Rent over buying of house?

[peter0425]

Is owning a house now a liability? If so, how do you shift your mentality of dreaming of owning a house to just renting? There’s pros and cons each to renting and owning a house. But I have heard that younger people nowadays prefer renting over actually buying a house. Because of mobility being the priority. Plus, a house is only profitable once you sell it. But otherwise it’s stagnant.

This is only a perspective from my country. Is it the same for others? Is permanence now a bad thing?

[sergiorus]

Is owning a house now a liability? If so, how do you shift your mentality of dreaming of owning a house to just renting? There’s pros and cons each to renting and owning a house. But I have heard that younger people nowadays prefer renting over actually buying a house. Because of mobility being the priority. Plus, a house is only profitable once you sell it. But otherwise it’s stagnant.

This is only a perspective from my country. Is it the same for others? Is permanence now a bad thing?

Your first house is your security.
Your 2nd, 3rd and so on - are investments. That's it.

Younger people don't "choose to rent", they just can't afford anything else.

"Choosing" to rent when you actually CAN afford a house because you think the market is overpriced is basically shorting it while your rent payments are like funding to keep your short position open and that involves typical risks.

[Egii Nna]

To me, I will say it’s depend on your nature of job. If you are the type that change location frequently, then renting will be better for you, as you will have more flexibility in movement than when you buy are house, as this will only benefit someone without a family. But if you have a family you will have to get a place you call home, which the best is for you to own a house, because if you own a house your family will be at peace if mind, even if there don’t  have much money, there will not be on the fear of going homeless or anything like that. So to me, I will say it better to own a house if you have a family for their peace of mind. While if you are still struggling and traveling rent will be better off.

[Beparanf]

Is owning a house now a liability? If so, how do you shift your mentality of dreaming of owning a house to just renting? There’s pros and cons each to renting and owning a house. But I have heard that younger people nowadays prefer renting over actually buying a house. Because of mobility being the priority. Plus, a house is only profitable once you sell it. But otherwise it’s stagnant.

This is only a perspective from my country. Is it the same for others? Is permanence now a bad thing?

Depending on your country because on my country owning a house is still much better than renting a house since taxes here is just small especially on rural areas in comparison to the cost of rent even on small area houses.

The only time renting is much better than owning a house is when you live on highly urbanized area due to work because property and land tax in there is higher compared to renting a small apartment.

I own a house and renting an apartment due to my work far from my home. Still I choose to my own house because it’s my place to escape polluted and crampy urban place which is my work area.

[Taskford]

Is owning a house now a liability? If so, how do you shift your mentality of dreaming of owning a house to just renting? There’s pros and cons each to renting and owning a house. But I have heard that younger people nowadays prefer renting over actually buying a house. Because of mobility being the priority. Plus, a house is only profitable once you sell it. But otherwise it’s stagnant.

This is only a perspective from my country. Is it the same for others? Is permanence now a bad thing?

It could be a liability if you buy a house for the sake of owning it and you didn't live their since you are renting because this is near at your workplace.

But if you live their it will never be a liability, since living at your own home gives you good security and you didn't have any fear that anytime you will get evicted by the owners.

So look at your current situation on what fits on you, since not all situation is the same and it will matter on your life style. If you are working dude in city and don't have capability to buy home much better to rent and just save your money or invest it so once you are decided to settle down on your province or on the place you want you are financially ready.

[lovesmayfamilis]

This is only a perspective from my country. Is it the same for others? Is permanence now a bad thing?

This is definitely a misconception. Real estate always wins over renting. I just don't have enough arguments to prove otherwise. You are the owner of your house; no one can reproach you with anything, but you depend on the landlord, on his "pointers," on his mood...

Do young people like mobility? Maybe. But it's temporary, just like their youth. One day, there comes a moment when a person remembers that he should have a place where he feels at home. This should not change. Of course, the international situation in some countries does not allow people to breathe freely and relax. But there are places untouched by wars, wonderful places to live your only life without looking back at other problems.

[aoluain]

The OP is right in that there are pro's and Con's to both renting ^{being a tennant} and owning
a property.

IMO the advantages to owning a property far outweigh those for renting.

Instead of paying off someone elses mortgage as a tennant why not get a mortgage yourself?

Build your own equity by owning a property.

Ok so you are young and would like to go somewhere else, you have the option to lease your property
while you travel and all that time your tennant is paying off your mortgage.

Equity ^{one of the few benefits of inflation} means in the future you could be in a position to
perhaps retire early, or maybe down size and have money to clear your debts.

There are many more options to owning a property over just renting where the only thing you get is shelter.

[Kelward]

From my observation if you're not financially capable there is no need to live in your own house yet because the bulk money that you will use to buy the house you can invest it in a profitable asset for many years then use the profit and some saved up capital to build. The advantage of this strategy is that by the time you buy or build your house your investment will still be giving you profit against using all your capital initially to build the house and not getting anything. My reason is that I have seen many people who are living in their own houses and they are poor so I think that it's not a good decision to build when you are not financially capable.

If you're into real estate that is a different case because you are buying to resale and make your profit so that is business but for a struggling person it doesn't make sense to use all your savings to buy a house that you want to live in. Living in your own house is for comfort, it can only profit you financially if you sell it at a higher price than what you spent to build it. So it is better to be in rent that you can afford then gradually plan to build your house so that after living in it you won't be tempted to sell it to survive.

[passwordnow]

Is owning a house now a liability? If so, how do you shift your mentality of dreaming of owning a house to just renting? There’s pros and cons each to renting and owning a house. But I have heard that younger people nowadays prefer renting over actually buying a house. Because of mobility being the priority. Plus, a house is only profitable once you sell it. But otherwise it’s stagnant.

This is only a perspective from my country. Is it the same for others? Is permanence now a bad thing?

There's so much obligation in owning a house these days, depending on which state or country you live in but from mortgage to taxes, you have to deal with that. And it should aligned with how much you're earning. For me, whatever makes you comfortable either by owning or renting, it doesn't matter. Because those who prefer to rent, they have flexibility and won't be stuck to one area as they can leave the house immediately if they want to move. Whilst for the owners, there's an appreciation for the value of the house and they can call it their own and have it rented to produce some profits.

[goldkingcoiner]

Is owning a house now a liability? If so, how do you shift your mentality of dreaming of owning a house to just renting? There’s pros and cons each to renting and owning a house. But I have heard that younger people nowadays prefer renting over actually buying a house. Because of mobility being the priority. Plus, a house is only profitable once you sell it. But otherwise it’s stagnant.

This is only a perspective from my country. Is it the same for others? Is permanence now a bad thing?

Buying a house means having to pay many thing such as property tax, repairs if something goes wrong (and eventually it will), and depending on the country where you live you might also have various other payments to make. But it is an investment that you can sell at any time (assuming someone would buy it) to get your money back (more or less).

With rent there is no investment. There is only a lump sum per month which disappears out of your pocket. But you are not responsible for repairs (unless you inflicted them yourself and are legally liable for damages).

[Finebone]

Is owning a house now a liability? If so, how do you shift your mentality of dreaming of owning a house to just renting? There’s pros and cons each to renting and owning a house. But I have heard that younger people nowadays prefer renting over actually buying a house. Because of mobility being the priority. Plus, a house is only profitable once you sell it. But otherwise it’s stagnant.

This is only a perspective from my country. Is it the same for others? Is permanence now a bad thing?

Owning a house is way more better than renting because you wouldn't have to pay if you are making use of it, and if you wishes to change your environment, you can easily put up that your house for rent and use the money to fund any place of your choice you wishes to stay, and because house is not a depreciating asset, it can be passed on to your offspring, unlike a rented space.
In my country we don't pay tax for owning a house, and if you wishes to sell it off, you can even sell it in a profit, especially if the house is located in a very good environment or neighborhood, so I believe that owning a house is better than renting it, because rent is very expensive nowadays.

[Salahmu]

Is owning a house now a liability? If so, how do you shift your mentality of dreaming of owning a house to just renting? There’s pros and cons each to renting and owning a house. But I have heard that younger people nowadays prefer renting over actually buying a house. Because of mobility being the priority. Plus, a house is only profitable once you sell it. But otherwise it’s stagnant.

This is only a perspective from my country. Is it the same for others? Is permanence now a bad thing?

To own a house is not a liability even if you are the only one that would be in the House, have they actually thought about how much they would be spending annually if they don't have there own house, if someone is spending 4,000 for rent annually, building a house of there own would automatically help the person to be saving this money for something else because if we multiply this amount fifteen times which is 15 years, it will actually come out a money that if they invest it on a business is not going to be a small resources business so actually the opportunity to save cost and enhance the productiveness of a person is just there but some are not seeing it as an assets.

[noorman0]

My country has several traditions, most notably that a couple must decide where they will live before marriage. Oddly enough, the decision to live still involves the parents, and their decision is prioritized, meaning the parents will provide a home for their children.

However, this tradition is slowly being abandoned over time, leaving children to struggle to find their own home, especially if they have a permanent job elsewhere. However, the goal of owning a home remains a dream for many, rather than renting for life.

[Promocodeudo]

Is owning a house now a liability? If so, how do you shift your mentality of dreaming of owning a house to just renting? There’s pros and cons each to renting and owning a house. But I have heard that younger people nowadays prefer renting over actually buying a house. Because of mobility being the priority. Plus, a house is only profitable once you sell it. But otherwise it’s stagnant.

This is only a perspective from my country. Is it the same for others? Is permanence now a bad thing?

If you have the money to either build your own house or buy a house go ahead it is your choice and whoever thinks it not a good idea should remain in a rented apartment, it is funny sometimes to see the way people think, although i have heard from someone persons that said any house they are building will only be for sale or rents and there excuse is that it is better to leave in rented apartment and be marking money with your houses but that didn't go down well with me because as someone who can afford to go into housing, such person deserves to have his own personal house, so where is the liability coming from, you can actually sell such house anytime you likw if you don't longer like it and maybe buy another one or build, house is never a liability, I don't want to go into such confusion.

[snowpega]

Is owning a house now a liability? If so, how do you shift your mentality of dreaming of owning a house to just renting? There’s pros and cons each to renting and owning a house. But I have heard that younger people nowadays prefer renting over actually buying a house. Because of mobility being the priority. Plus, a house is only profitable once you sell it. But otherwise it’s stagnant.

This is only a perspective from my country. Is it the same for others? Is permanence now a bad thing?

What are you talking about? You should have opened your message more in detail from my point of view.
Like how you can rent out the same house in which you and your faimly in going to stay once you buy it? Like in some cases, if you have any extra space or extra room, then you can rent out extra places in your house to make some money to cover some of your monthly expenses, and if you don't have any extra space left in your new house, then you can rent it out?

Other than this, if you already have a house and are considering buying another one, then it is so obvious that you can easily rent out a new one or an old one according to your own preference. So, this is not a big deal of thinking more and more and in many countries many do follow the same thing in my point of view.

[Strongkored]

This is only a perspective from my country. Is it the same for others? Is permanence now a bad thing?

Nowadays, there are quite a lot of campaigns advising against forcing yourself to own a house, especially through bank loans, because the interest can be very burdensome. It is recommended to just rent. However, I would prefer to own a house if financially capable, because there will be peace of mind once you have your own home.
Don't think that profit is only gained by selling, in fact, you have already gained profit if you can utilize it, for example, by turning it into a business place or something else.

[Coyster]

It depends on your financial capability. If you have so much money, as to buy or build a house and still have other assets, investments and cash in the bank, then you'd not be thinking about which is better, you'd just build a house. I think it is funny to even ask this question, the real question is, how many people can afford to buy or build a house in their preferred location. Why do you think people purchase their home through mortgage.

That said, as a young person, if you do not have a lot of money, i wouldn't advise that you buy a home. What i mean is this, if buying a home outrightly would cost you around 70-90% of your finances, then it might be a better option to continue renting and invest your resources. It would yield returns for you, and later in the future, you can comfortably build a home, without worrying about the dent it'd make in your finances.

[KiaKia]

Is owning a house now a liability? If so, how do you shift your mentality of dreaming of owning a house to just renting? There’s pros and cons each to renting and owning a house. But I have heard that younger people nowadays prefer renting over actually buying a house. Because of mobility being the priority. Plus, a house is only profitable once you sell it. But otherwise it’s stagnant.

This is only a perspective from my country. Is it the same for others? Is permanence now a bad thing?

Renting has an expiry date.
If you can afford today while you areaaking enough money and thinking that building one is not needed, a time will come where you can't afford to pay rent anymore because the rent bill increases every year.

If you are still earning the same amount that you are earning today there will be problem, you won't be able to afford to build a house and the same time your rent billing will choke your neck.

Build a house while you can, renting bills are increasing every year, it will get worse overtime, even cement and blocks for building houses are also increasing.

[Zanab247]

Is owning a house now a liability? If so, how do you shift your mentality of dreaming of owning a house to just renting? There’s pros and cons each to renting and owning a house. But I have heard that younger people nowadays prefer renting over actually buying a house. Because of mobility being the priority. Plus, a house is only profitable once you sell it. But otherwise it’s stagnant.

You know we have different types of human being on earth OP, and what they want in life is different from each other. There was one of my Daddy old friend who was a government teacher and anywhere he was transfer to he must save some money to buy house or buy land there and start building to release it for rent in that society, and as will speak know the man has retired from teaching job and those cars, houses he bought and build is bringing profit as if he is still working as a teacher. If truly you want to grow financially never allow private car or private house to be your major target, because it will not allow you to follow on commercial houses or financial cars.

Once you sacrifice your efforts and money to buy commercial cars and houses it will make you live a wealthy life, because profit will be coming monthly or yearly and till you give up ghost you will never lack money. I got this advise from my late father and it has become my major achievement in live if God permit.

[Rockstarguy]

If you have the money to either build your own house or buy a house go ahead it is your choice and whoever thinks it not a good idea should remain in a rented apartment, it is funny sometimes to see the way people think, although i have heard from someone persons that said any house they are building will only be for sale or rents and there excuse is that it is better to leave in rented apartment and be marking money with your houses but that didn't go down well with me because as someone who can afford to go into housing, such person deserves to have his own personal house, so where is the liability coming from, you can actually sell such house anytime you likw if you don't longer like it and maybe buy another one or build, house is never a liability, I don't want to go into such confusion.

Whether people like it or not, having a personal house of your own is the best thing you can do for yourself in life. You may have a good income to afford to pay any amount of money for rent, but life is unpredictable; you may have money today, but by tomorrow you may not see money again. If you already have a house, it is an advantage for you to cover your head until you stand up again by getting something for yourself.

Where many people fail is that they cannot afford to buy landed property in the city to build, and there are rural areas where land is cheap and building is not expensive. However, since there are more opportunities for making money in the city, many choose to keep renting and ignore going to rural areas to build.

But even if one has good opportunities in the city and still prefers to be there, this shouldn't prevent one from buying land in a rural area to build an affordable house for rent. Cities were once rural areas and those who moved in during the early days when it was still bush are enjoying it right now. When building a house, you should start with an area that you can afford, and when the money comes in to build in a developed area, then you can go for it.