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by HoboJoe on October 30th, 2011

HoboJoe

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Any advantages of renting as oppose to owning a house in this economy?

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Answers. 9 helpful answers below.

  • by formichinoo on October 30th, 2011

    formichinoo

    Asker's Pick

    Selected by the asker, HoboJoe. (What's this?)

    Grandads pearls of wisdom #25 God does not make any more land, the price of bricks, mortar and lumber only goes up, along with the builders wages, so always opt to buy, not rent!

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  • by TenSixths on October 30th, 2011

    TenSixths

    Asker's Pick

    Selected by the asker, HoboJoe. (What's this?)

    No need to self maintain, no taxes, no insurance (Unless you want it) No real responsability that may cause problems.

    Disadvantages... Having to live with other people between thin particle board shitty constructed walls where you have to listen to them, smell them and potentially share in the ramifications of their potentially filthy or bad habits...

    I E... BUGS!

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  • by RinkleyKrettin on October 30th, 2011

    RinkleyKrettin

    For someone who intends to buy their own house the disadvantage is that there is no telling when the market will start to rise, and how fast, supposing it doesn't hover where it is for many months more, than suddenly freefall into oblivion when truth dawns. So lets hope it never does. The financial system is not real and so logic and common sense is less of a driver than in other fields, and unfounded fear is.
    The area of settlement must be a huge factor too. Rent can be often be as much as a mortgage payment. Where it is, it seems that buying in a poor sellers market would be a good time to get your foot in the door of property ownership. Good prospects for continued employment or business, would have to factor into decision making too wouldn't they?
    The market may be flat but if I were needing somewhere to live and had the necessary savings and/or good prospects my predominant fear would be of getting left behind should the market suddenly leap into recovery-mode.
    I personally believe in the age old saw - put your money in bricks and mortar.

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  • by einsteinwasright0116 on October 30th, 2011

    einsteinwasright0116

    No property taxes to worry about. When you rent.


    ,


    .

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  • by spreadingtheword on October 30th, 2011

    spreadingtheword

    Renting...all you have to do is pay your rent and obey all the rules set by your landlord and not default on the lease,can move after lease is up without the stress of trying to find a buyer for your property, If your job lays you off you are not under the pressure of foreclosure.
    Owning...The home is yours to do with what you want,and if you get a good deal on the home especially in this economy it can be a good investment in the years to come when you want to sell it..you can turn it into an income making buisness for many different home based buisness.

    The pros and cons for both need to be measured carefully for your particular life style and future career.

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  • by Anonymous on October 30th, 2011

    Anonymous

    Before the housing/mortgage debacle it was better to own than to rent. Now, mortgages are beyond the value of the house. It is probably better to rent.

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  • by rabid on October 30th, 2011

    rabid

    Good question, that would take considerable research and be dependent on many factors that would differ with each person. It probably take a few days and several pages of text to answer.

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  • by Proconsul on October 30th, 2011

    Proconsul

    Nobody can foreclose on you and you do not assume liablity for anyone injured on the property.

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  • by davem on April 13th, 2012

    davem

    Outside of you plan on moving to a new city pretty soon, it pretty much all boils down to if you have the capital and credit to purchase. Mortgage rates and prices are as low as they probably will be. If you have the aforementioned credit and capital for a down payment I would strong consider purchasing.

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