Rent over buying of house?

[Mummy OS]

Owning a house gives you mental peace and helps you in focusing other aspects of life. If you are living in rented property then you have to work hard not only to get profit but to pay for the rented property. These days rents are very high and a significant part of your earnings goes to pay rent of the property. My point of view is that owning a house is not a liability but a valuable asset whose value increases with time. If you get sick or don't have the ability to work anymore then you will be in great trouble if you don't have your own roof.

Owning a house is good because it saves you the stress of paying rents yearly depending on your residency but since we know that it is not possible for everyone to be able to build or buy a house in this current economy it is not bad if those who are aspering to own a home some day start with a rented apartment before saving up money for a house of their own.  A house is never liability because it is a good asset since land doesn't depreciate even when the building is old, if you own a house you can decide to sell it in future for the money 5o be used to buy another property in a different location and you will still have a roof and have some money back in your account.

Not everybody will have the money to build there own house due to inflation and the nature of jobs workers are doing that may not be enough to pay all the necessary bills to keep one alive. It depends on the region you are living for you to know if it's will be better to build a house or try and live in a rented apartment till when you have sufficient money to get what you want without any pressure.

Living in a country where the government tax house owners for owning a house will look like the same thing like renting a house and also owning a house. If you have the funds to build a small house for yourself while you build businesses that will create opportunities for you to venture in other businesses while creating empires, this will be satisfactory than spending a lot of money to own a house.

[Odusko]

My own personal take on this matter is, owning a house in the form of a condo so you have what will actually generate money for you while you leave comfortably in your own place without having to pay rent. This should be the first ever building any young person should have. It's good to own a separate apartment for yourself but that should be majorly when your family is beginning to grow, but for a single persons it's best you stick to a condo or pay rent.

Singles and those with families and children will certainly have different choices when it comes to housing. From what I've seen in my neighborhood, almost all married people prefer to own their own home rather than renting, as it can save them a bit at the end of the month or at the end of the year. For single people, renting a home is certainly not a bad idea, as the cost of living is still relatively small, especially if their income is already substantial and more than sufficient for their own living. Therefore, those who are able to think wisely about this will certainly choose a more suitable option for living independently.

Owning a house can only become a liability as long as you are not living in it but keep servicing it, but Owning a space of your own where you leave in is far better and more economical than renting because if you can afford a comfortable home for yourself and family it gives you the freedom to save financially since rent takes almost 70% of some low-income earners, rent's is not cheap nowadays because of high cost of construction materials,.

[Dogedegen]

To me know matter how cheap any house rent appears to be i can never choose it over getting my own personal apartment,  not that am against renting an apartment but just that it is better to live in once personal single room than to live  in a rented duplex with complete comfort.
In a rented apartment one has to live with be it relevant or irrelevant instructions that suits the landlord even if it goes against your own believe,  so to avoid all this nonsense the best is to make provision for once personal apartment be it big or small its better there.

Well you can't just talk about it like that without any specifics, many people incorrectly make comparisons when looking at rents and the cost to buy. You can't pick whatever you want from the market and then make the comparison. The most accurate comparison would actually be from one of those cases where they build many houses or apartments in the same complex, and then some are being rented out but others are available to purchase. This is one of the most fair ways that you can make a comparison between the two costs. Sometimes people would say look at the price of rent and say it is not bad compared to the price of the purchase price, but they are picking the wrong houses or apartments for comparisons or very expensive areas.

It is not about getting your own apartment, of course getting your own apartment is a very good idea of which everyone would want to get an apartment of thier own. But the expenses I mean the cost of getting your own personal apartment is giving a lot of people concern, even ordinary self-con most people can't afford it here talk more of building one-bed. That is why sometimes I don't blame those who prefer rent over buying a house because they know what it takes to build a house of  thier own.

There can only be 2 reasons for this or a combination of these 2 reasons. You are looking to live in very expensive areas and because of that you do not have a real right to complain. If you want to live in somewhere very expensive like California the prices are going to be very high, but there are many places around it that are several times cheaper. This is the same in every country, only the exact numbers and differences will change. The other is working low skill or low pay jobs, but nobody else is to blame for this than the person. And for this I am talking about normal countries with developed finances, because in many of those places people are able to buy these with bank loans even if it is going to take them 20 or 30 years to become full owners.

[MRY]

Owning a house can only become a liability as long as you are not living in it but keep servicing it, but Owning a space of your own where you leave in is far better and more economical than renting because if you can afford a comfortable home for yourself and family it gives you the freedom to save financially since rent takes almost 70% of some low-income earners, rent's is not cheap nowadays because of high cost of construction materials,.

Small families can afford a cost effective move towards diverting rent money on home payment. Exorbitant rent expenses can gnash on a large chunk of earnings. Welcome ownership of your own home which brings in the security of home and allows you to save more. The expenses of maintenance in the homes are minimal compared to the rental rates which keep on increasing year by year.

[L E G E N D A R Y]

Not sure if renting can help to save. Calculation must be done. Isnt paying rent + paying bill > paying mortgage + paying bills? At my place renting a house cost 2-3k EUR per month, but those who took mortgage, pay usually around 1k EUR monthly during 20-25 years. I think that if you cant manage to pay mortgage for buying a house, it is no use of dreaming of owning a house. Either get more paid or rent a house for few weeks or month during summer to enjoy time. Or be more realistic.

There’s no doubt about what you’re saying but let’s also look at it from a different angle. Because I believe this all depends on the local market. Inasmuch as it’s true that mortgage payment can be quite lower than rent payment, we also don’t have to forget that buying a house also comes with other things such as property taxes, insurance, maintenance, interest costs among others. Which is why making such comparisons should go beyond just looking at the monthly payments alone but also looking at the actual total costs.

[danieldavidd]

For someone that could able too buy a house he should go for it. it is advisable because you can't predict the future 
buying a is like long time investment where your money is safe .

[free-bit.co.in]

There’s no doubt about what you’re saying but let’s also look at it from a different angle. Because I believe this all depends on the local market. Inasmuch as it’s true that mortgage payment can be quite lower than rent payment, we also don’t have to forget that buying a house also comes with other things such as property taxes, insurance, maintenance, interest costs among others. Which is why making such comparisons should go beyond just looking at the monthly payments alone but also looking at the actual total costs.

Regardless of whether home ownership is more expensive than renting. In the long run, home ownership always offer advantages that renting does not.

Owning a home means you own an asset whose value increases over time. You have full control over it and can do whatever you want with it. For example, you can live in it, rent it out for passive income or even sell it for more than you paid. Renting will never give you that.

[Olatundespo]

Owning a house can only become a liability as long as you are not living in it but keep servicing it, but Owning a space of your own where you leave in is far better and more economical than renting because if you can afford a comfortable home for yourself and family it gives you the freedom to save financially since rent takes almost 70% of some low-income earners, rent's is not cheap nowadays because of high cost of construction materials,.

Small families can afford a cost effective move towards diverting rent money on home payment. Exorbitant rent expenses can gnash on a large chunk of earnings. Welcome ownership of your own home which brings in the security of home and allows you to save more. The expenses of maintenance in the homes are minimal compared to the rental rates which keep on increasing year by year.

No financial institution will give you a loan without collateral. You will probably get a small loan facility but not a large loan facility to build a house. The option of paying monthly installments with the rent money every month is good but if it is not enough, it is better not to take that risk. It is also good if you can pay the installments through your source of income and the funds received from the rent. If you get a loan facility, do not rush to take it because you have to consider whether the source on which you want to pay the installments is stable. If you are employed and suddenly lose that job, you will not be able to repay the loan and if you cannot pay the installments for a long time, the lending financial institution may take possession of your house. Because the loan amount will keep increasing at a compound rate and at some point they will get the legal right to evict you from the house by force to recover the capital along with interest.

[junder]

Small families can afford a cost effective move towards diverting rent money on home payment. Exorbitant rent expenses can gnash on a large chunk of earnings. Welcome ownership of your own home which brings in the security of home and allows you to save more. The expenses of maintenance in the homes are minimal compared to the rental rates which keep on increasing year by year.

What I know is that renting this house provides routine expenses for example, once a month we have to spend money to pay rent which of course will eat away most of our own income even though we have good money management, not to mention coupled with other expenses that are also certain such as meeting the needs of the house or paying bills.
I think having your own rurmah is better than renting, but managing to buy this house is not cheap because over time the price of the House will continue to rise in my opinion especially if the location is strataegis this can make the price higher.

[L E G E N D A R Y]

Regardless of whether home ownership is more expensive than renting. In the long run, home ownership always offer advantages that renting does not.

Owning a home means you own an asset whose value increases over time. You have full control over it and can do whatever you want with it. For example, you can live in it, rent it out for passive income or even sell it for more than you paid. Renting will never give you that.

Now we are talking about future investment?
You’re not wrong, but I don’t think that’s what we are saying here, more of whether renting is better than buying a house. Mind you? I’m not canvassing that renting always better, I’m simply saying we can’t just look towards one direction. Just because you’re renting a house doesn’t mean you wouldn’t have other investments that’ll possibly give passive income or returns, this scenario is simply just comparing between buying and renting.

I have a cousin who built a house somewhere around last year, and decided to rent it out, but while we were talking, he was really complaining, more like regretting why he even built the house, and that he would have simply just invested that money something else. So you see, things can’t always go exactly the way it is on paper, that’s why you gotta look from other directions too.

[YellowSwap]

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?

This depends on which country you from, your type of job/income and your age with future plans, some people are better off not building house, because they can't do it, they just want to force their way and sooner they can't keep up.

Like someone who is close to my family, he later sold the house because he can't keep building it, now that he sold the uncompleted building with the land he is able to run a bigger business, I have hopes for him because he will be able to come back and build something better.

The level of your life and income matters, what some people need is not a home but a better more established business, they need to make more income before they can start building house for themselves or for business sake.

[Roseline492]

some people are better off not building house, because they can't do it, they just want to force their way and sooner they can't keep up.

Like someone who is close to my family, he later sold the house because he can't keep building it, now that he sold the uncompleted building with the land he is able to run a bigger business,

I agree and it has happened a lot on some persons, they actually started building a house as someone who has already gotten a good plans of finance to use in completing the house but after they raise the house few blocks from the foundation they exhausted all the money they had and there is no business or work they're doing to be assisting them by achieving the completion of the building, so actually building of house is something that should be started when there a sufficient resources for it or perhaps there is enough discretionary income you have every month that could be going a long way if house project is started with it.

[hyudien]

I agree and it has happened a lot on some persons, they actually started building a house as someone who has already gotten a good plans of finance to use in completing the house but after they raise the house few blocks from the foundation they exhausted all the money they had and there is no business or work they're doing to be assisting them by achieving the completion of the building, so actually building of house is something that should be started when there a sufficient resources for it or perhaps there is enough discretionary income you have every month that could be going a long way if house project is started with it.

Careful planning is needed when you want to build your own house so that it doesn't happen like you exemplified because it will only be a loss if the construction of the house is not completed, but we also have to admit that building a house, especially today, requires a lot of funds, it needs to raise funds for years, and failures that often occur are usually not because of bad plans, most people today tend to build houses gradually, not because they force themselves, but because of their financial situation and or if they have to wait for years the costs will be even higher leaving them with no other practical option.

[Unknown Op]

some people are better off not building house, because they can't do it, they just want to force their way and sooner they can't keep up.

Like someone who is close to my family, he later sold the house because he can't keep building it, now that he sold the uncompleted building with the land he is able to run a bigger business,

I agree and it has happened a lot on some persons, they actually started building a house as someone who has already gotten a good plans of finance to use in completing the house but after they raise the house few blocks from the foundation they exhausted all the money they had and there is no business or work they're doing to be assisting them by achieving the completion of the building, so actually building of house is something that should be started when there a sufficient resources for it or perhaps there is enough discretionary income you have every month that could be going a long way if house project is started with it.

The builders always try to hide the construction cost because they want to deal with you and if they will give you right information then you will not build your land. They have idea to give you information which you want to hear abd after that you started construction and whole process is not possible because you have no enough money and they did not guide about many costs and you will end your work with no result. If you have a plan to build a house then multiply by 2 of the money builders are saying to you. The people who want to take rent of property they should take the property which is in their range and if it will exceed your range you should take some loan from any person.