View Full Version : Do you believe in renting?
03-09-2006, 03:16 PM
Long story short..i own property with my family.. We DON"T get along but I always thought I'd tough it out until I saved enough ( or find a rich GF, ha! jk)
Well, its gettig worse....No matter how badly I would like to move out, I just think renting is a waste of money.. at least now, I am paying into a mortgage.
Nevermind, it will get long... they dont have money to buy me out, i cant take a loan against the house because we took one out for a remodel..
My question is... am i screwed? Should I just cut my losses and go? Just seems like such a waste but I feel as though there is no other choice.
03-09-2006, 03:19 PM
Most people are against it but not everyone can afford to buy a house. If you don't have a choice, then join the crowd of disgruntled renters.
03-09-2006, 04:24 PM
it depends on your situation and location. buying is not always the best option. if you find the right place with low rent and your in an area where houses sell for a lot of money, you may be better off renting.
At my last apartment, the rent was $600. My mortgage is $900 + $150 escrow. And I'll just guess at $50 per month maintenance costs. So, I'm paying roughly double what I was paying in rent.
I could have stayed where I was at and invetst the $7200 each year at a rate greater than my house is likely to appreciate in which case I would have been financially better off.
03-09-2006, 05:55 PM
in many very expensive places, renting is actually cheaper, overall. where are you?
and expand on the situation: you're saying you don't have enough to buy them out, and they don't have enough to buy you out? and that's it? do you lose your ownership if you move out? etc...
This topic was discussed at length recently over in the Finances forum here:
Check it out, lots of good information provided for both sides of the issue from our feller G|Aers.
03-09-2006, 06:12 PM
Renting can also has it's plusses: it adds mobility. The car equivalent is that you get a new car every 3 years or so without having the hassle of selling your car. Renting has its place and so does buying. It just depends on what you want to do.
03-09-2006, 07:14 PM
Personally, I am renting. Right now it costs much less for me to rent than to buy. Add in the fact that I am predicting that housing prices go down and I have other bills to pay off, it's the right decision for me.
take a look at that thread above. There is no absolute right or wrong answer, you need to analyze your personal situation.
03-09-2006, 07:48 PM
I rented before I was married, and for a time after..and I always had great luck with beautiful apartments, nice landlords, and halfway decent neighbors..but I know of alot of people who have absolute bad luck with renting..the most important thing is to PAY your rent on time-don't leave the place a mess, and always keep communication open with the landlord (ie: if the toilet is leaking, don't wait till it falls through the floor to call the landlord)..we always treated our tenants like family-it's just much better that way..I always liked to rent with people who had kids-I didnt' charge them as much as I would a single person or a married couple with no children, but I did ask that the places be painted every year (we provided the paint, ladders, brushes etc)...we never had a problem with tenants with kids..they were grateful to have a decent place to live that didn't rob them blind.
03-09-2006, 08:11 PM
I did some research on the issue, and after carefully considering the evidence, I do believe that renting is real. To me, there is enough proof that it exists.
03-09-2006, 08:35 PM
dammit, I wanted to do that joke.
03-10-2006, 09:26 AM
do you lose your ownership if you move out? etc...
Live in the bay area and its expensive (at least to me) to buy another place. To answer your question, I will NOT lose ownership BUT I would be wasting money on renting since I would be paying more than I am now.
Thanks for all the input. Going to check out that link above.
Just talked to the family and we CAN refinance, but they feel the rates are too high right now. In my opinion, I think the rates are going to keep going up. Should I wait or just move out and be done with it? I know the final decision will be mine, but feel a gridlocked on this whole situation.
03-10-2006, 10:16 AM
They are expected to increased more in the next two meetings of the Fed, this will correspond to higher mortgage rates (somewhat).
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