Buying a house for personal use

Discussion in 'Buying & Selling Real Estate' started by Gelsemium, May 10, 2014.

  1. Gelsemium

    Gelsemium Senior Investor

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    When buying a house for personal use, do you consider if this is the best option? How do you decide if it's better to buy or to rent a house?
     
  2. sully3333

    sully3333 Member

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    In my opinion, I don't see any reason why not to buy instead of rent if you can afford it.
     
  3. wanderingwildman

    wanderingwildman Well-Known Member

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    Buying is a huge commitment. I don't like that even your free time starts to get spend on fixing things around the house. I definitely prefer to rent.
     
  4. uggonen

    uggonen Well-Known Member

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    I think buying is wiser. Yes you pay about the same amount of money per month that you would pay if you rented the house but you are "paying the money for yourself" if you pay mortgage.
     
  5. Kate

    Kate Senior Investor

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    I'd say that buying is absolutely better. When we bought this house, the mortgage was just slightly higher than the rent at the other place.

    The bottom line in my head is that in future years, mortgage payments are going to assure you own a house. But ten or twenty years of rent? That leaves you nothing at all.
     
  6. uggonen

    uggonen Well-Known Member

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    This. You are buying the house for yourself payment after payment. Thats why I want to buy my own house and never rent one.
     
  7. JR Ewing

    JR Ewing Super Moderator Staff Member

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    Buying is better if you are able to do so. Just remember that you're responsible for repairs, maintenance, property taxes, and insurance.

    You don't have to worry about anything but rent and utilities when renting, but you won't build up a penny of equity ownership and are just pouring money into someone else's pocket.

    If you must rent, try to do so cheaply. And try to rent from someone who may eventually give you the option to buy once you're ready.
     
  8. Strykstar

    Strykstar Well-Known Member

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    It depends on how low a rent you can get, if you end up paying rent of a similar amount of what you would be paying monthly for the mortgage, then outright buying the house is the best solution.
     
  9. Hansen

    Hansen Member

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    If it's in your pocket. I think it's good to invest in buying a house. Not just for it's face value, but for what it is. A house. The market will go up and down with products that are menial. But people will always need a place to sleep and a roof over their heads. Just make sure you do your research about the area.
     
  10. Gelsemium

    Gelsemium Senior Investor

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    Yep, I bought my place more or less 16 years ago, but I am still paying it to the bank. If it was today possibly I could not do it because the spreads went to the roof and credit is much harder to achieve.
     

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