why rent or buy?

  • January 04 2011 - US
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Answers (14)

In this market.If your not sure where you will be in the 5-7 years I suggest you rent
  • January 16 2011
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In Buffalo, New York, where there are a lot of doubles. It's always a good idea to buy a rental double. Here, you can own your own home and rent out the other unit and literally live for free...at least with regards to your abode.
If you don't mind the responsibilities of being a home owner, it's beneficial to buy.
  • January 16 2011
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If you live in New York City, especially for larger apartments, the rents are increasing and not cheap.  You'll most likely spend far more for your rent for, say, a 3 bedroom than you would be paying monthly for your maintenance and mortgage most likely and you end up owning something.
  • January 14 2011
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Both have positives as stated.  Simple answers...

Rent: Less cost, live where you want to live for a time period that fits you.

Buy: Just like any other investment it takes time to make money.  One good thing is your payments do stay at the same levels year after year.  Assuming you have a fixed rate.
  • January 14 2011
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Profile picture for dacolan
Own pro: building equity

Do you mean "potential to build equity?" It's difficult to build equity in a declining market.
  • January 13 2011
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Rent pro: no committment, no taxes, less maintenance costs and no repair costs.

Rent con: no equity accrued, you can be kicked out when your lease expires

Own pro: building equity, investment in a community, not living at another's sufferance, freedom to do what you want with your home.

Own con: commttment, taxes, maintenance and repair costs, less flexability to pick up and move.
  • January 13 2011
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Profile picture for mheinc1
The simple answer to this question lies with the individual. There are valid reason for both positions. The question speaks to the individual who is looking to make the change to home ownership and has the means to buy a home. For those persons it is a good time to buy because of the record breaking low interest rate. You can simply get more home for the buck and it's more affordale. Each person needs to consider the pros and cons unique to their personal situation to effectively answer that question rent vs buy.
  • January 05 2011
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Profile picture for Lady Chattel
Jeff, with all due respect (cough), a person should not speak to a REA to help with the decision to rent or buy.   REAs are not qualified to make that assessment, esp when many have no working knowledge of true economics and then add in the fact that their ability to make money depends on a person buying a house. 

Why rent? Cause it has saved me $45K in the past 3.5 yrs.
Why Buy? I can't come up with any reason, until the avg homes in my area drop another 10-20%. 
  • January 05 2011
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Profile picture for blue screen exile
Any agent that asks that question must be an agent that is so blind to market issues that I can't imagine why anyone would select him or her.

Why rent?  Probably because one doesn't want to live under a freeway bridge or in the bushes along a roadside.

Why not buy?  Perhaps because I already own, and buying something else will increase my cost of living and decrease amenities?
  • January 04 2011
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Why rent or buy?
As opposed to renting AND buying?
That'd be silly.
Clearly it makes more sense to do one OR the other, and not both.
Unless you're suggesting 'squatting' for the statutory minimum period, and taking property through adverse possession.

So, to sum up.
DO, rent OR buy, but don't do both.
DON'T squat, and if you do, don't tell anyone you're doing it, or you'll waste a lot of time.
DO speak to a Realtor to help you with the decision as to what to do.
DON'T take this message too seriously.
  • January 04 2011
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Profile picture for the_country_hick
Got cash? (no down payment money and a cushion= rent)

Want to waste money?

Doing a cost benefit analysis will decide this for many people. Adding in lower costs arriving with more foreclosures can tip the buying time line into renting for awhile.

If I am going to live in an area for the rest of my life and buying costs $1,000 a month more than renting I would rent. Money saved is a great thing. If instead the cost of buying was below, maybe about the same as renting I would buy.

If I might move within 7 years the selling costs and hassles of maybe not being able to sell say to rent.
  • January 04 2011
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why rent or buy? well, because probably nobody will give you a place to live! (except maybe mom and dad...)
  • January 04 2011
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thanks i really like your comment
  • January 04 2011
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Profile picture for sunnyview
Rent or buy? Is that like cake or death? If it is, I choose cake. Help yourself to a slice.
  • January 04 2011
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