Rent or buy real estate - let's have a debate

[Japinat]

If your work is on a field and you need to go in many places then of course renting is the best. But I am sure that even if you've got that lifestyle, one day you'll be tired and you're dreaming to have your own real estate so that you won't pay anymore with rent.

And with having no property with being approved by the bank, I am sure that someone who's still young and can afford it will do that. No doubts of taking that potential approval and will buy property.

Regardless of your work location, it’s always our dream to have a property that we can call it our own. Especially for long time renters, the fact that there money only end up as nothing at the end of the year so buying a property is everyone’s dream. However, I don’t think loaning from a bank is a bad idea, I believe if you are capable to pay for that, then go and take a loan while you still have a job to that will help you pay your loaned money.

Nothing can be compared if you are the one who owns the place instead of renting it out, and as long as you have that option to buy it out using a loan then go for it because I know that buying a real estate is a dream of every people everywhere here in God's green Earth but not everyone can actually do it nor can afford their own place. It might cost you a much higher bill in the next three to five years but in the long run, it will be all worth it compared to just renting it out and in the end, you cannot even call it yours.

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[Eh Moo Nah]

from 0 to 100%

1. Rent - I'll say 30 % for me is okay within age 25 - 40, this is what normal people do.

2 . buy a real estate for me it's 70% YES from   Age 41 up until you die ~ you will want Peace at this age and no More Drama.

Wherever you may go or stay you will always look for a place that you will feel "HOME".

[Distinctin]

It entirely depends on future plans, financial situations, and personal preferences.

Some consider property as a highly potential investment model, but it should align with our financial conditions. In my opinion, if someone's monthly income is sufficient to meet daily needs and also pay for mortgage installments, I would prefer to gradually own the property in the future. However, this requires having a financially capable condition.

Again, it ultimately depends on each individual's personal preferences. However, when I hear that mortgage payments are not significantly different from rental prices, I would choose to purchase the property through installment payments. This is assuming that the monthly down payment does not overly strain my finances each month.

Well, that is right on point. However, I believe buying a property should be the end goal after all of these conditions. Since you can’t imagine yourself renting the whole time especially when you are close to retirement. That is if you can make extra efforts to finally buy the property even from loaning a bank, I think it’s still reasonable enough. I believe by managing your finances well, even if it means you will experience tight budget upon acquiring the property, that is just for now and one day, all your efforts and sacrifices will pay off when you have finally owned that property.

[Hispo]

Renting is better if one is living through one's 20s and 30's and trying to save money so one can acquire a permanent place to build one's home and probably start a family. It also depends much on the specific market and country one has been born, for example, here in Venezuela the offer of homes is relatively lower in comparison to the demand, leading to a decrease in the price of houses. Also adding to the fact we do not have credit, so all properties are mostly paid with cash.

Here an apartment can cost around 8K$, and a house between 10K-30K depending on what you look for, of course those prices are impossible to find in developed countries where the demand continues to rise and rise.

[bitzizzix]

For now, I'm still contracting with my small family as long as my savings aren't enough to buy a house, and I also don't want to buy a house using a mortgage.
because if I compare, the amount of money we pay is 2 times the original price. And of course, everyone agrees that buying a house using a mortgage is a loss and also benefits the bank that provides the loan. Therefore my best choice in buying a house is to buy cash or cash, and those who do it using a mortgage may not have a choice or be supported by their income in the long term.

So I better rent and save first until I actually have enough money to buy a house anywhere at the price I have. And you don't need to be luxurious, the important thing is to be comfortable and also there are no other burdens, especially debt repayments.

[Pejoh Asu]

If at this time we are still renting a house then we must have a target to own a house in the next 1 or 2 years, it doesn't matter if we have to have a house loan,  if we continue to rent, it is certain that property prices will continue to rise and it will be increasingly difficult to own a house, to be able to achieve this goal, of course, we must be able to save money or increase our source of income.

[Republikcoin.com]

If at this time we are still renting a house then we must have a target to own a house in the next 1 or 2 years, it doesn't matter if we have to have a house loan,  if we continue to rent, it is certain that property prices will continue to rise and it will be increasingly difficult to own a house, to be able to achieve this goal, of course, we must be able to save money or increase our source of income.

It turns out that you already know the solution, which is to save money and continue to increase your income. Because without doing these two things, of course it will be difficult to have your own house even though it has been made a mission to achieve it, especially if someone is still renting in someone else's house, it is certain that every month he has to save a little money for further rent.

So there will be no savings for him to build a house in the future if he doesn't have extra income in his life. This will obviously make someone have to keep working hard tirelessly to realize their own expectations by continuing to apply savings accompanied by having additional income.

[gunhell16]

Everyone dreams of having their own house and land, but most of them do not achieve it, but the majority of them just rent a house that is not theirs. And the reason for most of them is that their salary is not enough in this regard.

So what others said here is correct that it depends on the financial status that you have. Especially in these times, it is necessary that you have enough money to have your own land and house.

[Mpamaegbu]

~snipped~

...and to some religionists, this is also applicable.

I can understand your drift here because we're from the same continent and country. In the advanced world, people don't bring spiritualism and religion into a business space. It's because we're very sentimental and emotional around religion in Africa that we think it matters in business. No, it doesn't. In fact, I made it a principle not to invest in any project that has anything religion written in its blueprint. It often ends as a scam.

I will try and answer the rest of the valid but lengthy questions you asked in the subsequent paragraphs in this comment and to that effect I posit that nothing can be taken as a certitude in this life. Life is subject to change and that's why change is the only constant thing in life. Ask those who became rich and famous now if they knew they would become this way today and the honest ones will tell you they never thought so. It's the same way when you interrogate the once wealthy folks who are in bad shape today if they ever thought they would wreck. However, I do know that before companies give out loans to their staff there are stuff put in place to protect the companies in the case of the inevitable. Again, demotion of staff doesn't easily happen except it's in companies run without rules.

[livingfree]

from 0 to 100%

1. Rent - I'll say 30 % for me is okay within age 25 - 40, this is what normal people do.

2 . buy a real estate for me it's 70% YES from   Age 41 up until you die ~ you will want Peace at this age and no More Drama.

Wherever you may go or stay you will always look for a place that you will feel "HOME".

The latter part is true.

Whenever you are and whatever you life are living, you'll still have that one special place in your heart and that's what you wanna call home. Regardless of how good you are as an investor or a realtor, still, you'll have that place where you just want to stay and have a good day.

And for the young ones, if they're capable of having a home, do not hesitate and evaluate yourselves and get a home while you're still young.

[jaberwock]

The dream of owning a home holds greater significance for someone who desires to have a family and raise children. However, for an individual living alone without a family, their dream may not be as grand. They find contentment in simply renting a house or dwelling that meets their needs. Essentially, as long as they are living alone, working, eating, and maintaining their living space, renting remains the simplest option. Considering the demands of the working world, it would be impractical for them to handle gardening, fixing a leaking roof, or repairing aging walls.

Their perspective changes when they find their life partner. This signifies the beginning of having a family that requires a permanent place to live, just like a typical home. The wife can reside in the house and take care of it, while the husband can work to support their family.

Dream? I do not see that as a dream, owning your own house is great and all but it is a huge amount of money tied every single month, if you give me enough money to buy a house, I could literally just end up getting the same money and use it for income purposes, which would cover my rent and everything else.

Even the simples "buy a bigger house, rent it out, and live in a smaller house on rent" would be better than that if you really want to, instead of own your own house. I say this as someone who do own a house, so I did it already and I can say that it was a bad move. The amount of money this house worths now compared to when I bought it is insane, my house worths more money than I would make in 20 years, imagine how much waste that is.

[dothebeats]

If you have a lot of money lying idly on banks, buying out real estate might be the best deal for you and then renting it out. If not, then you might as well just rent for places and just invest on other assets. There are a lot of things to consider when buying a house. You do not only need to meet the mortgage entailing with buying one, you also have to take into consideration renovation, upkeep, and upgrade fees. Buying a house takes a lot of money, and even if you are someone that has the $$$, you'll still have a hard time maintaining it and it's basically just an asset that deteriorates over time, though if the land that your house is sitting is also named under you, and is strategically located, you might as well just buy one. But how many such houses and lots are still available to be had in a reasonable price today anyway?

[BIT-BENDER]

For clarity sake you said what's the best option buying the property and rent when you actually have the funds for both, this is really a good question.

Well this is not a straight forward question because there are alot of other things you would have to consider like sites of the property, your preference, your family choice and generally what suits you.

Personally I have always love to own my own house but I would not want it in the form of loan or paying mortgage I would love to have my property bought in full, if it has to be about taking loan for mortgage I would rather prefer to rent, I know people who tried to pay for their mortgage all through their lives.

[usekevin]

Real estate is the best one with mail knowledge.It’s essential one to have trade to Real estate.It’s essential to have some quality partners in the deal.By buying car use bank loan,you will become free from the rent.When the rent money reduced from your expenses,you can save another money and can involve in the crypto business.Cryptocurrency surely with get huge potential to give huge profits.

[_BlackStar]

Renting or buying only depends on the financial situation we have. If I felt I could afford the property even though I was only young - then I would buy it instead of renting it. In the meantime, I may need to consider leasing the property for a few years if I can't afford it in full already - but only for a term of maybe less than 10 years while saving.

It may take extra consideration to buy it in installments - it also depends on your income. I'm not going to burden myself with buying something in installments - it's too stressful. My principle is only one - if I can't afford it in cash then I have to save until I can afford it.

[Mahanton]

I have been debating about it with couple of my colleagues whether stay on rent or buy a property.

Let's assume, you are well capable enough to buy a new property through bank loan. Your income supports the mortgage payment so banks are willing to lend you money.

What will be the best route to take? Buy the property or stay in a rented place?

The usual appreciation rate of your property value is around 10% owing to the development work that are ongoing. For rented property, your rent increases by 15% every year.

What's the better option for you and why?

Real estate is the best one with mail knowledge.It’s essential one to have trade to Real estate.It’s essential to have some quality partners in the deal.By buying car use bank loan,you will become free from the rent.When the rent money reduced from your expenses,you can save another money and can involve in the crypto business.

Real estate is a good business or something that correlates into it on which i could say that it could really bring out specially on having that passive profits.Just like mine on which i did really make out some bank loan
on buying a specific condominium unit on which i would really be able to make it for rent.On the time that i did get a client and making or getting some monthly rent for minimum 1 year contract
but renewable.I do able to pay up its monthly mortgage plus profits on which i could say that it is really that generating income.Although it wont really be an assurance considering that
not all the time that you would really be having a client and thats the risks on having this kind of business. This is why you should really be wise on finding other source on which
you could really be able to pay up those mortgage on the time that you arent really that getting or making something, so that it wouldn't really be that unit wont really be surrendered.
Do your best on finishing up a loan and acquiring units because time will come which value would really be appreciate.

[serveria.com]

I have been debating about it with couple of my colleagues whether stay on rent or buy a property.

Let's assume, you are well capable enough to buy a new property through bank loan. Your income supports the mortgage payment so banks are willing to lend you money.

What will be the best route to take? Buy the property or stay in a rented place?

The usual appreciation rate of your property value is around 10% owing to the development work that are ongoing. For rented property, your rent increases by 15% every year.

What's the better option for you and why?

Defo buying is much better. In both cases you're paying money but if you're renting it's money gone and you won't get the property as a result. If you choose to buy, you end up owning the property and the price has most likely gone up too.

[Botnake]

Buying a real estate is highly advisable than renting instead, that is if your finances is already capable to acquire a new property. Even if you spend big today, at least you will also gain high returns on it if you make it a business site. However, if buying at the moment will only make you struggle in your finances, then just leave it as your future plan. What is more important at the moment is your own survival rather than acquiring new property.

[alastantiger]

I have been debating about it with couple of my colleagues whether stay on rent or buy a property.

Let's assume, you are well capable enough to buy a new property through bank loan. Your income supports the mortgage payment so banks are willing to lend you money.

What will be the best route to take? Buy the property or stay in a rented place?

The usual appreciation rate of your property value is around 10% owing to the development work that are ongoing. For rented property, your rent increases by 15% every year.

What's the better option for you and why?

If I have the opportunity to buy a property through a bank loan I would buy it and then rent it out. This way I am sure that I will be able to pay back the bank loan. My reason for this is that if I buy the property and live in it what if I lose my job tomorrow I would not be able to pay the bank loan. Buying the property and putting it out for rent is the best strategy true repay the bank loan while having some extra cash left and savings from my income as well.

[wheelz1200]

I have been debating about it with couple of my colleagues whether stay on rent or buy a property.

Let's assume, you are well capable enough to buy a new property through bank loan. Your income supports the mortgage payment so banks are willing to lend you money.

What will be the best route to take? Buy the property or stay in a rented place?

The usual appreciation rate of your property value is around 10% owing to the development work that are ongoing. For rented property, your rent increases by 15% every year.

What's the better option for you and why?

It really depends on your situation.  If ypu are still transitioning and don't know where you eventually want to settle down I would rent.  The downside of renting is that you can't control your overhead costs like rent $.  The downside to owning in the short term is that the market could drop and if you wanted to move would be upside down on your investment.  If thinking longterm stay I'd always go for buying vs renting.