Is it smarter to buy than Rent?

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March 22 2011 - Long Beach
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Replies (22)

Profile picture for SteadyState
Is it smarter to answer your own question than to say something meaningful or insightful? No!
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March 22 2011
lmao funny, 1st responce.  Ummm yea, rates are 4.75, and prices are super low, why would u rent?
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March 22 2011
Profile picture for Lady Chattel
Cause my rent is $1-1.5K less than the houseowners next door

D'oh!
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March 22 2011
Profile picture for dacolan
There is no universal black/white answer as Mr. Pacchiano implies. Whether buying or renting is the most economically beneficial decision depends on individual circumstances, market location and personal financial goals/risk tolerance.
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March 22 2011
Profile picture for hpvanc
Call a real estate agent to determine if it is better for you to buy or rent?  Here are some other things you could use that strategy on:

Ask a car salesperson if it is a good time to buy a vehicle.

Ask an electronics salesperson if you need a new TV.

Ask a sporting goods salesperson if they have something that can improve your game/sport/aim.

Ask a jewelery salesperson if your spouse would be happier with a new bauble.

Ask a timeshare vacation salesperson if a timeshare is right for you.

Ask a vacuum cleaner salesperson if you need a new vacuum.

Ask the cosmetic sales lady if she can make you pretty (well that one might tell me no ;-) ).

Ask a container salesperson if your existing containers are keeping your food fresh.

Ask any salesperson if it is a good time to buy whatever they are selling.  How often are you going to get a truthful answer?

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March 22 2011
I agree with Dacolan. In most cases, people find it better to buy a house. But the real answer would be, it depends upon varied circumstances. Like for example, having a very low rent is advantageous especially if someone temporarily resides in a particular place. 


Fhil F.
Social Media Manager
on behalf of Derrick Sakai
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March 22 2011

That all depends on your particular situation.  Buying comes with many costs that you do not have as a  renter.  There are tax advantages to buying a home but depending on your income those write offs may not balance out the additional cost of ownership i.e. insurance, taxes, HOA fees, maintenance etc.

If you are going to buy, make sure you go over all your expenses..and be realistic about the cost of long term maintenance..roof replacement, painting, appliance replacement/repair etc. Then make an informed decision about buying vs renting.


Good luck!

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March 22 2011
Profile picture for Dunes....
@Fhil F....Social Media Manager on behalf of Derrick Sakai

Please read the Good Neighbor Policy

"Spam, advertising, or self-promotional content is not allowed in Zillow Advice. This includes, but is not limited to, any contact information such as phone numbers, email addresses, or website URLs"Good Neighbor Policy

Thank you

Bob F...
Social Media Manager
on behalf of
Dunes
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March 22 2011
Isn't this question an attempt at self-promotion?  



Oggi Kashi
CA DRE 01844627 
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March 23 2011
read Rich Dad Poor Dad.  Good perspective on long term investing and creating wealth
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April 02 2011
Profile picture for Pasadenan
The guy that wrote "Rich Dad Poor Dad" had "neither", it was a "fiction book", and he didn't make any money in Real Estate, he made his money selling a "get rich quick" book....

As they say, if you want to make lots of money selling water, pollute the water first...
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April 02 2011
Flexibility or long-term predictable costs?
Liquidity or investment growth potential?
Someone else's space or your own to decorate?
Move on a whim or put down roots?

Depends on what you need...the answers are not only found in comparing dollars in the short run.

Rates and prices are so low that it is often cheaper to buy than rent, if you have the financial ability to buy. You can also lock in your monthy costs, whereas rents --at least in my market-- are expected to rise.

However, if you don't want the hassles, have no stomach for investment risk, or are not looking to stay put for at least a few years, renting may suit your needs better.

Sit down with a Realtor and explore the options.
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April 02 2011
It depends. If you are to stay in a place for a short period only, then renting would be practical while on the other hand, for purposes of permanent residence, buying a house would be a good answer. One must however consider more factors that would affect one's buying decision like budget, taxes, etc. 
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April 07 2011
No real estate agent is qualified to answer this question.  Every person's situation is different, only a qualified financial planner can advise someone if it's better to rent or buy based upon their income, savings, employment, tax issues, and other financial commitments.  Agents who advise anyone to buy without first seeing a financial planner are not working in the best interest of their client.
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May 07 2011
Profile picture for SteadyState
John -

I want to commend you for your answer. If we had more REAs do this then we would restore trust faster in the REAs and make home buying decisions in a fiscally responsible way. Thank you again.
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May 07 2011
SteadyState - thanks for your kind comments.  As an MBA with 20 years experience in corporate planning and 10 years experience in  real estate investment planning, I'm uniquely qualified to help investors plot out investment strategys and budgets.  But when it comes to family financial plans, saving for college, and retirement planning - I'm a zero.  Our clients need a qualified assessment of their buying power based on their complete financial picture - which is right up a certified financial planner's alley.
Best of luck.
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May 08 2011
In the Minneapolis or Minnesota the market it is less expensive to buy than to rent.  The answer would be buy since you need a place to live and own an asset.
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May 09 2011
If you plan to stay in the area for several years, you would generally be much better off the buy versus renting if you can.  A home purchase should be for the long term.. If you have to sell within a short time, it could be risky.

The reasons for buying now are:

1.  Prices are very low at this time.  Many areas are selling below replacement value.
2.  There are still tax advantages to home ownership versus renting.
3.  You have control over the property to do what you like with it, as long as it is legal and within any HOA rules if applicable.
4.  Equity growth.  A portion of your payment goes towards pirncipal on the loan.  Additionally, over the long term, values are very likely to rise in the future.

John
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June 03 2011
If you are paying a high rent, depending where you live, try to find a realtor to help you, get a referral from friends and/or relatives. Once you have a realtor he or she can help you get pre-approved and then if you think is the right move you can make a decision about buying. 
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June 04 2011
get pre approved first.make sure you can afford payments.clean up your debt first,no new purchases. have at least 3 months mortgage payments for emergencys. dont forget all tax breaks you have at the end of the year.interest rates are low. theres alot inventory homes to chose from. find realtor that knows the area well, ask around friends or family if they know any good realtors. cost you nothing to use realtor,only when your selling. buyers realtor will look after your best interest.seller realtor is looking for his sellers interest not yours. good luck
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June 04 2011
nothing like a rambling bunch of nonsense that doesn't actually answer the question! Gotta love the deep thinking!

Is is smarter to buy than rent? The answer is it depends:
1. Will your mortgage payment be less than rent of a similar dwelling? [ no more than 20% downpayment, and add in taxes, insurance, hoa to your payment]
2. is your job stable?
3. are you sure this is someplace you want to live for many years?
4. Do you have extra cash in case of an emergency? think roof leak/ac goes out all at the same time.

If you can answer yes to all 4 questions, then consider buying.  
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June 04 2011
Profile picture for Schizlor
The two John's and Roberto are the only one's talking sense here. The rest is just NAr babble designed to get those poster's name plastered all over Zillow (the only way Z will allow "self-promotion")

You'll get 2-3 people telling the truth, and then dozens of, "Want to know if it's a good time? Come talk to me!" or, "Pfffft! "Good Time"? Are you kidding me? Of COURSE it's a good time, stupid!" responses.

If I ever had an agent tell me straight-up, on our 1st meeting, "I don't know what your exact situation is, but unless your heart's set on it I really would hold off buying for at least 6 months or so.." That person would become my agent for life. Its the same way I decide where to take my car. I asked the mechanic at my dealership to take a look at my car and shared my concerns. I gave them a clear window to tell me, "oh yeah, that thing is shot" and I would have easily accepted the diagnosis and paid what it cost to 'fix' it. On 3 separate occasions they've taken a look at it and reported to me that nothing was wrong, and I didn't need service. This dealer gets all of my business from now on. A modicum of honesty is priceless when you're dealing with salesmen. (Probably due to how rare it is)
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June 07 2011
 
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Is it smarter to buy than Rent?
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