Buying is always better if you can afford it. You get tax breaks. You can make a lot of easy cash. You have more control on how you re-design your house. You don't have to worry about rent rising. At the same time, to enjoy all the benefits of buying, you have to, again, afford what you are buying and be savvy about it. If you buy the wrong house (bad price, area, and/or time), you can lose more money than if you had rented for years. So criteria... 1. Ask yourself: what do YOU want to do? That's the most important question. It makes no sense to buy if you are not interested or ready. The same goes for renting. 2. If you are interested in renting, the most important question to ask yourself is: are your financially and professionally stable? And will you be so for the next few years? If you rent long-term, you will be asked to sign a 1 to 2 year contract. So, to avoid any hassles, be honest with yourself about your situation and do some personal predictions. If you are unsure, don't forget you can also rent short-term. You will have less choices and may experience higher prices, but you'll also have more room to follow the best path for you. Also be aware that some long-term rental companies offer low prices the first year and hike up the price the following year. 2. If you are interested in buying, ask yourself: are you mentally, physically, and financially ready to buy and maintain your investment? It does take time, effort, and money to properly maintain your home and land. 3. If yes, then start researching. You should research locations, prices, property taxes, natural disaster history, insurance plans, property values... If you don't want to lose money, you have to become real-estate savvy. 4. Now the hard question, what can you afford and still be COMFORTABLE? Remember, if your financial situation is a bit tight, you can sometimes work around it by giving up certain things like location, a view, the extra bedroom, acreage, type of home (condo vs townhome vs house), living in a subdivision... When you are calculating, also remember to calculate home-owners insurance, property taxes, subdivision fees... A lot of people forget to add these costs and end up in trouble because these costs, when added up, can cost more than your monthly mortgage payment. Hope this helps some. Good luck!
I like to rent rather than buy a house. In my opinion, I don't want to spend a lot of money on a new house to be build for me or just buy, I prefer renting because it's cheaper for me.
Not sure what you are asking but if you can afford to buy always buy even if you have to take out a hefty loan. It is still an investment. Renting a place is throwing money away. Short term is okay but otherwise there is no investment and its just another huge bill to pay every month.
If you are choosing a short-term stay, renting is a good option. However, if the stay will be long-term and the available monthly budget is below a thousand dollars. You should consider how much of a monthly budget is best. With buying a home, the monthly mortgage amount is would be lower than the cost of monthly rent in certain circumstances. So, starting with a clear idea of what your monthly expenditures will be and how long of a stay you are planning should be your starting points.
Really short term. Otherwise even putting a down payment on a small studio apartment is better than renting in my opinion.
All things being equal, its better to own, than rent. However, if you don't have a sufficient down payment, can't handle home ownership (financially or logistically), are planning to move in the relatively near term, or some combination of said, its better to just stick with renting. Beyond the financial rewards, there is are other benefit to owning. Not the least of which being able to do what you want with your property. Within the bounds of the law, zoning, etc., of course.
I too prefer to buy the house in full and own it. If you are renting a home its going to be bigger then the apartment anyway. I would just leave renting to the apartment if you are single. When it comes to houses just save the cash and buy the house even though yeah you have to pay something like $450,000 for whatever square foot house you are dealing with but at least you would know that the house is really in your name.
I am now considering to buy a new place and the price of money is really expensive, so I don't know if I will be able to afford it. Rents are super high as well so...
Are you renting or owning right now? Renting is also expensive so check all your alternatives to see what's the best solution for you.
So you wouldn't want to sacrifice a lot for now...in building then save along the way...just asking...i bet you'd make a good tenant then
