Is renting better than owning?

[MrDawn]

Is renting a house or an apartment better than owning or is owning better than renting?

 

[Henrywrites]

It depends on your income level. If you are a business person that is always ready to do business in order to make steady income, then renting a house is the preferred choice for me.

 

[passenger]

Renting does not suit me; I would rather own.
However, I do think that this is TOTALLY an individual's choice.

 

[MrDawn]

Renting does not suit me; I would rather own.
However, I do think that this is TOTALLY an individual's choice.

I'm not fond of renting either because the landlord reserves the right to raise rent or evict you without explanation. It doesn't really make me feel secure, especially what happened with mass evictions during the Covid pandemic because people couldn't pay their rent.

 

[passenger]

secure

So important anywhere we can find it!

 

[MamaFrankie]

I used to think home ownership was snobbery but I have now seen sense as an owner cannot be evicted on the whim of a landlord or local council.

 

[tea4me]

Plus, when you own your home, you can change it how you want it without asking permission from whoever owns it (landlord, etc.).

 

[Scarlet Rose]

There are circumstantial situations in which renting can be better than owning, however I think that in general owning is better. On a wider more societal level wider ownership is more positive than renting as I don't think that housing is something which should be directed towards profiteering.

 

[Nebulous]

I like owning my house but it would be better if I didn't have a mortgage payment!
...then all I would have to worry about was utilities, property tax and homeowners insurance.

 

[PGen98]

Can't afford to own, so we rent. Is it better? No sense of security.

 

[MamaFrankie]

If I could afford to buy my apartment, I would. But that will never happen.

 

[Black Angel]

I love owning a home.. it is so much better, even though my rent was no where near as high as my mortgage is now.. if it was, we would still be there..

But that 's just me..

For anyone else, it depends on them, and their circumstances..

 

[Nebulous]

Can't afford to own, so we rent. Is it better? No sense of security.

Hmm, well owning still doesn't provide a ton of security because the prices of everything are always rising (utilities, property taxes, insurances, etc). When I am old and retired and even if my house is paid off, I wonder if I'll be able to afford to stay here.

 

[PGen98]

Hmm, well owning still doesn't provide a ton of security because the prices of everything are always rising (utilities, property taxes, insurances, etc). When I am old and retired and even if my house is paid off, I wonder if I'll be able to afford to stay here.

That's very true, though at least with owning you're not at risk of the landlord suddenly deciding they want to sell...or finding out your landlord that you've been paying consistently hasn't been paying his mortgage and the a week after signing an extension you get a knock on the door from the bank that have taken control of the house.

 

[Nebulous]

That's very true, though at least with owning you're not at risk of the landlord suddenly deciding they want to sell...or finding out your landlord that you've been paying consistently hasn't been paying his mortgage and the a week after signing an extension you get a knock on the door from the bank that have taken control of the house.

True dat! I've dealt with an owner selling before. They only are required to give you a 60 day notice in that situation here, which is not enough time! Especially if its unexpected and you don't have any money saved up. How are people supposed to come up with rent money (first month / sometimes last month too) and deposit and all the other expenses that go along with moving in just 60 days? It should be at least 4 to 6 months notice.

 

[PGen98]

True dat! I've dealt with an owner selling before. They only are required to give you a 60 day notice in that situation here, which is not enough time! Especially if its unexpected and you don't have any money saved up. How are people supposed to come up with rent money (first month / sometimes last month too) and deposit and all the other expenses that go along with moving in just 60 days? It should be at least 4 to 6 months notice.

100% agreed, it's a very similar timeframe here, unless you're being kicked out by a bank, lol. No way people can be ready to move in that short of a time.

 

[passenger]

Hmm, well owning still doesn't provide a ton of security because the prices of everything are always rising (utilities, property taxes, insurances, etc). When I am old and retired and even if my house is paid off, I wonder if I'll be able to afford to stay here.

High property taxes: Of course an owner will pass these increases on to the renter.

In Calif., when you're retired don't you get some kind of "homestead exemption", or reduction?

 

[Black Angel]

NY, IIRC, has a 90 policy, which really isn't much time in the least, but NY is very friendly to tenants and squatters, so there are things you can do to run out the clock.. but it is tedious, and so, it was one of the major reasons why I KEPT MY MOUTH SHUT during the ENTIRE 9 MONTH MOVE..

And it was the best decision I ever made, considering all the shit we went through..

I told my neighbors that I was putting my stuff in storage because of the water damage.. when they asked my in-laws if they were moving in.. I am sure it was confusing for them since they've only seen me and my husband come and go, from our apartment, and then suddenly there was like 5 White people (my husband's paternal family) helping us move our stuff into the truck.. lol

I don't even want to think about how bad it would have been for us had I gave notice..

 

[ZandraJoi]

Since I grew up in the country on acreage, renting never appealed to me although I had done it a few times. The last time was because we couldn’t get a mortgage due to not having credit. We had a nice chunk for a down payment but because we didn’t have credit, we couldn’t ‘prove’ we could afford it. Irony huh! Right now we own our own home outright. However, buying your own home does have its drawbacks. I can understand why some people prefer to rent especially if you are single & don’t know where you want to live exactly, or don’t want to worry about “house” things such as plumbing, furnace, not to mention yardwork & upkeep. It’s definitely a personal choice.