country, and elder generation does not feel stability in keeping work.

[Iroh]

A rent to own or a loan that will give you a house right after you paid it, is a good decision. Renting a house forever will cost you a lot, and it is only for temporary. The disadvantage of it is that not every single time is you have money, and once you didn't pay the rent, you're living in the street and you don't want that to happen. Saving is also another option, then buy a house and lot.

Renting an apartment is inevitable for someone just starting out in life. Without any inheritance in form of a house or a huge sum, renting an apartment is inevitable. I don’t think anyone who rents out an apartment intends to keep on paying rent forever. I know I wouldn’t want to pay rent for the rest of my life. That is financially draining.

One could get various source of income and work to save money to buy a house of their own. I’ve met such folks.
I wouldn’t exactly call renting a waste of money as even some home owners now once paid rent at some point in their lives. And not everyone could be homeowners.

[Nwada001]

Life is full of risk, but if you have a stable income that can pay off a long-term loan, I must say that a loan for the acquisition of a house is worth taking because all this rent is just temporary, and after some time the owner can just chase you out of the house and you will be left with nothing, it's better to be a house owner and pay back the loan instalmentally than living in a rented apartment. The sweet thing here is that you are in a country that will give you a loan up to the amount that will make buying a house worthwhile. If I have this opportunity here, I will grab it with both hands. 

[naira]

The correct answer depends on the country you are in. If the city is expensive, like New-York for example, renting is your only solution to live there. For example in my city the amount people pay for 2 bedroom rent + utility bills equals paying out loan for same 2 bedroom flat. Financially having a rent flat isnt profitable, but you will have to stick to one place for 15-20 years if you take a loan, when youth dream is to move to other country, and elder generation does not feel stability in keeping work.

Where do you live if the case of renting a house will not be much different from conditions abroad. I mean, it's all based on income, land ownership, housing and if there's nothing to support it, there's one option, which is renting. It doesn't matter if it's long term or short term because housing is a must.
In addition, related to the cost of rent that differentiates their place of residence, because talking about various incomes, most of them will rent a house that is closest to their place of work.

[Vaskiy]

Based on the understanding out of the thread I think it is good to go for the government's new program. When you keep on renting, you'll end up without anything in belonging to you. When you opt for a loan, the regular rent you pay can be converted regular loan payment. After specific time tenure the loan paid will help in owning a property. Renting isn't waste of money, because it is the spending to shelter ourselves.

[boyptc]

The correct answer depends on the country you are in. If the city is expensive, like New-York for example, renting is your only solution to live there. For example in my city the amount people pay for 2 bedroom rent + utility bills equals paying out loan for same 2 bedroom flat. Financially having a rent flat isnt profitable, but you will have to stick to one place for 15-20 years if you take a loan, when youth dream is to move to other country, and elder generation does not feel stability in keeping work.

The location is one of the major factors for one to look at the rent or taking a loan for building their homes.

I've got friends that have settled in rural areas where lands aren't expensive and they can just work remotely which is the benefits that they've got from the company.

As we all know, working from home now is the setup that majority likes and favorable although not all really likes that setup.

So, renting is good for short term so that you can move anytime you want.

[Viscore]

A rent to own or a loan that will give you a house right after you paid it, is a good decision. Renting a house forever will cost you a lot, and it is only for temporary. The disadvantage of it is that not every single time is you have money, and once you didn't pay the rent, you're living in the street and you don't want that to happen. Saving is also another option, then buy a house and lot.

Both are good as long as you are able to complete the payment in due time, as there is always a contract for that when to be considered fully paid. However, I find it more convenient to just find a rent to own house as you can immediate live in it the moment you start renting, although it’s quite more expensive than to buy a house and lot from taking the loaned money.

[Marcellin9]

The correct answer depends on the country you are in. If the city is expensive, like New-York for example, renting is your only solution to live there. For example in my city the amount people pay for 2 bedroom rent + utility bills equals paying out loan for same 2 bedroom flat. Financially having a rent flat isnt profitable, but you will have to stick to one place for 15-20 years if you take a loan, when youth dream is to move to other country, and elder generation does not feel stability in keeping work.

The location is one of the major factors for one to look at the rent or taking a loan for building their homes.

I've got friends that have settled in rural areas where lands aren't expensive and they can just work remotely which is the benefits that they've got from the company.

As we all know, working from home now is the setup that majority likes and favorable although not all really likes that setup.

So, renting is good for short term so that you can move anytime you want.

In the short term, renting is generally good and convenient but OP's dilemma lies in whether to buy a house considering all the factors/risks that may happen in the future. I wouldn't worry about all the possible factors coming from the external environment but would review the relationship seriously. If OP is 100% confident in the commitment with his girlfriend and would not fear that the relationship may break, why not buy a house ? Otherwise, any breakup or divorce in the future would severely ruin everything and drag OP into a mess that he may never come out of. I guess this is the focal point to really think about.

[bakasabo]

The correct answer depends on the country you are in. If the city is expensive, like New-York for example, renting is your only solution to live there. For example in my city the amount people pay for 2 bedroom rent + utility bills equals paying out loan for same 2 bedroom flat. Financially having a rent flat isnt profitable, but you will have to stick to one place for 15-20 years if you take a loan, when youth dream is to move to other country, and elder generation does not feel stability in keeping work.

Where do you live if the case of renting a house will not be much different from conditions abroad. I mean, it's all based on income, land ownership, housing and if there's nothing to support it, there's one option, which is renting. It doesn't matter if it's long term or short term because housing is a must.
In addition, related to the cost of rent that differentiates their place of residence, because talking about various incomes, most of them will rent a house that is closest to their place of work.

Eastern part of the Europe. You can rent a 2 bedroom flat in a new series house for 400-600 EUR with around 150 EUR monthly utility bill. And you can pay same money if you take mortgage. Its is usually either you rent, pay mortgage for that flat and help someone else to get a new property (which is illogical), or pay mortgage for your own property. Second option seems to be the best, but there are three problems 1) younger generation have difficulties to get a mortgage 2) younger generation want to move abroad (due to low salaries here and their high demands) 3) elder generation are used to what they have now and want to fight for a better future.

[Chripto]

My main concerns are the following: First, if you're in a long-term relationship like myself, you can never be 100% sure that you'll be with that person in 20 or 30 years from now, which might prevent you from opting for a loan.

have you thought about asking for rent from your s.o.?

[Z390]

Life is full of risk, but if you have a stable income that can pay off a long-term loan, I must say that a loan for the acquisition of a house is worth taking because all this rent is just temporary, and after some time the owner can just chase you out of the house and you will be left with nothing, it's better to be a house owner and pay back the loan instalmentally than living in a rented apartment. The sweet thing here is that you are in a country that will give you a loan up to the amount that will make buying a house worthwhile. If I have this opportunity here, I will grab it with both hands. 

Still a big risk I would say, I won't advise someone who works under a company or a boss to get a loan for a complete house, there is a dangerous part that you failed to see here.

1. After taking the loan the company you working for might fold up, leaving you with no choice but to start hunting for another job and that depends on which part of the country you from, if you lose your job in my country you will see hell before getting another job.

2. Your boss might decide to sack you for unknown reasons, this happens a lot around me, I became financially stable since I stopped working for anyone but myself.

So if anyone wants to take a loan they must be sure of their source of income, way less riskier for those that work for themselves, not under a company or somebody.

[boyptc]

The location is one of the major factors for one to look at the rent or taking a loan for building their homes.

I've got friends that have settled in rural areas where lands aren't expensive and they can just work remotely which is the benefits that they've got from the company.

As we all know, working from home now is the setup that majority likes and favorable although not all really likes that setup.

So, renting is good for short term so that you can move anytime you want.

In the short term, renting is generally good and convenient but OP's dilemma lies in whether to buy a house considering all the factors/risks that may happen in the future. I wouldn't worry about all the possible factors coming from the external environment but would review the relationship seriously. If OP is 100% confident in the commitment with his girlfriend and would not fear that the relationship may break, why not buy a house ? Otherwise, any breakup or divorce in the future would severely ruin everything and drag OP into a mess that he may never come out of. I guess this is the focal point to really think about.

I do agree if the commitment is surely but, to make it sure then they have to get married. That's the only way to assure that their relationship should be assured and that's the time that they should buy a house and pay for its mortgage.

I've seen couples that have decided to take house loan but they're not yet tied to each other. In the end, many have become problematic and they didn't anticipated that they'll be ending with a break up.

[Fortify]

If you're young and haven't inherited a property from your ancestors, chances are that you're forced to rent. Personally, I've been renting for over 6 years and have been living with my girlfriend for the last 4, sharing rent and utilities. Overall, we've both spent over €25,000 together, and after spending all this money, you're practically left with nothing and may be subject to looking for a new house at any moment.

The average rent for a one-bedroom apartment is between €300 and €400 at best; thus, I was thinking that taking a loan is as costly as paying rent per month, but after 15-20 years, you end up with a house. My main concerns are the following: First, if you're in a long-term relationship like myself, you can never be 100% sure that you'll be with that person in 20 or 30 years from now, which might prevent you from opting for a loan. Secondly, you need to be certain that the location or city of the property to be bought is convenient for future job offers and so on. Thirdly, because a loan is a many-year commitment, there's no guarantee that you'll be able to afford the monthly payment 15 years from now.

On top of that, finding the ideal house as a renter is almost impossible; there's a lack of housing, and rents are extremely expensive and unreasonable at the same time. We had a difficult time finding a house recently, and it's far from ideal. There is now a new government-funded loan program that is about to start, funding up to 75% of the loan interest-free while the rest is funded by private banks and is subject to a relatively low interest rate. This led me to think about taking a loan and purchasing an average two-bedroom apartment, but I have the concerns that I voiced earlier.

There are so many different situations you need to find the setup that works for you. Some people get lucky with a flat share with friends at a fraction of the market rate, others get trapped with the worst housemates out of necessity yet still pay high amounts due to the local area, some people who buy a house pay stupid interest rates because they do no research while others are running optimum finances that make a mortgage the best option. It can be hard to find the ideal house as a buyer because your budget is often fixed at the limits of what you can afford, many people start off with buying a flat which comes with the possibility of problems you identified as a renter.

[dunfida]

The location is one of the major factors for one to look at the rent or taking a loan for building their homes.

I've got friends that have settled in rural areas where lands aren't expensive and they can just work remotely which is the benefits that they've got from the company.

As we all know, working from home now is the setup that majority likes and favorable although not all really likes that setup.

So, renting is good for short term so that you can move anytime you want.

In the short term, renting is generally good and convenient but OP's dilemma lies in whether to buy a house considering all the factors/risks that may happen in the future. I wouldn't worry about all the possible factors coming from the external environment but would review the relationship seriously. If OP is 100% confident in the commitment with his girlfriend and would not fear that the relationship may break, why not buy a house ? Otherwise, any breakup or divorce in the future would severely ruin everything and drag OP into a mess that he may never come out of. I guess this is the focal point to really think about.

I do agree if the commitment is surely but, to make it sure then they have to get married. That's the only way to assure that their relationship should be assured and that's the time that they should buy a house and pay for its mortgage.

I've seen couples that have decided to take house loan but they're not yet tied to each other. In the end, many have become problematic and they didn't anticipated that they'll be ending with a break up.

I cant really believe that there are couples who had decided to take up some loan even if they arent that married and on the time that they would be having a break up then the ones who had signed those papers is

the one would be sued out or be asked out for those mortgages which is bullshit for someone to agreed upon.If you are really that legally married then it would really be that understandable that you both
do have rights about your priorities or something that do talks about conjugal property which is really that very common.

Renting isnt a waste of money specially if you dont have still the money for you to have your own house.There's no other options left when you are not financially ready.

[shinratensei_]

with renting you are just become the cow for the landlord, you will never get to feel less burdened by not paying rent for eternity, that's reason why property are so much expensive right now because it's very essential.
I always believe that in building your wealth when you got your first millions or something you should buy house, that way you will have good minds to start your activities everyday and more enjoyable life, even taking up some loan is fine if you could but if your money so limited you could only rent then that's fine too maybe next time.
but if it's some place that's very strategic in the center of the city where it's near your works where sometimes the price of property there doesn't even make sense then you should just try renting.

[STT]

Ironically renting can be a position akin to holding cash, not usually a great idea but in some situations far more profitable then being caught holding property which could be rapidly depreciating.   Also it really depends on the circumstances, having a family usually means a house is required where as a single person might be moving about so much property is really not a necessity as they are often away from home it would not be fully used anyway.

[boyptc]

I do agree if the commitment is surely but, to make it sure then they have to get married. That's the only way to assure that their relationship should be assured and that's the time that they should buy a house and pay for its mortgage.

I've seen couples that have decided to take house loan but they're not yet tied to each other. In the end, many have become problematic and they didn't anticipated that they'll be ending with a break up.

I cant really believe that there are couples who had decided to take up some loan even if they arent that married and on the time that they would be having a break up then the ones who had signed those papers is

the one would be sued out or be asked out for those mortgages which is bullshit for someone to agreed upon.If you are really that legally married then it would really be that understandable that you both
do have rights about your priorities or something that do talks about conjugal property which is really that very common.

Renting isnt a waste of money specially if you dont have still the money for you to have your own house.There's no other options left when you are not financially ready.

Well, it's true story and they seem to be too confident with their feelings and that's why they're coming up with that decision of taking up a home loan and they'll just pay for it.

Renting is convenience for those that are moving from one city to another. Also, getting a home through loan is really a decision that should be taken seriously.

It has to be decided and needs thinking for several times before doing it whether you're a couple or just alone.

[doomloop]

Life is full of risk, but if you have a stable income that can pay off a long-term loan, I must say that a loan for the acquisition of a house is worth taking because all this rent is just temporary, and after some time the owner can just chase you out of the house and you will be left with nothing, it's better to be a house owner and pay back the loan instalmentally than living in a rented apartment. The sweet thing here is that you are in a country that will give you a loan up to the amount that will make buying a house worthwhile. If I have this opportunity here, I will grab it with both hands. 

In today's uncertain economic climate, buying a house may not be the best financial decision for many people. With housing prices depreciating in the US and potentially in other countries in the future, taking out a loan to buy a property is not a safe investment. Instead of paying high monthly loan payments, it's better to rent a property. Renting eliminates the additional charges associated with homeownership, such as property taxes, maintenance, and repairs. Rent payments are typically lower than loan payments, freeing up more money for other expenses.

Renting also provides greater flexibility when it comes to choosing a location. If you need to move for work or personal reasons, you can simply find a new rental property, instead of being stuck in a single place. Renting can be a smarter financial choice for many people and allows them to have more freedom and flexibility in their housing choices.

[Unbunplease]

Renting has its disadvantages - at any time the fee can be increased, there is no stability (there can always be a need to move out urgently), problems with repairs. so it is necessary to have your own housing in any condition and of any size (at least a room in an apartment). However, renting is not a waste of money - it gives a certain freedom of movement. And it's a basic option if you can't save for your own flat

[Oasisman]

Renting has its disadvantages - at any time the fee can be increased, there is no stability (there can always be a need to move out urgently), problems with repairs. so it is necessary to have your own housing in any condition and of any size (at least a room in an apartment). However, renting is not a waste of money - it gives a certain freedom of movement. And it's a basic option if you can't save for your own flat

Actually, both have an advantages and disadvantages. Renting may be a waste of money if you have found a housing project (government funded or not) that's pretty affordable and it's monthly amortization was close to what's you're paying for the apartment you're renting. Because, basically, we're gonna be working for the rest of our life's to survive, therefore we don't need to worry on whether or not we can sustain payments for a 15-20 year term. Nevertheless, if you end up being not able to work because of serious injuries, I guess loans are protected with insurance as such, including death.

However, as per OP's situation, it does only make sense that they're not settled with his girlfriend as he also was uncertain of what their future may look like and how are they gonna end up paying the property when in case they've got separated.