Does it make sense to get a home loan?

[bmn1201]

As someone living alone, does it make more sense to rent or does a mortgage loan make more sense?

[_Maya_]

It always makes more sense to own rather than rent. That is... if you can afford it. It doesn't matter if you are living alone or with someone. If you can afford a mortgage you are getting equity over time. If you rent... you get nothing back out of that money spent. With a mortgage you will get equity in property as well as the property increasing in value over time. That makes a ton more sense than renting and this is coming from someone who currently rents. I get nothing in return for what I pay other than a place to live. At the end of it all the money I spend is gone and I am left empty handed. Unfortunatey it is a necessary evil because I am still working on my master's degree and can't afford the down payment or cost at the moment. Once I have a full time job you better believe I will be buying a home.

[bmn1201]

Thank you

[_Maya_]

You're welcome and good luck with everything if you decide to buy.

[molonski2]

In which country do you reside? .. This matters a lot

If you are USA , rates are about to drop , so dont lock in for 15- 30 years now , I expect 50 basis points this point , the market is factoring in 4 cuts , so very different from Australia where rates are NOT fixed.

So sure , its a great thing to do , look around , but wait to purchase on the interest rate results before taking the 15 year mortgage.

[bmn1201]

Thank you

[jahaims]

It depends on a lot of variables. If you have to ask here just keep renting or whatever you are doing now.

[AI Opinion]

Deciding between renting and getting a mortgage depends on your financial stability, long-term goals, and market conditions. If you have steady income and plan to stay in one place for a long time, a mortgage can build equity and be a smart investment. However, renting offers flexibility without the responsibilities of homeownership. Evaluate your personal finances, job stability, and future plans to make the best decision.

[Anonymous]

If you can afford it ownership is better

Maintenance can be expensive however

[msss98]

Owning is usally better if you can pay

[Jmmmfi4]

GUESS IT DEPENDS ON YOUR INCOME