True or false: a house isn't really yours until you've paid off the mortgage. There's no point in buying if you are single w/ no kids?

Question

What's the point in buying if you're single with no kids? Isn't the purpose of buying so that you can pass something down to your kids?

Also, people say they bought a house but until you've paid off the mortgage it isn't truly yours. You're basically renting to own. It'll take forever to pay off a home to its like paying rent.

Thoughts?

True or false: a house isnt really yours until youve paid off the mortgage. Theres no point in buying if you are single w/ no kids?

Anpu23 · Accepted Answer

Here's the deal. A fixed rate mortgage is proof against inflation. My house payment is fixed unless I choose to change it. As I watch rents shoot sky high I am so glad to have locked in that payment.

To make this clear my 4 bedroom, 2 bath house with a huge garage and a lot of land is less then people are paying in rent for a one bedroom apartment less then a mile away.

Next advantage is that as the land is ours we can do things like put in solar panels, build a hot tub or put in a small guest house. As long as we follow local building codes we can pretty much do what we want here.

Lastly as I own the property we don't have to get permission to have our 3 dogs, 4 guinea pigs, turtle and fish. If we want to move a friend in, or family member we have no one to tell us no.

Yes apartments have some advantages such as the owner is responsible for repairs and things like garbage pick-up.

But I certainly prefer owning.

WhiteSteve · Accepted Answer

There are pros and cons depending on one’s personal situation. But I’d ask: if a mortgage is renting-to-own, which it kind of admittedly is…what’s renting straight up? What’s the endgame? When you finally pay off the mortgage you know own a valuable asset that is part of your net worth. Therefore you can always sell it if you needed cash, and you could downsize, move to a cheaper home/area, etc…. that 30 years of “rent” you paid is yours again, it’s just not in cash. Renting outright just makes somebody else money, and it’s gone forever for the renter. There are certainly times when it makes sense to rent, but I’d recommend most people invest in a home if they can afford it. It will likely be a little more expensive in the moment, with maintenance costs, property taxes, all that stuff…. but over the long haul it’s beneficial. You’re playing a long game when purchase a home, you’re not going to see instant results.

Aerissa_Jade · Accepted Answer

I saw the house isn't your until you pay it off, that 15 year mortgage and all. Even then the land you rent from the government forever for property taxes.

Don't pay your rent, they take your house. Just like you update states.

As why I'd prefer to own vs rent, is for 15 years my payment is the same, rent can change every so often, no say in the matter.

Plus if I want to knock a hole in my wall, I can. Renting, have to get permission to even hang stuff on the walls or paint it a different color.

I also love having a backyard, I have lots of trees, huge row of huge 80+ year old trees, lots of shade and a Gazebo.

Fenced in backyard for my dog with a dog door, so none of the renting issues involved with that. Plus storage for other things, trailer and atv's and stuff. When renting have to pay extra to store that stuff somewhere else.

Midnight_Kiss · Accepted Answer

I've bought my house on my own and I have no kids and I'm more likely to pay my mortgage off sooner than someone with kids would as I have less outgoings.

I bought my house with the intention to gain from it, meaning it gets me on the property ladder and after two or five years I will sell and buy another property a similar or lower price transfering the mortgage over so the left over profit from the sale can be put intoy ISA to gain interest for the next two to five years and then I can repeat the process until I have enough cash saved to buy my dream property.

If I'm still single when I die I have it in my will that my home will be sold and the proceeds donated to a charity of my choice.

melanieeeB · Answer

The part with the mortgage is definitely true but i disagree with everything else, even when you don't have kids yet, you can still buy a house

DarkWinterNights · Answer

I’d rather rent to own than rent indefinitely. A number of years ago I rented a house with some friends and as it was owned by an older woman who couldn’t manage her finances, was forced to sell the house out from under us. Giving us a couple of weeks to find a place and move. We were paying $2400/month, which was about average for the area. One of the friends I lived with in that place bought a house outside of town about 6 years later. He’s paying about $500 less every month and since he chose a 15 year fixed loan he’s about 1/3rd of the way paid off. Meanwhile I’m still renting and basically throwing my money away.
It’s about creating long term value. Though since 2020, housing in general has become impossible.

GoodGuyBreakingBad · Answer

The issue with Renting is you can get a landlord who is knick picking about all things we have a landlord who doesn't want to fix things but that doesn't bother me much I just go on and me and my cousin want to go live at the high-rise my advice is get something to rent with utilities included otherwise if you buy with a mortgage all the bills are on yours to pay every night also you may qualify for what is called Section 8 housing now not all places offer it but it can help pay for your rent and sometimes rent with bills included is better now I know this girl who got Amish people to make her house and the house is $300, 000.00 so I don't know if she is on a mortgage or not also before you get a house make sure there is no one living in them cause they have that where people live in them and you can't live in them to the people get out there

ragooo8 · Answer

Simply put if you are renting you are paying your landlords mortgage on the house you are renting. When you buy a house using a mortgage you are taking the money you would lose anyway paying rent (paying the mortgage on the house for your landlord) and investing it into owning property for yourself. There are risks with a mortgage and its difficult to raise a deposit but it is well worth it even if you have to get a less than ideal start up home but the younger you are the better when it comes to buying a house

Justneedtokno · Answer

I thinks more about where you want to be. I think taxes suck as much as the next with owning. Also at the end of the day no can truly kick you out or sell it from underneath you. Nor how to customize it.
I’m glad I’m not in any home owners association especially. When the don’t all have yard serviced when the want it to be a certain way. Nor the cookie cutter idea.

I believe renting is more for people who are travelers and don’t plan on being in a certain place for long. If you like moving a lot rent.

MrtoddsWildRide · Answer

If you own the house there is always the ability to change it and make it yours. For reasons involving my divorce, I am renting after having owned a house for the last twenty years and I am going nuts with the fact that I cannot plant things outside or change the paint.
Then there is the equity you build. It's basically a savings account for later on in life.
A mortgage that is paid on time is a huge boost to your credit rating as well and that saves you money on other things like car payments.
Plus it's cheaper on the monthly costs in many places. Nobody becomes a landlord to lose money or break even so they are charging more than the mortgage payment.

Zodiac10 · Answer

Renting is like throwing your money in a fire. I plan on buying a house not renting. Would rather have the monthly payment go towards equity not to someone else. At least if you have to move you can sell for a profit, or rent the place out. If you're kicked out of a lease you can't do that.

The loan is in your name, and the house is in your name. It's no different from a car. If I have a car in my name that I'm still paying off its still in my name. The title will be in the name of the one providing the loan (bank/credit union) and once it's paid off the title is transferred to you.

RationalMale · Answer

I've rented apartments and I bought a condo last year.

Rent: you get zero appreciation no matter how long you rent. Your rent prices keep going up. When you leave, you don't get a penny back aside from security deposit.

Owning: I bought my condo last year. According to zillow, it's already worth 25k more than I paid. My mortgage rate is not going to go up, unlike apartment rents that increase yearly. I'm renting out a spare room for extra cash, and if I move, I can put this condo up as a rental. When I sell, not only can I sell for more than I paid, but depending on how much I have paid down the mortgage, I will profit a certain amount there as well.

Hanrej · Answer

False. Rent follows inflation, buying doesn't. If you bought a house 20 years ago you would have done it to a much lower cost than what you can sell the same house for these days. If you've rented your home for the past 20 years you will have made no profit as rent increase over time.

There are plenty of differences between buying and renting. Even if you buy with a mortgage the house is still legally yours to renovate or add on to as you please while a rented home you're not really allowed to do much besides decorating.
The downsides to buying though is that you become indebted and because of that HAVE to work, much and hard both to keep your employment and pay of a monthly deposit that's likley larger than rent.

To each their own.

DizzyDesii · Answer

I always felt a house isn't yours unless you designed/built it. Thats why i refuse to buy a home unless I’ve bought an empty lot and had a team build what I’ve drawn up

Anonymous · Answer

That's some people's views. The purpose is it's yours period, and an asset, no matter what you do with it. Renting you are only making SOMEONE ELSE rich. Yes you don't have to worry about upkeep or anything with renting, but you are also at their mercy. And it wasn't always like this, but in the last few years, your monthly mortgage payment (depending on the house you buy) is actually cheaper than rent is right now. Even for a 1 bedroom. Plus you don't have the noisy neighbors, kids running down halls etc. I'm single and own my home. Never thought I would and was always fine renting, but now that I have it, I would be totally miserable if I had to go back to renting. But to each their own. For some people they prefer it.

Oigit · Answer

Owning a home is more like paying for a privilege then anything else. You still have to pay property taxes and your home can be taken from you if you don't. So it goes against the basics of ownership. You don't own something if you have to keep paying to keep it. It does not matter if it's something like a tax or maintenance fee. If you have to pay to keep it, you don't own it.

NathanDavis · Answer

I already have two of them, small houses... they're property, they have value by itself, even if I do not live in those houses nor have a family... the people who rented it paid the mortgage in full, nowadays is just some extra income

a lot of things can be "pointless" till you make them work for you

blackgaletiger · Answer

I agree a house isn't yours until you pay it off because failing to make your payments will cause you to lose it

As per being single and owning a home is not an issue. One of the biggest investments you can do in your life is own a home. If you own your own home then that is a boost on your credit. Loans are easier to get and you have a piece of property that can be used as an investment to sell in the future

Adam1978 · Answer

I don't agree any debt can be used to force you to sell your house. It's still your house, the property tax is on the land not on the building. But I certainly encourage people to only buy houses you can pay off in a decade or so. You can always trade up later.

FreyaRed · Answer

>".. a house isn't really yours until you've paid off the mortgage."
true
>"There's no point in buying if you are single w/ no kids?"
Real estate is one of best anti-inflation investments, if you have enough surplus to buy a house.

dontgetafemalecanine · Answer

i clicked true. But buying a house gives you perks too. An investment against inflation; not paying ever increasing rents; security; motivation to keep working hard; a source of passive income in the long run

I'm either buying my place this year or next year.

Fireguy17 · Answer

Once you sign the paperwork the house is yours to do what you want to with it.
You can paint it, remodel it, sell it, what ever you can afford to do.
You do have to make the payments.
It is no different than if you charge something on your credit card and don't pay it all off the following month.
It is still yours.

Pink2000 · Answer

Well with the money I would spent renting, I could use that money as a down payment on a house. However, buying home has more downsides than renting one. I don’t think there’s really a point in buying a home if you’re single with no children unless that’s just what you want. With renting you have to deal with landlords. When you buy a house you have to pay to maintain it. I like living in an apartment because all I have to do is put in a Maintenance request when something is wrong.

Lliam · Answer

A house can be a good investment if a person knows what they are doing. If a person is smart, they can buy a house as an investment with the goal in accruing equity and selling for a profit. Fixer uppers are good for that. And with low interest rates these days, a person's mortgage payments can be lower than rent on an apartment.
Buying has it's risks, though, and it's possible for a person to lose money if things go sideways.

spartan55 · Answer

When you own a house you get to write off the interest on your mortgage each year on your taxes. You also build equity and the value of your house (hopefully) increases. You can borrow against that equity if needed too. None of these benefits exist if you rent.

bowenw · Answer

If you buy you're not going to be at the mercy of a landlord, but you do have to deal with maintenance yourself. For that reason a new home is the better option. In many areas the price of houses increases over time so it's also an investment whereas rent is just an expense. Even if values don't increase you still have the value of your home if you purchase rather than rent.

slatyb · Answer

Deciding whether to rent or buy housing is a complex decision and there are no simple rules that work for every situation. It depends on the relative cost of renting vs. buying, the expected appreciation or risk of depreciation of the property, the expected return from investing the difference in cost, the expected time until the next move, and of course the relative comfort of the available choices.

Ian69 · Answer

I’m currently single and I’ve now bought my house and own it outright. I’ve recently done my will and I’ve left it to my niece and nephew, unless my circumstances change. At least it will give them a start in life.

TallAnon · Answer

There is a point in buying, you can change things, mortgage is often cheaper than rent, etc.
Whether it's yours.. Is your body yours when someone can just pick you up and kidnap you? Of course it is, ownership is about control, but there's always a limit.

Likes2drive · Answer

It’s true in some ways but you really do own it even with a mortgage because it’s just a lean against it , you can do what you want to it but you can’t if you rent it, also it’s a good right off on taxes if you own because of the mortgage and taxes and being single we get hit the hardest so it’s probably a good idea to have a house

zagor · Answer

Well let's see. Over the last ten years I've paid nearly $250,000 in rent. I have 0 equity. If instead I had bought a decent house nearby for $500,000, for that same payment I would have paid down (after interest and taxes) at least $50,000 in principal. But I would have a house that is now worth $1 million due to the market appreciation here. So I would have at least $550,000 in equity beyond what I owed. As opposed to nothing now.

So there IS a point in buying a house. Or at least WAS.

motownplayer2000 · Answer

False. Even if you are paying on a mortgage, you can still sell and make the money needed to pay off the loan if you decided to sell half way though. Or make more money like in this day and age. Housing market is ridiculous. Plus, you I don't know what kids have to do with any of it

goaded · Answer

True, but. Once you have paid off the mortgage, you've got somewhere to live for the rest of your life (assuming you can afford the upkeep), and you can always rent somewhere cheaper and rent out your own house.

michael1469 · Answer

Buying a houss properly timed is key. I paid 180K for my house in 2011. Two months later the housing market started to recover. Today the house would prolly sell for 360K. Inflation is a debtors friend. I am paying back money that is litterally worth less then then when i borrowed it. Buy yourself a duplex to help pay down your mortgage. Or better yet, buy storage facility. You get income now, and you pay off debt with OPM. Then when you raise rents the value goes up.

AviatorTom · Answer

Buying a house gives you equity, a return on your monthly mortgage payment, that renting does not do. And a house is yours even before it's paid off... you own it, determine how to live in it, and when to sell it.

Anonymous · Answer

depends, usually parents dont pass down their home? by that time their children usually already have a home. so many people rent homes, from smart people who make a lot of money. buy a house, get equity sell, profit, and so on. my dad bought his house for 310,000 dollars in 2015 and just sold it for 485,000, and bought a nice smaller home.

Guy13 · Answer

Your Value goes up. Traditional man would assume you bought 3/2 to fill it. At least in my case, -I get, “you’ve prepared for Family” from lady friends. I guess that’s good🤷🏻‍♂️

pixie215 · Answer

even after you pay it off its still not technically yours cause, if you miss property taxes you have the same issue you can be thrown out and it sold from under you after a certain amount of time

ohshee · Answer

Yes buy a house it's an investment it doubles and triples by the time that you go to retire you can get something smaller more economical and you Bank all that extra money

SilverFoxDebutante · Answer

It’s like paying rent…to yourself! It’s an investment. Pick a good location, what you can afford and enjoy not throwing your money on rent every month.

TommyMountainFigure · Answer

I own my own house. Yes, mortgage all paid off merely from working hard. Now I take things much easier! I was never late on a single payment!

Anonymous · Answer

People who can't have kids or orphans should have no house? Purpose of house is to live in place you want to buy not to chase away unlucky people. People no kids still buy but not rent big cars for work. If you only give houses to kids they would ever sell or buy going back to kings no democracy. Maybe they are passed down with payment because customer is somebody's kid

Anonymous · Answer

half true half false. it's so you can have security and stability and not deal with slumlords or bastard tenants anymore. and the bank still owns the house you don't until that mortgage gets paid off but at least you don't have to deal with slumlords or rotten tenants when you buy a house

Aimée__LJ · Answer

False. Paying a mortgage is often cheaper than paying rent. Even if you don't pay it off you can decorate however you like, improve the house, then sell it and gain equity.

serious_miss419 · Answer

Houses used to be 28 grand and now they are over 968 grand.
Rentals used to be 180$/mo and now they’re 2,000$ priorities aren’t in buying a house in that budget when you can’t get by because rent is so outrageous.

HighValue · Answer

Buying a house actually costs less than renting one. You just need good enough credit, a down payment, and a commitment to stay there.

annabananna · Answer

You will get an investment out of buying but not out of renting. Where I live the value of our home went up 30% since we bought it a year and a half ago.

Anonymous · Answer

A home's never truly yours, stop paying the property tax and the feds will take it off you, happy as Larry

As for the single angle it's better to buy that way because there's no forced fire sale to figure out in divorce court

driven159 · Answer

A house is an investment and if you play your cards right and use your head you can make enough money on it to buy and home free and clear of mortage why pay rent and not own plus cheaper to buy than rent

qwert1234 · Answer

Buying one is an investment. If you can afford one - buy one. If you can afford extra, but it and have people rent it.

FunkyMonkee · Answer

Why do you need to be with someone and have kids to own a house?

lovedejj_xo · Answer

I’m currently working on buying a town house or house now haven’t decided as I’m really picky. I’m pretty close in terms of saving but timing is key and I’m happily single with no kids.

Deathraider · Answer

No. A house is for you to live in a good condition. Later on my life, if I’m at a point I could afford a house, I’d buy a house for myself.

Mangospacho · Answer

Somewhat true. You only own the portion of your home that isn’t mortgaged. If your mortgage is underwater, you might as well be a renter.

Anonymous · Answer

If you want kids but are still single. It is worthwhile to build up your equity when you don't have to pay for them.

Anonymous · Answer

a house isn't really yours until you've paid off the mortgage. True There's no point in buying if you are single w/ no kids. Who the fuck said so?

douride2 · Answer

That is how I have always felt. The bank had a share in it till I made the last payment.

RebeccaBI2000 · Answer

I am single and no kids. Bought a house in 2020. I would rather my money go towards something.

jimmy2 · Answer

Its a trade off. Maintains. Taxes. Water. Sewage. Up keep after storms. And other stuff or pay as much as a house in a apartment. With no drags other rhan kids. noise and such.

clampfan101 · Answer

Maybe it’s already everything you’ll need. Plus not everyone wants kids.

Amur8711 · Answer

Even when its paid of you will never truly own it sadly.

Anonymous · Answer

The point in buying is that it’s an investment. Why is giving hundreds of dollars a week to a stranger strictly better? Instead you could own it.

CuriousMufuxka · Answer

False. It's not really yours even after you pay it off. Well unless you own the land..

Gwenhwyfar · Answer

Mortgages are usually cheaper than rent

True or false: a house isn't really yours until you've paid off the mortgage. There's no point in buying if you are single w/ no kids?

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