Comments on: Home Ownership, Should I Buy Or Should I Rent, A Calculation

By: Bella james

Bella james — Tue, 08 Jun 2021 08:05:46 +0000

This topic is too difficult to answer. I always find myself not sure which way to go. I find it depends on where you live and rent. In some places, rents are higher than mortgages.

By: tony lanti

tony lanti — Thu, 06 Sep 2018 17:50:31 +0000

One item every one missed is the cost of maintaining the home. From replacing or repairing a roof for example can cost a lot of money. Even painting the exterior every five years is costly. Heating and A/C replacements or repairs are costly. Replacements like water heaters are not cheap: and the list goes on but you get the gist of what I am saying.

As a home owner for 60 years, thru the ups and downs of the real estate market the best time to own is in a rising market especially income producing properties. But your ability to do repairs will determine your profits. Now that I am beyond the willingness to do such repairs rentals are the way to go.Let someone else have the headaches. Just look at major disasters home owners laments; from tornado’s,earthquakes, floods,hurricanes,fires(all types),sink holes ,etc.

By: Zoran

Zoran — Wed, 24 May 2017 19:47:10 +0000

Hi,

You didn’t consider the fact that if you buy a home in 15 years it will increase its value. Thus not only you will have 50k from tax savings but also your net worth will be be higher. You say that similar home would cost you 150k more if you decide to buy one after 15 years, so if you buy one now it will be worth 150k more. You will own a home and at the same time it can be considered as an investment property.

By: Gretchen

Gretchen — Mon, 06 Jun 2016 08:24:00 +0000

It’s always been my dream of owning a home! I am in a state of doubt now, it’s a very tough decision whether to buy or not! I’ve done a lot of research about all costs and expenses of owning including the recent mortgage payment in the market and I think , that’s very expensive. I hate renting, I agree with this also, there are a lot of restrictions,you can’t remodel because you don’t own it. Right now, I still consider of buying a home.

By: Online Mortgage Loan Shopping For Best Mortgage - How I did It

Online Mortgage Loan Shopping For Best Mortgage - How I did It — Fri, 05 Sep 2014 12:35:50 +0000

[…] me was the documentation that was required at the time of actual loan application. I stated before renting was economically better decision than home buying. Well that financial decision and equation started turning as we love to stay in a big house, we […]

By: Robert Dobson

Robert Dobson — Thu, 12 Sep 2013 18:18:13 +0000

I think renting is the best thing, right about now, but I could be wrong.

By: Rick from 3D Builders

Rick from 3D Builders — Mon, 15 Jul 2013 19:10:27 +0000

In reply to Brick By Brick Investing | Marvin. The answer is essentially not a computational one as many have pointed out here it does depend on a multitude of variables vis-a-vis your circumstances. That said circumstances can change hugely with time along with an accompanying shift in priorities, Toss a coin or use the force.

By: Brick By Brick Investing | Marvin

Brick By Brick Investing | Marvin — Mon, 22 Apr 2013 23:58:45 +0000

This is such a huge debate in the personal finance arena. I think you are right in saying that it depends on the individual’s situation. If you are locked and set on staying in an area then I would buy but if you are unsure of your future better to rent and leave your options open.

By: Charles

Charles — Fri, 15 Mar 2013 07:53:05 +0000

In reply to Miss T @ Prairie EcoThrifter. this what I'm looking for! should I buy or rent a home? I guess buying a home is good to go if you can afford it.. renting is more expensive in the long run, why rent when you can own a home to get what you want for your house.

By: Matt

Matt — Wed, 19 Dec 2012 11:59:22 +0000

Very interesting read. I’ve been doing the maths on a related post myself, (haven’t published it yet). The one thing I find interesting is that your rent is so much less than the monthly cost of your own home which I find strange.
Over here in the UK, all things being equal, it’s almost always cheaper to buy than rent, after all, the landlord has to cover their mortgage and costs too. In fact, part of the criteria for getting a buy to let mortgage is whether the valuer reckons the going rate for a tenant exceeds the mortgage payment + 15%. Besides, if you are serious about making money off renting a property, why wouldn’t you rent it out at close to the equivalent mortgage rate, even if the mortgage was paid??
There is one other factor though, what happens to the money after the mortgage is paid off? If you continue investing the same as your old mortgage payment amount you’d soon catch and surpass the renter in net worth, as they will still be paying out each month when your mortgage is done and dusted.