Rent over buying of house?

[ZAINmalik75]

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?

Answer could be different if we give it according to countries because taxes and releifs are different everywhere and there comes the security issues as well because many properties we bought 20 years ago could be considered wrong by the authorities of your country and same thing has been happening here, people bought flats and properties for millions and now the authorities are saying these properties belong to the government because of some violation or whatever lame excuse they are giving using 20 years old references.

There have been a few cases reported like this in my country and I have seen many in other countries too. That's why I would always prefer renting the place but if owning seems to be a good investment and you are not moving city to city then we can go for it but only after confirming everything.

[knowngunman]

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

Permanency is never a bad thing but When it comes to settlement, it's largely depend on the nature of your job. For instance, if your job is the one that requires you to travel from one place to another every now and then, buying a house might be a wrong calculation because you'll be forced to vacate the house due to the nature of your job that demands you to be moving around. Renting a house for a short period of time you'll be staying at that place will definitely save cost more than buying a house you'll desperately want to sell when you're leaving. But if you're certain of your staying for like ten years or more, I would advise to get a personal house over renting. But looking at it deeper, it is a personal preference over what's necessary. Some people prefer to own a car over owning a house and have no problem staying in a rented house.

[Swordsoffreedom]

Notably, it's the fact that you may not even spend half of what you will spend on owing a house on renting before passing on. This is to say that owing a house also ties up your capital.

I think you have forgotten one thing: owning a house means you own an asset with a limited supply and very high demand. Owning a house offer a double benefit, you can use it to live in, and it can also increase your wealth as real estate appreciates over time

Although owning a home will cost us a significant amount of money upfront, in the long run, it offers many advantage over renting. That is why owning a house is always a dream for most people.

[Mpamaegbu]

~snipped-

Owning a house offer a double benefit, you can use it to live in, and it can also increase your wealth as real estate appreciates over time

Owing a house and renting one have the same effect of one living in them. You can also live in a rented apartment and make it a home just like a bought house. As for your second point, you can only have the benefit of increased wealth when you sell off that house. By then, you're still going to either rent or rebuy. So, we're still back to the same spot.

That is why owning a house is always a dream for most people.

Yes, it should be a dream for people but that doesn't mean it's a better investment than renting. For me, owing a home is very significant and that's for the reason that I won't have to deal with irritants as neighbours who will intentionally be doing certain stupid stuff to get to one's skin. Imagine living in an apartment where you share amenities with others that will be paid for jointly. There are some who won't want to pay, thereby causing others the discomfort of getting cut-off that amenity. That's one of the major reasons people prefer owing properties than renting them. Those from my country will understand this better and clearly.

[Crypto_Timothy]

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

Hm, i would say from my country's view of things, owning a house is not just buying a complete made house. If you decide to own a house most likely you will buy the land, survey it and then build your house on the land you bought and to be frank that is just a whole lot of stress to the majority. Especially as people are husting they would prefer where they dont need to go through stress before living.

Now, the entire process to owing a land and fencing it could already be in the millions, then when you talk about the actual building, you then get a clear view of how most youth just view the issue of owing a house here.

[SOKO-DEKE]

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?

The point is that everyone would like to own a house because it is a great achievement, and that fact nobody can never denied. However, the main reason why younger people do not like owning a house is that they cannot afford it, not because a house lacks mobility.I do not think mobility should be an excuse for not owning a house if someone truly has the money to buy one. A house is not mobile, but the owner can sell it at any time they want. For example, if I have a house in one state and I am leaving that state, I can sell the house and use the money to build another one in the state I am moving to. Alternatively, I can rent it out and use the income to build another house wherever I move, or use the rent to pay for accommodation in my new location.However, the advice I would like to give to young people is that they should not rush to own a house as soon as they start earning money. Instead, the money should be invested or used for business, and later, when they have a clearer financial path, they can then invest in owning a house.

[puloweh555]

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 no definitive answer as to whether it's better to buy or rent a house as it all depends on your personal situation, including finances, life plans, location, and so on. However owning a home is certainly everyone's dream.

So if many people choose to rent now it doesn't necessarily mean they want to rent permanently because they have no other options or because they're renting more due to economic pressures. However, buying a house is still a good option if you have long-term plans and are financially stable.

The bottom line is that it all depends on your finances and your ability to grow your money. Some people even when they have the money to buy a house prefer to postpone the purchase. They choose to use part of the money to rent and invest the rest in assets with fundamental value, so that when they have realized a return on their investment, they can then purchase their dream home.

[henmark]

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?

Those who say that a house is a liability and they prefer renting instead are those who can't afford to buy a house, and they know they won't be able to buy one even if they wanted to, so they basically are trying to convince themselves that renting is much better than owning a house. However, anyone in any condition living in any part of the world would know that owning a house is way better than renting, and owning a house can't have as many cons as renting does. You can't justify your excuse by saying that renting provides mobility because that's definitely not something that would make you think that renting is better.

Also, who buys a house for living and then think of profits? You are not buying a house as an investor to think that it will only be profitable if you sell it otherwise it will be stagnant, you shouldn't care, because you are buying it because you don't have a place of your own, and keep changing places every year or a few years for reasons such as rent hikes, having problems with the owner, etc. Besides, how is renting profitable anyway if we are talking about profits in this discussion?

[coin-investor]

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 depends on your priority. If you're a young entrepreneur or a Gen Z looking for work experience, you want to move from place to place to gain experience, you want to experience the ambiance of every city to gain more insight, and experience, so renting is the best choice for you.
It's different when you have a family: you want security and permanence; you want your family to develop a sense of belonging and roots, and you can only find that if you have a house of your own. Everyone has a dream house, and it's best to come when you are ready to build a home with your special someone.

[qwertyup23]

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?

The way I see rent- it’s like you are throwing money away especially if you are planning staying for long-term.

In the Philippines, renting a condominium unit can cost you around $400/month in a relatively safe neighborhood. On the other hand, you can purchase a condominium unit and pay a monthly fee on the same price but you are locked in for a contract that lasts for 10-20 years depending on the terms stated.

What I am saying is that permanence is security. If you own the house or a condominium unit, then that would be considered as your asset which can be further invested in the future. In contrast, renting a house or a condominium unit primarily entails short-term and its value quickly diminishes the longer you rent in the process.

[WatChe]

My opinion is that owning a house is the best approach and if you don't have ownership of the house then try to get that asap. Once you have ownership of the house, you can completely focus on your business because this frees you from the worry of paying rent of the house at the end of every month. If you have your own house then even in case you bear loss in a month, you still have your own house where you can go and live your life. In case you don't have your own house, you have to earn per month to pay for your house rent.  

[Findingnemo]

A house is not an investment, but you need a place to say this is my own home and I am gonna be making a long history here and for that only matter you need a house but buying one for investment or the value will appreciate is not a smart idea. Real estate had it's days but now those days are gone so take your time and think what you need but owning a house it out of the reach for someone who just starts zero so they have no other option than renting one.

[Wiwo]

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?

Housing is one if the very important aspect of human existence and for any adult who is about living on their own you must first of all understand your housing demands before you decide either to rent or own, and also it depends on you cash flow, because the cost of construction of house can be very high that not many people can afford it with their current income.

If you have family, like wife and kids, then owning a house regardless of where your work is located become very important,  this will reduce our expenses on the long run and also safe you from alot of stress that can build up from living in a rented apartment no matter how comfortable it could be, at least have a house your family can call their own and not shared space.

[alastantiger]

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

If you ask some of the top richest people in the world to give you advice on either buying a house or renting a house, they will all have different opinions because they are different ways of becoming wealthy and not just one way. You can own a house and this will be efficient for you while you can also be the person that rents a house instead of buying a personal house and this will also be beneficial for you. To benefit from them both you have to understand how it will affect your life because if you are a businessman that does not stay in one location for a long time then renting should be what you should be doing and not owning a personal house that will just be a liability to you. But if you are the type that works from home and build your business online and you have no reason to leave your house every then and now then owning a house can be a good way to manage your money very well.

Personal house do have personal maintenance but rental houses you won't have personal maintenance since the landlord that rented out the house to you will be in charge of maintaining it but the disadvantage is that the house rent will constantly increase and this can take out money from your account. Any decision you decide to take should be the one that works better for you and not to follow the crowd.

[Finestream]

I would prefer if you say renting to own property because there's high possibility that at the end of the day, you will secure your own house, but renting alone will never lead to something profitable on your part. You are just making the property owner richer while leaving your pocket almost empty after renting. So personally, I would still prioritize owning a house because its a necessity for every family, especially for a growing family.

Renting is just good for beginners, but it's not productive anymore if you stay renting throughout your life. My priority is build a house of my own, and then build another for my dream investments, that way there will be sustainable flow of income on my part even after retirement.

[Makus]

Just do what's within your plan and your means, you cannot force yourself to build a house when you don't earn enough and if you consider to save up for it and probably start doing it bit by bit you need a roof over your head in the mean time. But for someone that's capable of building a house and they decide to pay rent maybe they have a reason for that but if you have the means it is advisable to build your own home instead of paying rent. Having a house is an asset and also a security to you,  it is considered to be an achievement.

[UmerIdrees]

There have been a few cases reported like this in my country and I have seen many in other countries too. That's why I would always prefer renting the place but if owning seems to be a good investment and you are not moving city to city then we can go for it but only after confirming everything.

Well, the most challenging thing about living in a rented house is the pressure of paying the rent every month. If your income is unstable or low, this pressure can damage your health too because you are always thinking of paying the rent and also the month ends so quickly.

Owning a house may be expensive, and one may spend all of their life savings to build a house, but it will give them peace of mind. Even if you face trouble in generating income for some time in the future, you know that your home is your own and you can still have to live in it hand to mouth, but won't have to pay high rent after the month ends.

[Iranus]

Answer could be different if we give it according to countries because taxes and releifs are different everywhere and there comes the security issues as well because many properties we bought 20 years ago could be considered wrong by the authorities of your country and same thing has been happening here, people bought flats and properties for millions and now the authorities are saying these properties belong to the government because of some violation or whatever lame excuse they are giving using 20 years old references.

There have been a few cases reported like this in my country and I have seen many in other countries too. That's why I would always prefer renting the place but if owning seems to be a good investment and you are not moving city to city then we can go for it but only after confirming everything.

There have also been a few similar cases in my country. But such cases are rare, and many of them are compensated by the government. They did not take our land without compensation. Therefore, this cannot be considered a strong reason not to own a house.

As many have acknowledged, the real issue is not the legal risk, but rather the financial pressure.

Real estate is a very expensive type of asset, while most people have low incomes and cannot afford to buy it. This makes renting a home a more suitable option for many people.

[m2017]

Is owning a house now a liability?

Home ownership has always been, to some extent, a burden, and not everyone could afford it. A homeowner must pay property taxes, spend money on repairs and maintenance, and in the event of force majeure (fire, flood, hurricanes, typhoons, military conflicts), these costs increase.

If so, how do you shift your mentality of dreaming of owning a house to just renting?

Any dream comes up against a reality with the thickness of one's wallet.

There’s pros and cons each to renting and owning a house.

Buying a house requires a considerable amount of money immediately. Maintaining the home requires additional expenses. It's difficult to sell the house quickly for a good price if necessary. If force majeure occurs, you can't just take the house with you and move elsewhere.

When renting, you're buying "air", as your resources (money) are spent on rent, but you don't actually own the property. Renting leaves you dependent on the tenant, who can change the agreement at any time, demand higher rent, or evict you.

But I have heard that younger people nowadays prefer renting over actually buying a house.

It seems to me that the priority is the lack of enough money to buy a house (for young people).

Because of mobility being the priority.

This allows to travel the world and have more choice of where to live permanently (in your home).

Plus, a house is only profitable once you sell it. But otherwise it’s stagnant.

This is if you can sell the house profitably.

For example, you could rent out the house (partially or fully), allowing you to generate income while simultaneously renting out a property in another location where the rent is lower (and with terms more suitable for your needs).

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

Consistency has become a luxury. The world has been extremely unstable lately, and it may be better to be mobile than tied to one place.

[colinistheman]

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

If you ask some of the top richest people in the world to give you advice on either buying a house or renting a house, they will all have different opinions because they are different ways of becoming wealthy and not just one way. You can own a house and this will be efficient for you while you can also be the person that rents a house instead of buying a personal house and this will also be beneficial for you. To benefit from them both you have to understand how it will affect your life because if you are a businessman that does not stay in one location for a long time then renting should be what you should be doing and not owning a personal house that will just be a liability to you. But if you are the type that works from home and build your business online and you have no reason to leave your house every then and now then owning a house can be a good way to manage your money very well.

Personal house do have personal maintenance but rental houses you won't have personal maintenance since the landlord that rented out the house to you will be in charge of maintaining it but the disadvantage is that the house rent will constantly increase and this can take out money from your account. Any decision you decide to take should be the one that works better for you and not to follow the crowd.

I do not know what the world's richest people think about this issue. But I know one thing for sure, they own a lot of real estate, villa, mansions, and resort. That alone shows that owning a house is far better than renting.

As for the issue of renting or buying a house. This will depend on the nature of the job, financial situation, and life plan and goals of each individual.
You are right, we should make choice that suit us instead of following the crowd. We should not buy a house and put unnecessary financial pressure on ourselves just because many other people are doing it.