Rent or Buy a home?

Over the course of a lifetime is it better to rent risk free, or buy and have to cover the hassle and expenses of upkeep, remodeling, etc?

I would rent to own or just buy I think renting isnt worth it

Owning is the preferred way. One mistake folks make is they think they have to live in prime location. Find an area off the beaten path.

I'd love to be able to own. Currently, I'm in a very expensive city paying rent, but I'm also saving up for a house. I estimate that I'll have enough money for a down payment in the next 5 years.

To each their own though! I know some people who are well into their 70s and still renting because they like moving or they've just become very accustomed to that way of living. Personally, I want a house to call my own.

Heads up. The grid earns cash when you change houses. When you move from one house to another - you lose about 10%. The system suffers… if you stay put in the same house. They presume the average family will move every 4 1/2 years. I been in the same house 12 years…

I'm renting until i am able to buy

I'm renting until i am able to buy

We never had a bubble here. If you want to move every few years…then it is better to rent. Locally if you put your house up for sale.. it can take 3 years to sell. So no bubble. I bought in 2007 and the realtor and banker shunned the crazy MERS mess- the liars loans… the balloon mortgages.

I wish I had the credit to buy my rent is more than most mortages

I wish I had the credit to buy my rent is more than most mortages

Spend 2 hours a day on this goal… in time you can do it. Start by joining credit karma. I cleaned mine up and became a home owner. It took maybe 14 months.

omg i can not wait until we are able to buy. i want my “forever” home. I want to be able to do to it how i want it and by then i’ll most likely be a grandma! we do have 5 daughters!!

Renting in todays society is no different then owing except your paying for someone elses property at the end of the day and while one may be free from repairs and all that comes with being a homeowner, such as; property tax, renters insurance, school tax, its worth it to own. Why because your free from worry. But, there is always the "catch 22" in order to own you must have a credit score of what 615 or higher and the average renter is looking at a score well beneath that. While ideally its better to own, logically in order to do so you need to either strike it rich, have a willing cosigner, live to work saving any extra dime towards owning. Otherwise, why not steady line the pockets of your lanlord who more then likely is looking at a 500
to 600 dollar morgage and charging you two times its value, meanwhile not knowing when they will decide that you lived in their premises long enough and give you the boot. Better to own, just not easily obtainable to do so

Owning is obviously ideal but some people have have credit issues. There are workshops through HUD that help you to plan for purchasing a home. They also help provide funds towards the purchase. In the next 3 year probably 2 or 3 i plan on buy a home. This my focus is a new vehicle. Some if not all credit unions hold classes for purchasing a home too. Many pros and cons of both honestly.

Spend 2 hours a day on this goal… in time you can do it. Start by joining credit karma. I cleaned mine up and became a home owner. It took maybe 14 months.

Hi Roger B. How did you clean up your credit? Did Credit Karma teach you or did you learn somewhere else?

^ They helped me. But also I read any book I could get my hands on per the topic of improved credit. Be sure to look into first time home buyer programs too

I am better with finances than I once was but still seem to be struggling,being on a fixed income and having to completely remodel my home. Just when I think I'm going to get ahead something sets me back. Running out of ideas.

Absolutely buy! I have no regrets going to debt at such little income coming in and providing for my child, alone. I am working on paying off our forever home, and most importantly, it is ours.

What about both?

Hey sis you were posting on my page you did not sign me out. I told you to create your own account

2 years ago I got my first house of my own. Quicken Loans is what helped my husband and I. Long as you are responsible and keep up with your bills have a permanent job. Water gas electric oil for heat is on me. My mortgage and taxes go together until mortgage is paid off. It was easy it its worth it. I from NYC I LIVE IN NY.
You pay quicken loan nothing until you sign your paper for your keys.
It has been $700 cheaper a month. From renting an apartment.

I'm renting until i am able to buy

We never had a bubble here. If you want to move every few years…then it is better to rent. Locally if you put your house up for sale.. it can take 3 years to sell. So no bubble. I bought in 2007 and the realtor and banker shunned the crazy MERS mess- the liars loans… the balloon mortgages.

Over the course of a lifetime is it better to rent risk free, or buy and have to cover the hassle and expenses of upkeep, remodeling, etc?

@Jessica S. — In my opinion, I believe that there are many factors that go into making this decision. I know of older couples who still rent because of the convenience of not having to maintain their apartment/condo. On the other hand, most of my family members have homes of their own and are working on making the last of their 20-30 year mortgage payments. Personally, I'm looking to find a fixer upper at a good price that I can still live in as I remodel it.

That's what "better" looks like to me :)

This helps me out a lot never knew how important it is to know about mortgages.

In the past typically Americans moved every 5 1/2 years– if you move alot- that eats up money. Lets say you move from a $100k house to a $100k house… you will. eat at least 10k. Fees occur- moving alot is like churninig stocks.

Living at our family home. Dad had to move out to assisted living. May lose property if and when dad goes to nursing home. Meanwhile I'm taking care of house. Trying to come up with 6 grand to replace water line from county road to hose + another 2 grand on repairs to house. Plus living on 783.00 a month. Can't afford to rent considering options if Medicare takes home after dad died

Living at our family home. Dad had to move out to assisted living. considering options if Medicare takes home after dad died

Ok- in most states it goes like this. House has to be sold over 3 years prior in order not to be a problem. As far as I know if they do put a lien on the house, you can still live there. However you cant sell- when the house is sold, the lien has to be paid. So it might not be the problem you thought. On the water line and some repairs you will have to make do. I lived with no utilites for a few months - it can be done. You situation could be worse– you have a house in disrepair with a lien coming….. that is the glass 1/2 full. Be strategic- you can get thru this.