Is renting an inevitable waste of money?

[jenny56]

It's understandable to have concerns about taking out a loan to purchase a property, especially if you're in a long-term relationship or uncertain about future job opportunities. Researching the housing market and consulting with a financial advisor can also be helpful in making an informed decision.

[1714854208]

1714854208

[naikturun]

I think if you don't want to do that because of the first doubt then don't do it, we will never know that everyone can change, but instead of borrowing to take a house, it's better for you to invest first.
after benefiting from your investment then you buy a house for yourself and also I think this is effective to avoid your first worry earlier.

[Gaza13]

Renting is the best solution for workers from villages to cities, because they don't have enough money to buy it, and in my country to have a standard house, which the government provides through private companies, must have standard criteria, such as their salary in a city company , for $450 and must also be a permanent employee of the company. In addition, renting is lighter and with less financial responsibility and maintenance costs, as this is usually the responsibility of the landlord.

[Theones]

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.

For me renting is waste of money - one should use the money in paying the down payment
have a small place of his own. I seriously believe in life having one's own independent place is so much comfort.

[Vaskiy]

It depends on the user and how he manages the finance. When it comes to business location I find it to be waste of money based on a real experience that happened days back with my friend. He started his pharmaceutical business three years back on a rented location. Slowly things were on the positive side and in the early days of moving to next level. By now the property owner have requested to move as the agreement needs to be renewed every 11 months. Based on the agreement now third renewal period got over and owner have given three months time. Within that my friend needs to find new location and once again start his business. This will surely be problem and affect the growth of businesses.

[Iroh]

Renting is the best solution for workers from villages to cities, because they don't have enough money to buy it, and in my country to have a standard house, which the government provides through private companies, must have standard criteria, such as their salary in a city company , for $450 and must also be a permanent employee of the company. In addition, renting is lighter and with less financial responsibility and maintenance costs, as this is usually the responsibility of the landlord.

Renting, in my opinion cannot be said to be the best solution for workers that live in the rural areas and come over to the city for work as some would find it more affordable and cheaper to commute from their homes in the rural areas to work in the city. A lot of people do this instead of going through the hassle of renting a place in the city that the rent alone would probably eat deep into your little income.

Also, I don’t think renting is as light on the tenant as you make it out to be. The landlord obviously has some obligations to keep the house convenient for living so does the tenant is responsible to keep the house as it was met. Also, the light, water bills are on you as the landlord would obviously not pay for the utilities of a tenant.
Renting isn’t the best solution as I think there is actually no best solution. People are just inclined to do whatever works for them.

[Henrobakkara]

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.

Sometimes you might want to stay in that not-so-ideal home until you have been able to build up your finance to fund your own house. I know of a person that worked at a Bank and had a good paycheck but was staying in a one-room apartment and some of us thought he was not willing to spend money for himself but we later realize he was just staying there because he was building his own House which he currently stays, in fact, two of my friends actually lived this scenario.

[Docnaster]

Renting can be an inevitable waste of money to some to some persons and a prudent expenditure to some persons. For example someone who's trying to improve his life and relocate from rural settlement to urban city might not have the financial strength to outrightly buy a house and because shelter is a basic necessity for him, renting an apartment will be a wise decision. While there are people who has been living in the city for a long time and where able to generate good amount of money and are still engaged in businesses or formal jobs that are fetching them good amount of money and with there financial strength can either buy or build a house when planned well but has continued to to pay rents every year. The later set of people are wasting money that isn't inevitable to waste

[ringgo96]

If we rent a place to live, of course, it has become a basic need that we must fulfill, although renting is indeed a waste that we must go through, but besides we rent we must have a target to make a savings to be able to buy our own house, because renting a place to live for a long time is certainly not what we want, then we must be able to live reasonably in the place we have rented because not all places we rent can be comfortable for sure There are many shortcomings, and all need a process to be able to have their own place.

[Dickiy]

If we rent a place to live, of course, it has become a basic need that we must fulfill, although renting is indeed a waste that we must go through, but besides we rent we must have a target to make a savings to be able to buy our own house, because renting a place to live for a long time is certainly not what we want, then we must be able to live reasonably in the place we have rented because not all places we rent can be comfortable for sure There are many shortcomings, and all need a process to be able to have their own place.

I think indeed when we don't set a target for how long we rent and how much to save for the next step it is a waste, and the rental must also be adjusted according to ability, the rental price may have to be 10-20% of one month's work income, if we have careful financial planning and if we don't limit the price of renting a house so that and use a house that consumes a lot of money I don't think it's natural and in my opinion it's an inevitable waste of renting a house, renting a house should not fulfill the plan standard style needs but in accordance with the price limits that are made, so that you have enough money to save and can buy a house faster.

[STT]

The surprising answer can be no as rent or lease can be cheaper then fully deploying cash.  I've been looking at this question recently on a car lease vs hire question and because of depreciation it can make sense not to commit to an asset which has depreciation in it.  Houses have some positive bias but also costs and at times depreciation over many years due to over priced markets.
  Its impossible to say either route is incorrect, it will depend on pricing but also the performance of your cash elsewhere during this time.  Many businesses will never own the property they use.

[Twentyonepaylots]

Renting is the best solution for workers from villages to cities, because they don't have enough money to buy it, and in my country to have a standard house, which the government provides through private companies, must have standard criteria, such as their salary in a city company , for $450 and must also be a permanent employee of the company. In addition, renting is lighter and with less financial responsibility and maintenance costs, as this is usually the responsibility of the landlord.

This is true since, for instance in our country, renting is the first choice for a common family since it is really costly to buy a lot and or house or property. This is paired with low minimum wages that results to incapability of most people to invest in housing. So, they really have no choice but to rent. But personally, I think renting is somehow waste of money since you are paying your stay only not the property that eventually goes into your name. So, it really depends on your mindset to whether see it as a good or bad thing.

[soramon]

I agree renting is an inevitable waste of money but for living we need it especially you dont have any property. Maybe you can live with your parents, while you working save some money and buy small house. I dont know how much cost of house in your country but mine is about $16k for small house.

[Fakhrulenclix]

I think it depends on how urgent the need is, if we go to a new area and we need quite a long time to live there, for example we move to a new workplace, of course this is a very appropriate solution for us to rent a house instead of having to buy a new house.
but if the case is different, for example we rent a car or something that we don't really need, of course this is not very good for our finances, this is where it is a waste.

[Mario Yamasaki]

Most people borrow money just for fun and lifestyle trends like buying new gadgets, new cars and so on, I have a friend who always keeps abreast of the latest gadgets, because he doesn't have enough money, he borrows in online applications, by having the latest mobile phone it seems make him feel happy.

[Pamadar]

I think it depends on how urgent the need is, if we go to a new area and we need quite a long time to live there, for example we move to a new workplace, of course this is a very appropriate solution for us to rent a house instead of having to buy a new house.
but if the case is different, for example we rent a car or something that we don't really need, of course this is not very good for our finances, this is where it is a waste.

Exactly, depends from the situation and how will you maximize your finances, if it's really needed to rent as for what you mentioned then it will not fall to a waste or a practical approach for the situation.

But if we can buy or loan a house that we decided to permanently use then it's better to take that road
instead of renting which will never be yours.

[Huppercase]

I think if you don't want to do that because of the first doubt then don't do it, we will never know that everyone can change, but instead of borrowing to take a house, it's better for you to invest first.
after benefiting from your investment then you buy a house for yourself and also I think this is effective to avoid your first worry earlier.

Do you know that there are people that borrrow money to buy house and still make big profits from the housing? This is noy like the business for an average person, there are some companies that borrow money to their capital to buy or build house and resell it because in urban areas, it is not everyone that like building a house from scratch since some of them don't have time for inspection, this is the job of this company, they buy or build and sell for another person and the profit they make are good enough as investment, I think investment depends on how you view it.

[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.

If you find the right mix, renting can be a very valuable aid and work out quite well. When you're young it gives you a huge amount of flexibility, which can be very useful as you figure out where your career is going and whether you need to be in a certain location to maximize your salary potential. If you're jumping around every 2-3 years making your way up the ladder, being tied to a geographical location while you pay it off could actually reduce your lifetime earning potential. You can also use that flexibility to increase the gap between your bills and the eventual deposit that you might accrue towards a house purchase in the long run, if you commute into New York from the suburbs and earn a mega salary - it opens up huge possibilities for relocation in future.

[Newlifebtc]

Aspect house rent is something that a grown-up adult how to cut shoulder d o w n so that it can be able to have it own structure in the future,  because I have seen that why people do any other projects is because of when they are living in a apartment that is not cordial or apartment that' will make them not to have saves for rising their own structure

[Uruhara]

If we rent a place to live, of course, it has become a basic need that we must fulfill, although renting is indeed a waste that we must go through, but besides we rent we must have a target to make a savings to be able to buy our own house, because renting a place to live for a long time is certainly not what we want, then we must be able to live reasonably in the place we have rented because not all places we rent can be comfortable for sure There are many shortcomings, and all need a process to be able to have their own place.

well of course if we are in a financial condition that can only afford to rent a place to live then it will indeed be a waste that we cannot avoid. but we can minimize this waste by looking for a house that can be rented at a lower price. can be done by renting a place to live a little far from the city. because the cost of rent in urban areas is much higher than in suburban areas. but at least we also have to adjust it to the distance that doesn't make it difficult for us to get to work. but if the person works at home like a freelancer. then I think wherever is fine.

Further savings steps can be taken in managing the cost of everyday life to be more effective. such as avoiding unnecessary expenses. so that we can still save and invest to buy a house in the future. because renting a place to live for too long will only make us trapped in a financial condition that is not progressing. so if we are forced to rent, then we have to be more economical in our daily lives so that we can save and invest to buy a house someday.