Renting Vs Buying Which one is best?

Recorded on May 5, 2009 using a Flip Video camcorder.

Category:

People & Blogs

Tags:

• Rental
• Mortgage
• Houses
• finance
• money
• millionaire
• Demcad
• Geroge4title
• Afroprepper

[32937isready]

Renting is better unless you buy a house for cash.

[mohammedabshaun]

@32937isready I definitely think so/

[gaoxinglangblog]

i reckon the best situation to be in is having the money to buy a home out right. but still renting.

even renting and subletting to the right people.  that way you pay almost nothing for your rent and also get to share a house with other good people.

then yuo can move around freely and dont have to worry about financing changes in your life.

[mohammedabshaun]

@gaoxinglangblog but if you that you have no freedom in your house if you rent to others.

[TheSheChef]

you mean the renters vs the buyers vs the owners...or do Afro and I stand alone here?

[mohammedabshaun]

@TheSheChef are you an owner of a home?

[SUPERBORNBETTER]

Buying is better, in 20 years i come back and see you and you tell me, I work for 25 years i'm broke and have nothing to show for. Can you please show me pity.

[going2sleep]

It is simple most people I know who are borrowing and lending on interest cannot get out and have dug a big hole for themselves. There is no blessings and you are constant battle with no freedom. Another words you become a SLAVE! That is why God and the Messenger, in Islam, waged WAR on those who lend and borrow on interest because you are taking away peoples FREEDOM. You take over the person's self body, flesh, and the soul suffers.

[RLWSNOOK410]

@mohammedabshaun Have you done the math? I'm buying rental properties right now which pay for themselves in less than 5 years... (that's with a mortgage and putting 20% down). I'm guessing you've rented for 5 years, ie you've paid for a house's mortgage... Yet after 5 years of renting you don't have anything. As for if your house gets blown away, you still have to deal with that as a rental, finding a new place getting your crap replaced. Insurance takes care of this in both cases no diff.

[Aku2Ankka]

I am for buying since it is a long term investment. In my opinion house buyers get to pay the bare minimum and people who rent have to pay a premium. This is at least how it should be or else nobody would buy anything. 

[lafucil]

Buy income generating Duplex's, 4-plex's.....and above.....with cash! Rent the units out, save and repeat.

[L1661N6]

It depends on the situation, if you plan to live in a house for more than 5 years than your better off buying, because you can sell it, and/or rent it and at least get back what you invested into it. I know folks who been renting the same home for a decade straight, to me, that's just ridiculous, the amount of time a person should be renting their house for is 2 to 5 years max. As long as the price is right, its better to keep than to owe, least you got something to show for it, in the end.

[duppyteet]

understand ur point, but with the tax deductions uncle sam actually pays half ur mtg payment plus u hav the convenient of freedom rather than succomb to landlords rule

[grumpone]

It always depends on a personal situation. Someone with a family who doesn't want to move all the time due to his rentals being sold, doesn't have many options. Again, in my circumstances I buy - but do I buy for myself? No I buy repossessed and resell. It's business. I do rent, but I rent somewhere quiet, where I signed a multiple year lease (I insisted) and the place is not in demand. Why? Is it a dump? No, it's gorgeous, on top of the hill, no one around - the masses prefer the bustle.

[MrApplewine]

Renting is better financially. Buying only makes sense if you are going to rent it out. Buying costs more, but if you are taking money out of the equation then some people want to own for other reasons.