Rent Forever, Don’t Buy A Home

[brettthejett]

This is absolutely the worst advice I have ever witnessed.
My concepts may be a little varied because I live in Canada.

Owning a property is he best investment you can make. It's roughly 5% COMPOUNDED growth in my area and often jumps up much higher, but has never fell close to 5% in a year.

you will never be able to fully make the space yours. Every apartment I've lived in I wanted to change things to suit my lifestyle better and it wasn't going to go down. You have complete freedom when you own.


DC...
A form of debt? Rent is viewed as a form of debt/expense to lenders. $1000 a month to mortgage or to rent is still $1000 to have a place to live. However, the space you rent has absolutely no 'asset worth' to you.

 

[unbornseed]

same ole argument about leasing vs buying...My mortgage with insurance and taxes is $1000 a month. I have a duplex so i rent the other unit for 1500.

Should everyone buy? No.

If you're able to? Yes.

You get the tax right off at tax time which can equal your yearly property taxes so in the end you're not really paying your taxes.

 

[chewtoy112]

I just went through a period where I was deciding whether to move back home to save in order to buy my own place sooner, or find a new apartment to rent and live a bachelor life. (Recently broke up with girlfriend, and we lived together). In the end, I decided to stay on my own. Yes, personal reasons had some to do with it, but I look at the financial part this way. Yes, if you rent you may be paying someone else's mortgage, but they're also footing half the bill in the taxes and strata, etc, and in my case, they're footing half the bill for a brand new place (comes with stainless steel appliances, for the record. Never heard of a place where you had to bring your own).

Bottom line, I don't look at it as if you're renting, you're throwing your money away because in both cases, you're paying for a place to live. This, coupled with the flexibility of renting is what pushed me in this direction.

 

[unbornseed]

same ole argument about leasing vs buying...My mortgage with insurance and taxes is $1000 a month. I have a duplex so i rent the other unit for 1500.

Should everyone buy? No.

If you're able to? Yes.

You get the tax right off at tax time which can equal your yearly property taxes so in the end you're not really paying your taxes.

 

[chewtoy112]

I just went through a period where I was deciding whether to move back home to save in order to buy my own place sooner, or find a new apartment to rent and live a bachelor life. (Recently broke up with girlfriend, and we lived together). In the end, I decided to stay on my own. Yes, personal reasons had some to do with it, but I look at the financial part this way. Yes, if you rent you may be paying someone else's mortgage, but they're also footing half the bill in the taxes and strata, etc, and in my case, they're footing half the bill for a brand new place (comes with stainless steel appliances, for the record. Never heard of a place where you had to bring your own).

Bottom line, I don't look at it as if you're renting, you're throwing your money away because in both cases, you're paying for a place to live. This, coupled with the flexibility of renting is what pushed me in this direction.

 

[2lipslegit]

Originally Posted by DCAllAmerican

Originally Posted by 2LipsLegit

Ive been thinking bout this. Ive gone to 12 different schools now,

You teach or something? Why do you move around so much. You in COllege?

Nah, Im a college freshman. We moved around a lot cuz of my dads work, Im thankful for it though, learned so much and seen much more. A lot of the school switches were moving, others were normal like middle to high school type stuff, switched schools once cuz of boundary changes and twice cuz the teachers whooped my %#* when I was real little.

 

[2lipslegit]

Originally Posted by DCAllAmerican

Originally Posted by 2LipsLegit

Ive been thinking bout this. Ive gone to 12 different schools now,

You teach or something? Why do you move around so much. You in COllege?

Nah, Im a college freshman. We moved around a lot cuz of my dads work, Im thankful for it though, learned so much and seen much more. A lot of the school switches were moving, others were normal like middle to high school type stuff, switched schools once cuz of boundary changes and twice cuz the teachers whooped my %#* when I was real little.

 

[hombrelobo]

Originally Posted by wawaweewa

Originally Posted by hombrelobo

I'll keep buying homes. You keep renting them from me. Deal? Deal.

You're talking about running a residential property business. That's not what the article is talking about. 
In order to run a residential property business you need to #%@!#@! own residential property. Thanks for pointing that out. 

Just letting the demographic that the article is catering to know that I'll be there for them so they have property to rent. You mad?

 

[hombrelobo]

Originally Posted by wawaweewa

Originally Posted by hombrelobo

I'll keep buying homes. You keep renting them from me. Deal? Deal.

You're talking about running a residential property business. That's not what the article is talking about. 
In order to run a residential property business you need to #%@!#@! own residential property. Thanks for pointing that out. 

Just letting the demographic that the article is catering to know that I'll be there for them so they have property to rent. You mad?

 

[xfile 11]

Originally Posted by CampbellSoup

Depends on the location.


But in this economy, I'll have to agree.

10 years ago, nah.

Actually....exactly the opposite of this statement.  If you bought 10 years ago you would have lost all your money.  If you buy now you are buying at significantly lower prices and interest rate.  But, as you said, depends on location.

 

[xfile 11]

Originally Posted by CampbellSoup

Depends on the location.


But in this economy, I'll have to agree.

10 years ago, nah.

Actually....exactly the opposite of this statement.  If you bought 10 years ago you would have lost all your money.  If you buy now you are buying at significantly lower prices and interest rate.  But, as you said, depends on location.

 

[bananaboy2601]

Depends on the situation but renting for the rest of your life? About 50 years of renting? Nah

 

[bananaboy2601]

Depends on the situation but renting for the rest of your life? About 50 years of renting? Nah

 

[elnino4530]

This doesn't work for everyone.

I'm lookin at these brand new condos around my way. $65k but with taxes, fees, dues, etc. it's cheaper than renting a DECENT place. If I were to buy a house at a similar price it would need quite a bit of work.

Owning for less than the monthly cost of renting? No brainer.

 

[elnino4530]

This doesn't work for everyone.

I'm lookin at these brand new condos around my way. $65k but with taxes, fees, dues, etc. it's cheaper than renting a DECENT place. If I were to buy a house at a similar price it would need quite a bit of work.

Owning for less than the monthly cost of renting? No brainer.

 

[navyboy24]

There's a lot to think about. As I am living with my parents and renting out the basement, living in ATL is very affordable but my girl and I want to live in Miami and home ownership isn't very nice how it is in Atlanta..aww man decisions decisions.

 

[navyboy24]

There's a lot to think about. As I am living with my parents and renting out the basement, living in ATL is very affordable but my girl and I want to live in Miami and home ownership isn't very nice how it is in Atlanta..aww man decisions decisions.

 

[triplekrown]

I agree with OP..unless you really ballin and your resume is too 

 

[triplekrown]

I agree with OP..unless you really ballin and your resume is too 

 

[wawaweewa]

Originally Posted by hombrelobo

Originally Posted by wawaweewa

Originally Posted by hombrelobo

I'll keep buying homes. You keep renting them from me. Deal? Deal.

You're talking about running a residential property business. That's not what the article is talking about. 
In order to run a residential property business you need to #%@!#@! own residential property. Thanks for pointing that out. 

Just letting the demographic that the article is catering to know that I'll be there for them so they have property to rent. You mad?

Good luck renting in bumble****, usa... considering that you do have what you say you have. Knowing the interwebs there's prob a 10% chance of that. 
Maybe I should buy 100 acres in Penn and rent it out to the local wildlife? 

 

[jmb1523]

Ehhh I can't agree. If your someone that moves alot I can understand why you would rent. But if you ain't plan on moving buying is the way to go.

You gotta worry about having a good landlord and crap, things get fixed on their terms not yours. They control what you do to your home and even how many people are there. And you can always end up getting kicked out even if you are a good tenant.

I'd rather buy or build my own home.

 

[jmb1523]

Ehhh I can't agree. If your someone that moves alot I can understand why you would rent. But if you ain't plan on moving buying is the way to go.

You gotta worry about having a good landlord and crap, things get fixed on their terms not yours. They control what you do to your home and even how many people are there. And you can always end up getting kicked out even if you are a good tenant.

I'd rather buy or build my own home.

 

[wawaweewa]

Originally Posted by hombrelobo

Originally Posted by wawaweewa

Originally Posted by hombrelobo

I'll keep buying homes. You keep renting them from me. Deal? Deal.

You're talking about running a residential property business. That's not what the article is talking about. 
In order to run a residential property business you need to #%@!#@! own residential property. Thanks for pointing that out. 

Just letting the demographic that the article is catering to know that I'll be there for them so they have property to rent. You mad?

Good luck renting in bumble****, usa... considering that you do have what you say you have. Knowing the interwebs there's prob a 10% chance of that. 
Maybe I should buy 100 acres in Penn and rent it out to the local wildlife? 

 

[north dade represent]

Originally Posted by BananaBoy2601

Depends on the situation but renting for the rest of your life? About 50 years of renting? Nah

 

[north dade represent]

Originally Posted by BananaBoy2601

Depends on the situation but renting for the rest of your life? About 50 years of renting? Nah