Is renting an inevitable waste of money?

[TalkativeCoin]

Where I live renting is considered "a bad thing" since for the same money and time period you could get your own place.

But, that's a rare scene in the grand scheme of things, especially in the western world, and there's obviously a tipping point where renting starts making more sense financially, and we're seeing it more and more because of the job uncertainly in the long run.

[CapGelatik]

I personally think renting is wasting money. I'm also currently renting and planning to buy a cheap house in the suburbs soon because house prices and the cost of renting houses in the city center keep going up and I think it would be better if I had my own house even though it's on the outskirts of town.

Yes, the cost of rent is indeed increasing from year to year and it is very important to make the decision to buy a house even though the costs required are also not small,
If you think for the long term, buying a house is definitely the right decision,
but regardless of whatever it is everyone has his own decision.

[Zilon]

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.

Taking a loan is as expensive as renting an apartment but it has it's advantage of making you the owner of the house after a period of time lets say 15 -20 years as mentioned in OP when the loan is finally settled. And i was also thinking that there is no point been in a long term relationship when the picture of how the relationship will be in the next 15 - 30 years is not clear. The longer we spend we people the more we know if we really want to be with them or not. Secondly since it is still a relationship with no legal document binding you both taking a loan has nothing to do with your relationship. Except you both are paying for it together

[Ultegra134]

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.

Taking a loan is as expensive as renting an apartment but it has it's advantage of making you the owner of the house after a period of time lets say 15 -20 years as mentioned in OP when the loan is finally settled. And i was also thinking that there is no point been in a long term relationship when the picture of how the relationship will be in the next 15 - 30 years is not clear. The longer we spend we people the more we know if we really want to be with them or not. Secondly since it is still a relationship with no legal document binding you both taking a loan has nothing to do with your relationship. Except you both are paying for it together

Unfortunately, it's one of the major concerns when you're in a long-term relationship at a relatively young age. A few other users suggested that you could possibly take the loan in your name and practically own the house yourself, but that wouldn't look too good as a couple, to be honest. A few others also suggested what you claimed: taking the loan together under two different names since we're not legally bound, but I don't think that's possible here; you have to be married or engaged to have a joint loan. I could be wrong, but loans are a completely different story between the USA and Europe.

[STT]

One trick I saw was to rent, lease or even mortgage a house boat.  A barge can be adapted into being living accomodation and depending how open the banks are locally this can be used as proof towards eventually getting a house.   I heard of this idea twenty years ago but also recently, so its an established idea for very small living accommodation that can be cheaper then a flat by quite alot.   Because you are paying debt in a similar way to a large house it helps build a credit history and so on, its actually productive.  Similar renting can be a way to prove regular contribution and budgeting towards regular living that a bank likes to see.

[Nunman]

Home is a place where one can rest after the tiredness of the whole day. If sitting at the resting place, the resting place must be marked with payment, if it is more painful or distressing. So,  Ownership flat is very necessary. Other wise, house rent payment is very difficult. Because, Infaltion reason house rent amount high. Otherwise, renting or buying a house with a loan is stressful and there is no guarantee of surviving the loan tenure in the future. Even repaying the high cost of the loan is a difficult matter.

[tjtonmoy]

I live on my own on a rental. I can relate to this so much. I make small amount of money and the rent is low too. But at the month's end, I am left with just a little to survive. Renting is not what everyone should do if not extremely necessary. I think somehow getting a house on your own will be the best option even if you have to work overtime.
Trying to save some income to buy a house, but in the end. I'm left with nothing.

[takuma sato]

Renting is better tan owning a home because you can easily switch up between tax residences if needed, or just move around within the same country. Your neighbors may become annoying and if you own the home you are now stuck, if you want to move you'll have to pay big taxes on the sale. Only if you are sure you want to live on the same place for decades I would bother with buying a home. Also if someone occupies your home you may have problems in certain jurisdiction kicking these people out. Overall just not a good investment. If you are mega rich then maybe it would be cool to own a home here and there but not in most cases, even if you have a couple of million, I would just invest elsewhere.

[Casdinyard]

Renting has its ups and downs, but honestly I'd rather choose to buy my own house than to get stuck living in someone else's for the rest of my life. Renting is outrightly affordable compared to owning a house that's for sure, but it becomes a liability over time while a house flips you profits through appreciation. Although you are given the liberty of leaving and relocating should things not turn up well in your current residence when you rent, you can pretty much do the same thing as well with buying real estate you would live in, just with some extra steps.

[Smartprofit]

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.

Renting is definitely not a waste of money. Just because you own a property doesn't mean you live for free. There are fees and taxes you have to pay if you are owning or if you renting. Then there is the whole topic of modernisation. In my country when you are doing repairs on your house or apartment you are required to meet new requirements for insulation. This makes even smaller projects very expensive. So in case you own an older property or there is an external damage that is uninsured it can be very costly to own. The biggest issue for me is at a younger age that you are fixed in one location. If you get a better job in a different city it might be hard to sell your house and move.

Yes, I agree with you.  

When they tell you that you are the owner of the house, then this is a lie.  It is correct to say that you have ownership of the house.  

This right may be limited by the government, this right may be associated with certain property encumbrances.

If the house was bought using maternity capital (a measure of state stimulation of increasing the birth rate of children), then it cannot be sold until the children reach the age of majority.

Also, real estate taxes can be very high.  In addition to real estate tax, there is always a need to pay utility bills.  Tariffs for utilities can grow annually and reach astronomical amounts.

[Fatunad]

Renting has its ups and downs, but honestly I'd rather choose to buy my own house than to get stuck living in someone else's for the rest of my life. Renting is outrightly affordable compared to owning a house that's for sure, but it becomes a liability over time while a house flips you profits through appreciation. Although you are given the liberty of leaving and relocating should things not turn up well in your current residence when you rent, you can pretty much do the same thing as well with buying real estate you would live in, just with some extra steps.

But we know that not all people does have the capacity in doing so and this is why they would be sticking on renting which similar into my situation which i cant built up my own house since building one
is really that expensive or  something that cant really be that to easy on someone who do really just earn sufficient for your daily living and needs.This is why lets not really that conlcusive
for those people who do say that we should have our own house.We are all thinking on having one but there are situations which we are facing that would really be a huge hindrance
on achieving or attaining our goal that we do have in mind.

[ajiz138]

Renting has its ups and downs, but honestly I'd rather choose to buy my own house than to get stuck living in someone else's for the rest of my life. Renting is outrightly affordable compared to owning a house that's for sure, but it becomes a liability over time while a house flips you profits through appreciation. Although you are given the liberty of leaving and relocating should things not turn up well in your current residence when you rent, you can pretty much do the same thing as well with buying real estate you would live in, just with some extra steps.

Renting a house is a bit affordable because they don't really think about other things like taxes and maintenance, but the average person renting their house is working out of town which makes it easy for them to move anytime with a fixed contract duration, however I feel the same way when working at out of town and only pay the rent every month and then don't think about other costs.

But now I have my own house in my hometown and well we have to pay a lot for everything that is needed, taxes every year, expensive maintenance, other rents are my responsibility, so the landlord has to be prepared with all of that but somehow I'm happy be in your own home without having to rent again.

Regarding the comparison of renting or owning your own house, it's really relative, how can we see the advantages and disadvantages.
But I think renting is not a waste if he can manage finances properly.

[Ultegra134]

Renting has its ups and downs, but honestly I'd rather choose to buy my own house than to get stuck living in someone else's for the rest of my life. Renting is outrightly affordable compared to owning a house that's for sure, but it becomes a liability over time while a house flips you profits through appreciation. Although you are given the liberty of leaving and relocating should things not turn up well in your current residence when you rent, you can pretty much do the same thing as well with buying real estate you would live in, just with some extra steps.

Renting a house is a bit affordable because they don't really think about other things like taxes and maintenance, but the average person renting their house is working out of town which makes it easy for them to move anytime with a fixed contract duration, however I feel the same way when working at out of town and only pay the rent every month and then don't think about other costs.

But now I have my own house in my hometown and well we have to pay a lot for everything that is needed, taxes every year, expensive maintenance, other rents are my responsibility, so the landlord has to be prepared with all of that but somehow I'm happy be in your own home without having to rent again.

Regarding the comparison of renting or owning your own house, it's really relative, how can we see the advantages and disadvantages.
But I think renting is not a waste if he can manage finances properly.

House rental is generally a complicated and controversial subject. It's usually cheaper than paying a loan, but it also depends on your country of residence. However, as the previous poster already mentioned, I'd rather pay more and deal with everything myself than have to chase my landlord for every single thing that's malfunctioning. I've had my fair share of landlords, and the majority of them were awfully unhelpful with maintenance issues and generally had unpleasant experiences. Despite all the concerns stated by other posters regarding maintenance and taxes, the feeling of owning your own personal space is unbeatable.

[Xampeuu]

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.

renting a place to live I think is a waste of money in our lives. I prefer to borrow for property, as you explained that the government has a program to get houses in an easy way. with us borrowing money, then in the future we can have personal assets. and even though we are not strong enough to repay in the middle of the road, then we can sell it, and have returns, in contrast to when we rent, then we will issue money

[Lubang Bawah]

Most people borrow money just for fun, they want to fulfill pleasure by buying unproductive things, if we borrow and use it for good and productive things, for example additional business capital, buying assets or something else then borrowing money is a very good thing, and we should be able to measure our ability to pay or not.

[Maestro75]

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.

If you have stayed in a love relationship with a girl for as long as 4 years what is stopping you from making a family with her by marrying her. 4 years is enough time to strike that deal, except you think she will not make a good wife. And if you think so why not severe that relationship and let her go.

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.

Is the €25,000 monthly or annually? If it is monthly, that is too much. You have to move into a smaller and cheaper apartment and save up to start building your own.

[tygeade]

Most people borrow money just for fun, they want to fulfill pleasure by buying unproductive things, if we borrow and use it for good and productive things, for example additional business capital, buying assets or something else then borrowing money is a very good thing, and we should be able to measure our ability to pay or not.

I agree, things that could make us money is the way to borrow money. For example if you got some loan, instead of buying a house, you could buy literally part of a company. There are situations where you could spend the same amount of money buying 3-4 houses instead of just one house to live in, and rent the others for example.

I know a person who bought a whole apartment building in a far off place compared to where he lived, but that had 16 houses to rent, and he is making x10 more than what he spends on rent right now. Learn what to get a loan for, make sure that getting that loan would mean more money and you should be fine, but not many people do that unfortunately.

[erep]

I agree, things that could make us money is the way to borrow money. For example if you got some loan, instead of buying a house, you could buy literally part of a company. There are situations where you could spend the same amount of money buying 3-4 houses instead of just one house to live in, and rent the others for example.

I know a person who bought a whole apartment building in a far off place compared to where he lived, but that had 16 houses to rent, and he is making x10 more than what he spends on rent right now. Learn what to get a loan for, make sure that getting that loan would mean more money and you should be fine, but not many people do that unfortunately.

You say the type of business person can multiply the loan to 10x the profit, but not everyone succeeds in doing the same thing because many people buy several houses in locations far from cities but not many people are interested in renting and unfortunately the houses are rented at lower prices to pay off loan costs.

Relating to the topic, that OP has accumulated the cost of a house that has been rented out for several years totaling 1 unit of house and he wants the loan costs to have his own house but he feels he can pay off the loan because there is no guarantee he has a salary that can pay off the loan for many years

[Smartvirus]

Most people borrow money just for fun, they want to fulfill pleasure by buying unproductive things, if we borrow and use it for good and productive things, for example additional business capital, buying assets or something else then borrowing money is a very good thing, and we should be able to measure our ability to pay or not.

That's so youths youths in country. I guess its not just in my country but for one speaking out of what I've experienced, It's just so annoying when they have that attitude towards loans. It kind ofakes me ask myself,

Do the credit score thing works?
Do this loan companies, banks inclusive even chats with themselves?

Am saying this becuase, your credit score is supposed to designate some individuals as credit worthy and others as not based on existing database but, you keep finding these guys getting more and more loans without paying anyone up. It's just crazy!

Worst is, these loan companies have just made taking loans so easy. You take it without any collateral and handing down any vital documents. I feel sorry for them both parties though.

[Cookdata]

I personally think renting is wasting money. I'm also currently renting and planning to buy a cheap house in the suburbs soon because house prices and the cost of renting houses in the city center keep going up and I think it would be better if I had my own house even though it's on the outskirts of town.

Yes, the cost of rent is indeed increasing from year to year and it is very important to make the decision to buy a house even though the costs required are also not small,
If you think for the long term, buying a house is definitely the right decision,
but regardless of whatever it is everyone has his own decision.

The cost of production has increased so as the cost of equipment, materials, and cost of workmanship in raising a square wall of rooms. Building a house is beneficiary in the long run but let's make a comparison with the amount you will spend to build your desired house and what it will take to rent a house. To be honest, it is easier to afford a house rent of your choice but you can't build that type if you want to build one yourself, it will take years and if one is not financially buoyant to build a house, the two have an advantage they play but building yours has more on the long run, I wouldn't advise anyone to buy a house because there is a probability of using poor materials for construction.