| A
male
,
anonymous
writes: What are the advantages of buying a house over renting a place? Any? Which will cost more in the long-run? Reply to this Question |
Add your answer to this question! A
male
reader, anonymous, writes (16 April 2008): Always remeber when you buy a home at some point in your life you will not be paying a house payment or a rent payment. Your Mortgage loan will come to an end. Rent payments are forever and always will increase each year. When your retired and don't have montyly living payment that is Mighty GIGANTIC!!!!!
Everyone seems to totally forget how important it can be to not to have a monthly living bill once we get old and retire.
A
female
reader, anonymous, writes (4 August 2006): Having done both I'd say renting is throwing away money but it is also less responsibility - you don't have to worry about the state of the building or pay for the unavoidable domestic disasters - unless they are your fault!
...............................
A
female
reader, matron +, writes (25 June 2006):
 At the moment to privately rent property is probably as expensive as buying but if you buy you know that what ever you do to the property you will reap the benefits and rewards and wont be given notice to leave, unless you default with re-payments that is. On the plus side for renting, if it's council your rent will always be affordable and you can stay put for as long as you wish, also any work you require is usually done by the landlord if renting privately and in some instances the council will tend to repairs ie roof repairs, updating kitchens and bathrooms etc.
Buying is an investment and if you want to make money you could buy cheap property do it up and sell at a profit and buy another property and do the same.
When buying dont forget the extra cost of solicitors, surveyers etc they dont come cheap.
what ever you decide to do make sure that you look about and check the area before you make any decisions, you want to be happy in your own home. good luck
...............................
A
reader, anonymous, writes (22 June 2006): Generally two groups of people tend to rent, those that can't afford to get a mortage, and those who are rich enough to not need one.
Depending on where you live, property can be a good investment. If you look at the property market in the UK over the last 20 years, you can see profit far exceeds what any pension or savings plan could.
Plus, isn't it just nicer to come home to "your" place. There's some phrase about a man (or person) and his castle that springs to mind!...
...............................
A
reader, anonymous, writes (22 June 2006): Hey there,
Two words - DEAD MONEY. That is such a big downfall to renting - paying off someone elses mortgage! So if you have the money etc then I wouldn't hesitate in buying your own place. Of course it depends on how much you buy your property for as to how much the monthy repayments will be, so it could well be more than what you were paying in rent, but as I said, you will be paying money into your future so to speak, not into someone elses! xxx
...............................
A
reader, anonymous, writes (21 June 2006): It depends where you are. However, mortgages can sometimes involve lower payments per month than renting. If you don't have savings, some banks offer 100% mortgages although you do need some money for a solicitor, surveyor fees and general moving expenses. When you rent you have nothing to show for it, but if you don't like the place you can just move quickly without many responsibilities. You often find that you can make a healthy profit on property that has been purchased if you are careful to buy in a popular area.
...............................
|