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    Renting Vs Home Ownership

    Joe Jan 12, 2015

    1. Joe

      Joe Getting There

      What are you currently doing? Renting or owning? What are the pro's and con's of each?

      I wished I owned a home but I dont think I will ever be able to do that unless I marry someone with good credit and a good job. There is many times where I have been thankful that I didnt own the house I lived in as sometimes things can go wrong and can end up costing the owner hundreds to thousands of dollars. Also I prefer living somewhere where they have someone do the landscaping and upkeep of the property. Not to mention not having to pay property taxes.
    2. Shortie861

      Shortie861 Administrator Staff Member

      I currently rent right now because I am more financially able to do that right now however I would not hesitate to buy a house if I knew I was able to. I personally feel that renting your home can be better for you as all you have to worry about is keeping it in good condition, any repairs are the landlords problem unless you made the problem. Owning your own home everything is down to you which can add to the cost.
    3. Marti

      Marti Super Moderator Staff Member

      i rent my bach apt cannot afford to own my own place as i am on disability
      Shortie861 likes this.
    4. APS

      APS Administrator Staff Member

      We bought our house on a mortgage which was paid up in 2008 so now it's all ours and we hold the deeds.
      Shortie861 likes this.
    5. David Smith

      David Smith New Chatter

      I own, don't like renting. Bad thing with owning is you have to pay off for a mortgage. As with renting, you rent. Also it is a lot cheaper to rent, by running the house and having to pay less things off. There are both pros and cons with both. Depends what you like the most.
    6. Maddie

      Maddie Quiet Chatter

      I am with David Smith on this. There are good pros and cons to both sides of this. I own my home and the good side is I can have my home paid for at some point in the future. If you rent, then you will always have that bill you owe.
    7. NecroWolf

      NecroWolf Shy Chatter

      Mortgage prices seem about half of rent in this area and rent is expected to go up with oil workers moving in the area. Right now you are luck to get a place to rent under $600 but I've never heard of a mortgage that high. I'm sure there are just I have not met anyone with that high of a payment. $350 seems to be the average and the homes are twice the size of what people rent.

      I say do a land contract, like rent to own. You pay rent a few years but it's like a mortgage as one day you own it and don't have to pay rent anymore.
    8. wakko0o

      wakko0o New Chatter

      I currently rent at my parents house with my wife and 2 little girls. Parents own a 3 family home. We rent out the 2nd floor it has 3bedrooms, dining room, living room, kitchen and a full bathroom. I pay 1000 a month in NyC! I consider myself lucky. I was renting in Long Island for 3 years on a lease 900 dollars for a half bath, 1 small bedroom, small living room, small kitchen and is was a sub basement. At the time it was only me and my wife so it worked until wife got pregnant then I had to make moves. Sooner or later I will need to make another move when girls get older and start highs school. Maybe own a home around the outskirts of the city.