Renting vs owing a home

[daturaangel812]

I recently went into a full battle discussion of renting versus buying.

Though I see the pros and cons of each side.

But, I really do not feel rent is a waste. (Call me naive.....)

Everyone needs somewhere to live despite whether they own it or not...a waste to me is spending 800 bucks a month on a brand new gold toilet seat. You feel me? I can't

Comments

[kambrieloktober]

Well, buying a home is an investment and something that can really pay off in your future. And even if property values don't necessarily go up, at least you'll own real estate that you can pass along to your children or other family. Real estate adds to your assets and is always a good thing to have. Even if you don't "fully" own your house for 30 years, you still own the share you have in it, so assuming that your property value remains good, you're vested for that amount, if not more. Renting, on the other hand, is like throwing money down the drain

[daturaangel812]

Hi there,

Thank you for solid imput for both sides of the idea. :)
I literally just gave up yesterday, with the rent is a waste kindof concept. I dunno I really think rent isn't a waste, cause Im not out on the street you know? It's sometimes hard to communicate that idea to people when they are checking out reasy estate listings all the time :)

Yep, as of now no kids, no family etc. Yea...actually I just hit the 25 mark and I noticed the question of home owning has come up a bit more frequently than normal. It's something to definitely consider since I would like to own something somebody (besides my car..teehee) and I really appreicate the info you brought to the table :)

[kambrieloktober]

Yeah, I guess I should rephrase the rent is a waste thing. It's not a waste per se--I mean, after all, you could list a number of things that are also "wastes"--such as meals at nice restaurants, expensive hotel rooms, etc. Paying for those things aren't wasteful, as you get genuine use or enjoyment out of them, and they all benefit you in one way or another. But the one thing they all have in common is that all you come away with is the experience--nothing tangible. Which is just fine when you're treating yourself to the occasional spa day or weekend in Vegas, but not so fine when you do the math one day and realize that you've spent more than $100,000 in rent and have nothing to show for it

[msondo]

It's really smart to buy a home but only do it when you are absolutely ready to commit to it. If you plan on working steadily for the next five years or so, it wouldn't be a bad idea. If you are thinking of moving around and taking time away from work to travel, study or whatever, then I'd probably wait.

[daturaangel812]

Thank you for the imput.
You raise a good point. Eeek the thought of living in Northern Jersey for the rest of my life isn't a terrible one. But the commitment for that long of a time is nerve racking.
Yes, I think I will be looking into some type of ownership in the near future...ie condo...co-op etc.

I hope it works and the economy doesnt totally fail.

hugs!

[anonymous]

I've always been a very big believer in property ownership, but recently that's changed. Property values have failed to go up this year and have actually dropped for the first time in recent memory. Banks arescared to lend because of the current rate of foreclosure, so mortgage rates are through the roof. Now is simply not the time to buy.

[besmoted]

I wrote this from my phone. Not sure why it came up anon.