I've read a few articles on a number of sites that attempt to convince the reader that renting is far much better than home ownership. I wasn't convinced though because a home you buy is an investment unlike renting which is an expense that can be cut out from your budget. What do you guys think? Is renting ever better than buying you own house?
This entirely depends on your own individual circumstances. For me I owned my home with my ex partner for 15 years. When we split up I carried on living in the property and paying the mortgage by myself. The house was becoming more and more unaffordable for me so I chose to sell and rent instead. What you've got to consider when buying and managing your own home is not just the mortgage payments but also all the other bills and the running repairs that you have to make to keep the property in good condition. With a rental property some include bills in with the rent at a subsidised cost, and also you don't have to worry about maintaining the property if anything goes wrong, so at the time it was the best option for me. While owning your own home is best in the long term, if it means that its going to stop you from being able to live your life from day to day due to money issues then renting is the better option in my opinion, and it worked out best for me.
Like pwarbi said, it all depends on a persons circumstances. Some might be able to afford to own their own home, where-as others cannot. Personally I would like to own my own home at some point but I'm not sure how I would go about the repairs and stuff should they need doing. I like the idea that it's also your own property and you are free to do as you please with it, within reason of course! But with renting on the other hand, you are extremely restricted with what you can do within your home but you have the safety net of being covered should anything go wrong with the property. It's a tough decision.
There's a lot of societal pressure on people to own their own homes but it isn't always the best solution. Home ownership brings a wealth of problems that renters never have to encounter because they are not responsible for the basic upkeep of the property. It's not always about money either, people who are physically unable to take care of household maintenance themselves might be much better off in rented accomodation as the upkeep is down to the landlord, not them.
Of course renting CAN be better. I'm a huge supporter of owning your own place but there are situations where a long term commitment just isn't smart. Take me for example: still juggling in what country I want to live in. Flexible job (can live anywhere I want), girlfriend in the middle of her studies... why on earth would I try to pick a place to live in now? Renting gives me so much flexibility.. especially since my job offers me the same. I'd love to buy but that will have to wait until I know that I've found a place where I want to stay for years and years.
I have done both and renting works better for me. It is more affordable and there are no surprise expenses that pop up. The landlord repairs anything that breaks. Therr is no upkeep on my part. The house was nice when it came to privacy and there was nobody to answer to but it was very expensive to maintain. When my marriage ended we sold our home. I am not sure I would buy another house. I do miss it sometimes but it was way to big for me. I like the how my apartment is small and cozy and all I really need for space.
I like the independence that comes with home ownership. I might rent an apartment again in my golden years, but I am not at that point yet. I do want to sell this house and buy another with some kind of home warranty program. There are many expenses that come with home ownership, but I look at it as an investment. I do want something that requires less work however. There is a lot that goes into owning a home, especially one with a lot of property. I want something that doesn't require as much maintenance.
Home ownership is not for everyone, but it is generally better to own than rent if you can afford it, and are willing and able to accept the responsibilities that come with such ownership. I rented for a couple of years in my early to mid 20's, and again for a while a couple of other times when I was between homes or whatever - once about 10 years ago when I lost my home in a hurricane, and again a few years ago after I sold a home and was waiting for my custom built home to be completed. I always wince when I think about the money I poured down the drain when I was rented all of those months. But sometimes it's necessary to rent for a least a little while. And again, ownership isn't for everyone.
It depends on how you bought the house. If you buy a house on a loan and spend the rest of your life paying it, how is it any different from renting an apartment. Matter fact, I hate mortgages and I feel like it makes most people slaves to the economy. You think you are free but you are not really free.
From what I know is if you rent your house out and have some free rooms you can rent them out to other tenants for money. If you are into having other people live in your place paying some rent giving you extra money. If you own a house it's a major investment and when it is paid off you can choose to stay or go somewhere else. Me I would rent if I am constantly bouncing from place to place. If I got the money and would like to invest my future into that place then I would buy the house maybe put it on the market.