Is renting an inevitable waste of money?

[Uruhara]

a careful planning is needed in this case before we make any decisions including planning for a better future such as having a dream home. or maybe we can start from a simple house that is cheaper.

and it is true that of course when we have an obligation to pay installments every month. it will be more effective if we have a side job to supplement our income and to save some money for reserve funds and emergency funds. which is prepared to pay installments when we are sick and unable to work.

It's the importance of extending your capabilities in finding side jobs to add to your finances. Planning to have your own job is not an easy as it is. You needed to work harder while paying your rents.

Everything is doable if you have a good goal and you are working double time to make sure that you will
be able to make things happen.

And some of us must also be faced with the fact that sometimes there are several types of jobs that make us unable to do side jobs. so it will be more difficult to supplement income from other jobs.

The type of work also determines whether we can find a side job or not. like office workers who have to work overtime every day until midnight. or bank staff such as a teller and other departments that sometimes they have to work overtime every day. so they are exhausted enough to look for side jobs to supplement income. and the only time left is for them to rest. so not all of them can have side jobs.

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[erep]

Of course, there is nothing more comfortable than being in your own home. But nowadays, owning a home is not easy. In my country, for an office worker to be able to save up to buy a house, it takes at least 5 to 10 years, and this will be even further for workers. It can be said that real estate is a luxury for many people, so many people tend to rent houses because, in life, we also have hundreds of other bills to pay, not only saving money to get a house.

Building a new house costs a lot of money, even someone with a monthly passive income still chooses a bank loan to build a house instead of saving for several years, the basic items for building a house are increasing every year, but it is recommended that you keep saving for the purpose of building a house because we have to setting limits on rents for less than 2 years, Op has lived 4 years and spent $25k in rent which is equivalent to the cost of a new house for a minimalist size.

[shinratensei_]

Building a new house costs a lot of money, even someone with a monthly passive income still chooses a bank loan to build a house instead of saving for several years, the basic items for building a house are increasing every year, but it is recommended that you keep saving for the purpose of building a house because we have to setting limits on rents for less than 2 years, Op has lived 4 years and spent $25k in rent which is equivalent to the cost of a new house for a minimalist size.

one should know that builidng house from scratch also require time, you couldn't immediately live in the house you should wait until it gets built first then you could live in that house afterwards, but where are you gonna live in the meantime? of course you'd be renting house for about 1 year and that's already massive waste of money.
having second hand house is fine if it's relatively cheap enough and good enough, meanwhile you're collecting money for building your dream house, having temporary second hand house could also save you from the costs of renting since I think the price of the house rarely deprecating.

[og kush420]

Renting a house for a short period of time cannot be called a waste. but if for a long time then I think it could also be something that is not very good for our own economic growth in the future.

Taking a loan from a bank with low interest and then we buy a house with that money I think is much more effective. but on condition that we have calculated our financial ability to pay installments to the bank every month. but this step is indeed different from taking home installments (home loans). because the price of a house purchased in cash will be cheaper than buying a house on credit.

this is a very good point. Most of the people lease the house rather than paying the rent.
I have seen many documentaries, where people are converting their vans to their houses. And they are happy living there.   

[STT]

Building a new house costs a lot of money,

The biggest premium would be the service of the workers who do the building, their skill and experience combined with land value and the transformation of clear or unused land into a working home can cost alot.   If someone acquires or can learn the skills to build a house, they only then need to solve the last part a way to get land cheaply before it becomes popular like a city builds up premium way over basic materials.    
    Most parts of the world you can not just build anywhere you like or own, there are all sorts of rules and drawbacks to consider but a few select places you have freedom it really does just come down to skill and time to stack bricks on solid unused land.   Building can be gigantically profitable and also highly in demand by society that often lacks good housing so its a sector which in theory should do well.

Final point would be that housing is possibly one of the most subsidized and government influenced sectors in the world.  I think only finance and debt is as overshadowed by the influence of government, also military hardware must be but these three are really political imo

[n0ne]

It completely depends on the user. If the priority is a shelter, and they doesn't want to invest big the better choice is renting. Here you can avoid the unwanted expenses of renting when a specific amount is invested and the return out of it on the regular basis can be used for paying rent. In some cases it is specific time periods rent need to be paid initially, so that rent isn't necessary to be paid. This way of renting is called leasing.

[Theones]

It completely depends on the user. If the priority is a shelter, and they doesn't want to invest big the better choice is renting. Here you can avoid the unwanted expenses of renting when a specific amount is invested and the return out of it on the regular basis can be used for paying rent. In some cases it is specific time periods rent need to be paid initially, so that rent isn't necessary to be paid. This way of renting is called leasing.

rightly penned down. That is correct - it depends on user. For me renting is really a waste of money.
Rather I would prefer having a van life of a bus life - where I could move when I feel like moving. I am so tired of my next door neighbour have I been on wheel - I would have left the place.

[og kush420]

Building a new house costs a lot of money,

The biggest premium would be the service of the workers who do the building, their skill and experience combined with land value and the transformation of clear or unused land into a working home can cost alot.   If someone acquires or can learn the skills to build a house, they only then need to solve the last part a way to get land cheaply before it becomes popular like a city builds up premium way over basic materials.    
    Most parts of the world you can not just build anywhere you like or own, there are all sorts of rules and drawbacks to consider but a few select places you have freedom it really does just come down to skill and time to stack bricks on solid unused land.   Building can be gigantically profitable and also highly in demand by society that often lacks good housing so its a sector which in theory should do well.

Final point would be that housing is possibly one of the most subsidized and government influenced sectors in the world.  I think only finance and debt is as overshadowed by the influence of government, also military hardware must be but these three are really political imo

there are many ways people are saving money are saving money. They are doing most of the work by themselves - renovating the old furniture - DIY stuff
Making their own cabins to cut costs and save some extra money.

[Ultegra134]

Building a new house costs a lot of money, even someone with a monthly passive income still chooses a bank loan to build a house instead of saving for several years, the basic items for building a house are increasing every year, but it is recommended that you keep saving for the purpose of building a house because we have to setting limits on rents for less than 2 years, Op has lived 4 years and spent $25k in rent which is equivalent to the cost of a new house for a minimalist size.

one should know that builidng house from scratch also require time, you couldn't immediately live in the house you should wait until it gets built first then you could live in that house afterwards, but where are you gonna live in the meantime? of course you'd be renting house for about 1 year and that's already massive waste of money.
having second hand house is fine if it's relatively cheap enough and good enough, meanwhile you're collecting money for building your dream house, having temporary second hand house could also save you from the costs of renting since I think the price of the house rarely deprecating.

There are also prefabricated houses that are built in significantly less time than conventional ones. They're usually cheaper too, and they offer great characteristics for their price. However, why would someone build a house from scratch when you can purchase an apartment for significantly less and be ready to move at any moment? In the worst-case scenario, you'll renovate it or make a few repairs. Personally, I've seen older houses with two bedrooms that are quite cheap to purchase, especially if they're not situated in the city center. With a renovation of the kitchen, bathroom, and windows and doors, you should be good to go.

[Ben Barubal]

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.

   I feel what you mean in this topic that you did because,  I am also one of the house renters here in the local community where I am located and the monthly income I pay is around 60$ every month for 5 years.

   That's why this time I'm saving up to buy even a simple house but it can be said that it's mine and named after me. Because I'm just wasting what I pay for the house that doesn't belong to me because I'm just a tenant of the landlord. So it's still really nice to have your own house.

[Semar Mesem]

Currently there are many services and conveniences for rating money, only with an identity card capital so we can get a loan without collateral with a repayment period of up to 2 years, and of course, easy loans have risks, namely very high interest of up to 100% in a year.

[Ozero]

People take loan for houses, live rest of their lives paying for it. Renting is wiser choice imo. But, if you have means do get a house — you'll have roof to sleep under.

In this situation, a long-term rental of a house is the worst option. You will simply lose money on rent, instead of saving it to buy your own home. The middle option between buying a home and its arena is a home loan. Although we spend our money in a larger amount than the cost of the housing itself, in the end we become the owners of a house or apartment. That is how, in my opinion, it is necessary to regard this situation. But the fact is that when choosing them, it is necessary to take into account dozens of other living conditions in which we find ourselves. And here, without taking them into account, it is impossible to give any specific advice.

[og kush420]

People take loan for houses, live rest of their lives paying for it. Renting is wiser choice imo. But, if you have means do get a house — you'll have roof to sleep under.

In this situation, a long-term rental of a house is the worst option. You will simply lose money on rent, instead of saving it to buy your own home. The middle option between buying a home and its arena is a home loan. Although we spend our money in a larger amount than the cost of the housing itself, in the end we become the owners of a house or apartment. That is how, in my opinion, it is necessary to regard this situation. But the fact is that when choosing them, it is necessary to take into account dozens of other living conditions in which we find ourselves. And here, without taking them into account, it is impossible to give any specific advice.

I think it is a good idea to have your tiny space which you can call it your own. Rather than wasting money on rent.
I realise it during COVID - when I lost my job and I realized that not always you have hefty amount in pocket to payoff the rent.

[Theones]

People take loan for houses, live rest of their lives paying for it. Renting is wiser choice imo. But, if you have means do get a house — you'll have roof to sleep under.

In this situation, a long-term rental of a house is the worst option. You will simply lose money on rent, instead of saving it to buy your own home. The middle option between buying a home and its arena is a home loan. Although we spend our money in a larger amount than the cost of the housing itself, in the end we become the owners of a house or apartment. That is how, in my opinion, it is necessary to regard this situation. But the fact is that when choosing them, it is necessary to take into account dozens of other living conditions in which we find ourselves. And here, without taking them into account, it is impossible to give any specific advice.

Renting is not the waste of money if you you dont have your home. But when you have creative mind and a bit of resources then having a custom built home is always a good idea.
People are renovating vans and buses and are living a very good life. I would go for that option rather than paying rent.

[Uruhara]

People take loan for houses, live rest of their lives paying for it. Renting is wiser choice imo. But, if you have means do get a house — you'll have roof to sleep under.

In this situation, a long-term rental of a house is the worst option. You will simply lose money on rent, instead of saving it to buy your own home. The middle option between buying a home and its arena is a home loan. Although we spend our money in a larger amount than the cost of the housing itself, in the end we become the owners of a house or apartment. That is how, in my opinion, it is necessary to regard this situation. But the fact is that when choosing them, it is necessary to take into account dozens of other living conditions in which we find ourselves. And here, without taking them into account, it is impossible to give any specific advice.

Correct. there are many things to consider in this matter. such as our income and expenditure levels each month. and we also need to look at the level of balance of our economy in a certain period of time. and if we see that we can set aside enough money each month to pay the mortgage and we have a job for the long term. then it would be wiser for someone to apply for a loan at the bank. and after getting a large loan from the bank, we can buy this money into a house in cash without credit. so that we only need to pay bills every month to the bank for borrowing money. and we are already in a position to own a home. but this condition can be done if we really believe if we have a job and income in the long term. at least until we can repay the loan to the bank. if we are not sure about the long term of our job then we should not take this risk.

[panganib999]

I think renting has its place in the demographic, specifically for people who are frequently moving out and staying in, as well as people who aren't that well-off to buy their own properties. I don't see rent as an utter waste of money, cos at the end of the day you could still live in it and unless you're paying humongous fees for a leaky rundown apartment/flat, it's not much of a waste. Are there better ways for you to look for a house? Yes, living with your parents is a pretty common situation nowadays, and you can pay them rent for less than what you would normally pay other people for (I guess), but it's a worthy spend for me, I don't see it as a waste of money because at the end of the day, you still get something out of it. Not everything has to be an investment especially if you're already living as frugal as you can be.

[youdacapt]

Is renting an inevitable waste of money?

Renting is never a waste of money; it is a survival trait and an important factor of life for every individual in every aspect of the entire world. There are several purposes to renting.

• Home rents for a personal abode and roof to sleep every day
• Business purposes e.g studio, hall, mart etc and more

And both purposes are pivotal and unavoidable if you are a business owner or an individual because irrespective of class, you need a roof above your head. Meanwhile there is a scenario where renting becomes a waste of money; and this is when you rent a home above your means of livelihood.

For example, if you are renting, your job must be able to pay your rents comfortably every month without you struggling. If you struggle to pay rents; then you are wasting money and not renting.

[Theones]

Is renting an inevitable waste of money?

Renting is never a waste of money; it is a survival trait and an important factor of life for every individual in every aspect of the entire world. There are several purposes to renting.

• Home rents for a personal abode and roof to sleep every day
• Business purposes e.g studio, hall, mart etc and more

And both purposes are pivotal and unavoidable if you are a business owner or an individual because irrespective of class, you need a roof above your head. Meanwhile there is a scenario where renting becomes a waste of money; and this is when you rent a home above your means of livelihood.

For example, if you are renting, your job must be able to pay your rents comfortably every month without you struggling. If you struggle to pay rents; then you are wasting money and not renting.

When you don't decide timely that this will be a big drain on your saving. Then this will be surly waste of money
Once my finance teacher said - never purchase a house - live your life on the rental. But I didn't like his suggestion and I would like to have my own space be it small or big. But its a treat being a house owner.

[fadhilz123]

When you don't decide timely that this will be a big drain on your saving. Then this will be surly waste of money
Once my finance teacher said - never purchase a house - live your life on the rental. But I didn't like his suggestion and I would like to have my own space be it small or big. But its a treat being a house owner.

It seems that your finance guru isn't a very good teacher and maybe he just can't afford a house yet to give you and others such advice. In my opinion, this is very strange because how can humans live comfortably if every month or year they always have to pay off their house rent? Even though he himself knows that all humans in this world need a home for a comfortable place to live and shelter when they want to rest in peaceful conditions.

But I couldn't stop thinking when he advised other people not to buy a house but instead ordered other people to rent a house, it felt really strange. In fact I laughed when I read the suggestion you made, is he not smart enough to be a finance guru who starts to think illogically for that kind of thing. That is sometimes not all suggestions can be good to use and one of them is a suggestion like what your teacher said.

[Xcode7]

When you don't decide timely that this will be a big drain on your saving. Then this will be surly waste of money
Once my finance teacher said - never purchase a house - live your life on the rental. But I didn't like his suggestion and I would like to have my own space be it small or big. But its a treat being a house owner.

It seems that your finance guru isn't a very good teacher and maybe he just can't afford a house yet to give you and others such advice. In my opinion, this is very strange because how can humans live comfortably if every month or year they always have to pay off their house rent? Even though he himself knows that all humans in this world need a home for a comfortable place to live and shelter when they want to rest in peaceful conditions.

But I couldn't stop thinking when he advised other people not to buy a house but instead ordered other people to rent a house, it felt really strange. In fact I laughed when I read the suggestion you made, is he not smart enough to be a finance guru who starts to think illogically for that kind of thing. That is sometimes not all suggestions can be good to use and one of them is a suggestion like what your teacher said.

Home is the most valuable asset in life and everyone wants to be able to own it.
what you say is true, we don't know what will happen in the future with the health or finances we have and the house is the most important thing when we have nothing left.
the suggestion that it is better to rent a house than to buy is from those who do not have enough money to buy it, that is heresy. lol

there are some things that are better rented than bought, for the purpose of being economical, namely things or goods that are not always used / only needed at certain times.