Does Renting Make Sense?

[Moses Opondo]

Renting makes sense when you plan on not staying in one location for long time and you can't afford the home or it's maintenance costs.However buying is good if you want to gain equity on your home and enjoy the advantages of living in your own home.

[sordki]

I think it depends also on country where you are. For example I'm from Belarus. Property to buy is very expensive. But to rent is quite easy... So it makes sense to rent property here.

[k1w1guy2]

Rent was $1 cheaper than mortgage payment ... no brainier for me - Owning is awesome!

[Don't believe the Hype]

Why not do both? - work out where you want to live and the cost to rent there. Buy investment property/s with the rent from them enough to cover the rent in the location you want to live. Both tax effective and sound investment strategy as you can invest in rentals based on strong fundamentals. Where you want to live may not necessarily be a great place to invest.

[sandrajames]

Some of the time.


Your answer will frequently rely upon the land showcase in your general vicinity. Once in a while, it very well may be less expensive to purchase a house than to pay lease, because of low financing costs, low gratefulness or devaluation, and different elements.


I was in the market for a house in 2004. Costs were expanding quickly around then (pre-crash). One house that I considered to purchase would have taken a toll me $2,250 every month for a house installment, in addition, to support costs, protection, and so forth.


As it would turn out, I wound up leasing that same house for $1,250 every month. All things considered, I spared well over $1,000 every month by NOT purchasing that house.


In different markets, it might be a superior plan to purchase a house than lease, if the interest for investment properties is higher than the interest for new buys.


With respect to your unique worry about what is appropriate for you, it appears that you have addressed your own inquiry. I would prescribe to you the accompanying site passage that I thought of a few years prior, which will assist you in preparing for your first house, and also other real buys.