Buying Vs Renting a Home- Which is the right move?

[Queentoshi]

And actually, in this case, there are some people in an area who prefer to rent rather than buy. for various reasons, whether for work reasons or even because they want to avoid property taxes. But I'm sure for those who already have a family such as a wife and several children, they will tend to buy it as their main choice. But for business people who don't have a family, I think renting will be a much more viable option.

As a smart person it would be wise to face half a building or a property that you own before you decide to rent. You can make the smart move of owning properties in places and locations where there are no property tax laws, and then rent in places where there are to avoid the laws.
Owning a property is an investment because whenever you decide to sell off the property you would still make a lot of gain because of the increase in the value of the land.

[red4slash]

Actually in this case I agree with some people that in the end before deciding to choose the best between renting and buying, we need to look at the location that is indeed our current residence.
For some big cities in big countries maybe buying a house is difficult because the cost is indeed very difficult to reach so renting is a good option but in some other countries especially for countries that are underdeveloped or still in development then it will not be too applicable even though in the end rent will still be much cheaper but on the other hand for developing areas at least when we buy then we will get a situation where the house and the place we have becomes an investment as well just in case.

I now live in Indonesia but in an area that is still considered remote and underdeveloped and when choosing whether to rent or buy then I will serve to buy for the first option unless it is still difficult for us to buy then rent can be done while collecting money to buy because indeed as I said earlier this can be a good investment material especially for places and buildings that we buy in my country over time will be increasingly valuable and that I can feel from a few years ago until now the price is always increasing.

[jrrsparkles]

And actually, in this case, there are some people in an area who prefer to rent rather than buy. for various reasons, whether for work reasons or even because they want to avoid property taxes. But I'm sure for those who already have a family such as a wife and several children, they will tend to buy it as their main choice. But for business people who don't have a family, I think renting will be a much more viable option.

As a smart person it would be wise to face half a building or a property that you own before you decide to rent. You can make the smart move of owning properties in places and locations where there are no property tax laws, and then rent in places where there are to avoid the laws.
Owning a property is an investment because whenever you decide to sell off the property you would still make a lot of gain because of the increase in the value of the land.

If someone is capable of owning houses in multiple places then I don't even think they will consider that paying property tax as a burden for them cause they are rich and they know how to cover those taxes with their business. Property taxes works different to countries as well but that's not really the point cause here OP is considering owning house for living which mean its liability not an asset in the means of technical knowledge I got in this field.

[AmoreJaz]

Actually in this case I agree with some people that in the end before deciding to choose the best between renting and buying, we need to look at the location that is indeed our current residence.
For some big cities in big countries maybe buying a house is difficult because the cost is indeed very difficult to reach so renting is a good option but in some other countries especially for countries that are underdeveloped or still in development then it will not be too applicable even though in the end rent will still be much cheaper but on the other hand for developing areas at least when we buy then we will get a situation where the house and the place we have becomes an investment as well just in case.

I now live in Indonesia but in an area that is still considered remote and underdeveloped and when choosing whether to rent or buy then I will serve to buy for the first option unless it is still difficult for us to buy then rent can be done while collecting money to buy because indeed as I said earlier this can be a good investment material especially for places and buildings that we buy in my country over time will be increasingly valuable and that I can feel from a few years ago until now the price is always increasing.

Location is indeed a major factor in considering this kind of decision. If you are staying in a highly urbanized areas, for sure, the prices are high. And that means, you will only rent on that place and not buy a property. But if you are seemingly in a remote area, high likely that that real estate properties are quite affordable. And you can justify buying one because it is not too hard from your pocket and besides, as you mentioned, the value of the property will further increase.

[shield132]

This topic has come up quite a few times over the years on this board.  A lot of the discussion around it has mostly been others opinions.  I found this neat little graph online (instagram) from the New York Times that compares the two.  Now keep in mind one's location will certainly have an effect on which one might make more sense, even in what part of you own country you're in.

I have a few friends in America and they all told me that when you own a house, you still have to pay a monthly fee for it, so they prefer renting a house unless you are a millionaire. I also have some friends in Europe and they told me the same, it isn't worth buying a house if you are not a millionaire. If we keep in mind that when you buy a house, the house still needs maintenance and repairs often and you have to pay for it out of your pocket, then we can say that renting is a good option. It gives you flexibility which is a big bonus. If you need to move to another city or country, you can easily just rent a new house and don't have to worry about anything. The problem with the rent is that more than half of the time you work only to pay rent and when you own a house, you don't have that burden on your shoulders, owning a house gives you a calm mind.

[Kelward]

Logically I'll wonder how I can afford to build or buy a house, instead I'll go ahead to rent, it doesn't make financial sense to me, unless I'm in an area where I'll be staying for a short period of time, even at that, I can still move and sale the house or put it on rent. Real estate is one of the best investments that anybody can go into, it's physical asset that appreciates as time goes on, so if you have the money to buy or build, it doesn't matter whether you're going to live in it or not, just have the property and someone else will rent it and pay you money.

[milewilda]

This topic has come up quite a few times over the years on this board.  A lot of the discussion around it has mostly been others opinions.  I found this neat little graph online (instagram) from the New York Times that compares the two.  Now keep in mind one's location will certainly have an effect on which one might make more sense, even in what part of you own country you're in.

I have a few friends in America and they all told me that when you own a house, you still have to pay a monthly fee for it, so they prefer renting a house unless you are a millionaire. I also have some friends in Europe and they told me the same, it isn't worth buying a house if you are not a millionaire. If we keep in mind that when you buy a house, the house still needs maintenance and repairs often and you have to pay for it out of your pocket, then we can say that renting is a good option. It gives you flexibility which is a big bonus. If you need to move to another city or country, you can easily just rent a new house and don't have to worry about anything. The problem with the rent is that more than half of the time you work only to pay rent and when you own a house, you don't have that burden on your shoulders, owning a house gives you a calm mind.

Usually it is really that pertaining about real propery tax on which this is something that needs to be paid annually which do really sucks but if we do tend to see the amount then it isnt really that much.
This is why i dont really believe much about it to be an excuse for you to avoid on getting a house due to this very reason on which we know that this isnt something that could break your bank or would really be
that a huge amount for you to avoid on getting one. When it comes to amount or comparing and being that practical then we can say that having that renting will really be saving you up for long term in compared when building your own house on which we know that it wont come cheap. I dont know on whats the mindset of some people on why they do make out such consideration on making up such decision
but well we do have our own decisions in life on which we do seem that it would really be giving out that advantage to us on which its a common approach or decision that we do need up.

[Peanutswar]

Actually this concept will be depends the term of goals. If you have a money now and would like to buy a house you can easily do it but of course, there's a lot of things need to be considered like the title, ownership transfer, other fees and etc. next is the house is ready to use now or you want to build on your own design and criteria but if you don't know yet you can rent at least so you have a shelter can be used while wondering about your house at low cost of course, people sometimes do the same thing they bought a land, rent for a while and get worked hard until their house finished. Of course most of us would like to have at least called their owned house.

[348Judah]

Between buying or renting a house, i will rather prefer going for building one, when we put in the cost for buying a house, we will see the difference in building one for ourself that its more profitable for us to build than when we buy, also considering renting a house, i see it a bad idea but many couldn't afford building one, therefore they have to rent where they can leave in and survive through, until they have the capacity of building their own.

[Solosanz]

There's no reason to buy house, even you're already married and have a kids.

The housing price is ridiculously high recently, it's not worth it anymore. Even you have $500K which mean you can afford to buy house, but after you own it, now you will start from beginning to build your wealth.

But if you choose to rent, you can use the $500K to invest in Bitcoin, you only need to earn 10% which is $50K, you can use the $24K to pay your rent cost and re-invest the $26K. Actually your $26K isn't a profit, but it's only to hedge against inflation.

[TheUltraElite]

This might be true in some places but not everywhere. To be able to keep that "home" word in your mind at ease, you need your own house and not a rented one. Someone might want to RV their life out there in the USA but in developing countries this is out of the question, you will get robbed in the middle of the night on the streets.

Figures might show a lot of things but reality comes out to be much different. Consider being in a rented apartment when the pandemic had hit, your tenants could easily have kicked you out.

Dont forget that your house is also the one your kids are going to inherit as property. They might need it in future to live or sell.

[qwertyup23]

This topic has come up quite a few times over the years on this board.  A lot of the discussion around it has mostly been others opinions.  I found this neat little graph online (instagram) from the New York Times that compares the two.  Now keep in mind one's location will certainly have an effect on which one might make more sense, even in what part of you own country you're in.

I am a firm believer that you lose money when you rent a house especially if you consider it long-term.

The problem with renting is if you plan to stay in that house long-term, then it will definitely hurt your financials the more you stay there. If you plan to stay at a place for more than 8+ years, then it is better to really purchase the home instead of renting it.

In the Philippines, the average rent of condominium units is around $270-$350 per month on a studio unit. If you purchase a unit, it will probably cost you around $60,000 - $70,000 depending on the condo and its location. That is the reason on why your plan is essential in making a decision whether you want to rent or not.

You plan to stay temporarily in such area? Better rent;
You plan to stay at least permanently on that location or at least for a long time? Better purchase the lot/unit.

[kryptqnick]

It's great that there's a calculator, but it's clearly just for the US market, right? I think the answer to buying vs renting depends strongly on where you live, whether you have access to a reasonable mortgage, and whether you can buy accommodation where you actually want to live/have work/have relatives or friends nearby.
My country has some of the highest mortgage interest rates in the world, and mortgages are generally uncommon, very restrictive, not very accessible. So when people buy, they usually save up enough to pay the whole sum, but that's only possible after working for, I don't know, 10+ years at a very high-paying job and ideally also having a partner in a similar situation with whom you're saving up together.
The rent, on the other hand, is very cheap in my country, and it's easy to find a place to rent (I mention it because I know it can be a huge challenge in some countries because they have a housing crisis). So an obvious and often the only real option is to rent, and then if you're planning to buy, you usually need to save up while renting.
But all that only applies to my country.

[GideonGono]

it really matters when you plan of how long you are going to stay in a certain place. if you have a kid and you give importance to his childhood friends and that he could have a life long friends, i guess buying would be better for he can have a place to call a home town.

if you are just in the place where you are called because you have a job. i think its best to just let your kids visit from time to time and just rent a place when you know you won't be staying for a long time.

Yes, I agree we should consider how long do we plan to stay there, if it is the place where we want our kids or family to grow, then it is better to buy instead of renting out, at least it would be under your name, and you could renovate or redecorate it however you want.
Buying a house would also secure our place when we want to retire or start our own business.

[Distinctin]

And actually, in this case, there are some people in an area who prefer to rent rather than buy. for various reasons, whether for work reasons or even because they want to avoid property taxes. But I'm sure for those who already have a family such as a wife and several children, they will tend to buy it as their main choice. But for business people who don't have a family, I think renting will be a much more viable option.

As a smart person it would be wise to face half a building or a property that you own before you decide to rent. You can make the smart move of owning properties in places and locations where there are no property tax laws, and then rent in places where there are to avoid the laws.
Owning a property is an investment because whenever you decide to sell off the property you would still make a lot of gain because of the increase in the value of the land.

If you aim to be profitable in the future, you should work on buying and owning a property even if it means paying responsibly your property tax. I guess buying a property comes with paying its tax accordingly. But you can always make a good returns out of your property if you decide to sell it in the future for a more expensive price. However, if you are not thinking on having good properties to provide an income years after, then it’s okay to stay renting. Renting is good as well and it can make you big savings after all.

[Stable090]

it really matters when you plan of how long you are going to stay in a certain place.

If you are staying at the place for a long time or for a few years, then it’s just better that you easily buy a house instead of renting. When you are relocating from the place, you can easily sell the house, and I am sure you will be making your money back. It’s going to save you the amount that you will be spending on rent. If you can acquire a house without having any effect on you, then it’s better you do that, but if you don’t have the financial capacity, then it’s just better you rent an apartment, you don’t have to pressurize yourself.

[Yogee]

The first thing you have to pay attention to is whether you have enough money to buy a house. If not, you can rent a house until you have enough money. Don't force yourself to borrow money from the bank even though you are sure you can pay the debt every month.

I don't understand why you shouldn't buy with the help of a housing loan when you are already capable of paying it monthly. It's already a good opportunity assuming location and all other conditions are favorable to you. You have to deal with the interests and other financing costs but wouldn't that still be better than paying for something that you'll never own in the end?

[red4slash]

Actually in this case I agree with some people that in the end before deciding to choose the best between renting and buying, we need to look at the location that is indeed our current residence.
For some big cities in big countries maybe buying a house is difficult because the cost is indeed very difficult to reach so renting is a good option but in some other countries especially for countries that are underdeveloped or still in development then it will not be too applicable even though in the end rent will still be much cheaper but on the other hand for developing areas at least when we buy then we will get a situation where the house and the place we have becomes an investment as well just in case.

I now live in Indonesia but in an area that is still considered remote and underdeveloped and when choosing whether to rent or buy then I will serve to buy for the first option unless it is still difficult for us to buy then rent can be done while collecting money to buy because indeed as I said earlier this can be a good investment material especially for places and buildings that we buy in my country over time will be increasingly valuable and that I can feel from a few years ago until now the price is always increasing.

Location is indeed a major factor in considering this kind of decision. If you are staying in a highly urbanized areas, for sure, the prices are high. And that means, you will only rent on that place and not buy a property. But if you are seemingly in a remote area, high likely that that real estate properties are quite affordable. And you can justify buying one because it is not too hard from your pocket and besides, as you mentioned, the value of the property will further increase.

Thats the point because in the end, one thing that definitely happens is because when a location becomes important in a price so most likely everywhere not only in one country when we live in the city, everything will be more expensive because there are several reasons to support why this happens such as easy accommodation that makes a plus that makes the value in the city higher in the end .

So in this case when talking about houses, especially with facilities that can be considered comfortable, it will certainly be very natural when we have to be smart in seeing the situation considering that buying and renting definitely have their own advantages and advantages so that all perspectives must be considered and I think that in the end it becomes one of the considerations whether we should buy or rent a house in the end .

[uchegod-21]

If you have the money buy the house and stop renting. Remember even though you are renting a house you have to do some maintenance work in the house to you taste and not everything you will like to involve your landlord to come and do it for you buy a house, you can design your house the way you want. There are some kind of things you won't do in the rented place but you can do it in your own house.

It is not even advisable for a grown up person to rent a house when he has the money. There is nothing like personal home.

It's all depends on your location, the country you are coming from and the kind of work you do. Things are very different from country to country, what is obtainable in your country could be something totally different in another country. Some people are not sure that they are residing in one state or country or location for more than 2 years. They keep traveling and moving from one state to another till the retire, that kind of person is not supposed to build a house until they are retired. Some people do not bother to leave properties for their children if they die because the government has a way to take care of everyone. In your country people live properties for their children and it appears that it is something that is compulsory and that is why you will advise everyone that has money to build even if and the long run they are losing because it will be an access to their children unborn. In conclusion I think this decision just fit well in the country you are and the amount they pay for rent and the amount that could be used to build a house.

[Fatunad]

If you have the money buy the house and stop renting. Remember even though you are renting a house you have to do some maintenance work in the house to you taste and not everything you will like to involve your landlord to come and do it for you buy a house, you can design your house the way you want. There are some kind of things you won't do in the rented place but you can do it in your own house.

It is not even advisable for a grown up person to rent a house when he has the money. There is nothing like personal home.

It's all depends on your location, the country you are coming from and the kind of work you do. Things are very different from country to country, what is obtainable in your country could be something totally different in another country. Some people are not sure that they are residing in one state or country or location for more than 2 years. They keep traveling and moving from one state to another till the retire, that kind of person is not supposed to build a house until they are retired. Some people do not bother to leave properties for their children if they die because the government has a way to take care of everyone. In your country people live properties for their children and it appears that it is something that is compulsory and that is why you will advise everyone that has money to build even if and the long run they are losing because it will be an access to their children unborn. In conclusion I think this decision just fit well in the country you are and the amount they pay for rent and the amount that could be used to build a house.

Renting has also made out some possible considerations specially if its in connection to work on which if you do find out that the location of your work is too far from your own home then you would really be considering on having that renting out instead on creating one on which i could say that this would really be something relevant. There are really such conditions or situations or moments in life on which you would really be needing out to adjust because of these circumstances. If we do speak into other angle on which generally in torn to choose in between renting or owning a house then it would always falls down into someones interest if we do speak into this in regard. Renting could save up money practically in compared on having your own house to be built but we know that once those rentals having some issues or whatsoever then you would really be having the hassle to vacate into other places on which you would really be needing to adjust again in other places which it is really something that i dont like. Whereas, if you do have your own home then no one has
the rights on what you should gonna tell and also i do agree on some points that it is really that more convenient and cozy that you are sleeping on the house on which you do own.