Do you prefer to rent or buy a house?

Question

I personally prefer to rent a house. I think it is easier to just leave a flat/apartment or a house behind if you do not end up liking it. So renting it is. The other reason is, the real estate market is really saturated and with really unlawful things in India, so renting it is!

WindAtMyBack · Accepted Answer

I'm mixed. They both have their good and bad points. When I was young, I really wanted to buy a house. I worked in construction for years and thought I'd like to buy a fixer-upper and flip it, or live in it. As I got a little older, like in my 30s and 40s, I no longer wanted to buy. I knew how much work it was to keep up a house, and I was starting to get burned out on doing that type of work.

From strictly the financial point of view, it depends on where you live. Generally it's cheaper to buy in the long run, but it's not as much of an advantage as most people think. In some places, owning has very little financial advantage over renting. It depends on the rent/own ratio, which varies quite a bit. It also depends on property tax, which varies quite a bit. Where I live property tax is very high. The tax alone is approximately half the cost of renting a decent apartment in the same area.

Utilities are also going to be much higher in a house, especially if you live in a cold climate. Electricity will be higher. I paid for electricity for several decades and know how much I use. It almost doubled when I bought a house. There will be trash, water and sewer bills, which you typically don't pay when renting.

Then of course there is all the maintenance and repair costs associated with owning. There are literally always things that need to be done to a house. There are all kinds of maintenance things to do, plus the occasional very expensive costs like roofs, furnaces, A/C, etc.

When renting, you don't have those costs. You also don't have to worry about all those things. You just report it and let someone else deal with it.

I fully own my house. By my estimates, it's barely cheaper to own that rent. If I had a mortgage, it would definitely be cheaper to rent. Even fully owning, if I factor in time value of money, it would probably be cheaper to rent.

Outdoor work. When I rented I didn't have to buy lawn mowers, leaf blowers, hedge trimmers, string trimmers, chain saws, shovels, rakes, loppers, etc. But then I like doing outdoor work, so I don't mind. I also like having a vegetable garden which I couldn't do when renting.

The advantage to owning is obvious. It's just nice to own a home that is all yours. You can't do whatever you want, but you do have a lot more freedom than when renting. Houses are typically bigger. For most of my life I kept my possessions low. But the last 10-15 years that I rented I was starting to spill over and run out of room. I guess I got tired of a minimalist lifestyle and started accumulating possessions. I can't imagine trying to squeeze everything into a small apartment today.

I don't really feel it any more, but for a long time after owning a house, I felt like it was a ball and chain. It felt like I was tied down, and couldn't up and move if I wanted to. I can't even go on vacations without making arrangements for keeping up the house, paying bills, etc.

However, I'm settled in now. I'm comfy in my home and plan on staying here for the duration. I'm not at an age where I want to be moving around. I have a lot of long term neighbors, and most of them are settled in also. We are all friends and watch out for each other. There are younger neighbors who watch out for the older neighbors. While it's possible to be settled in like this in an apartment, it's far less common.

This is my home. I will be here as long as I can, and probably die here.

AviatorTom · Accepted Answer

Buy if you can afford it and you' plan to stay in the area for at least a few years before moving. Over time, buying is almost always cheaper than renting.

If you can't afford to buy, or you plan on moving soon, then renting is the better choice.

TenderFantasy · Accepted Answer

Well, my family owns this house that I am currently living in. Pa/Dad says there are MULTIPLE advantages to being a homeowner, like what if your landlord decides to up your rent? With your own house, that will only happen if you refinance to a shorter-term loan.

Next, you can DECORATE your house (within HOA limits though unfortunately), however you want, especially inside. You can paint the walls ANY color you want. You can remodel your kitchen and bath. You can paint your garage and "ugly" color, etc.

With renting, yes I have heard about rent control that's true, but I am not too sure about it. I'd have to read more about that and what the law entails.

I guess all I'm saying is that you have more FREEDOM with your own place. You can even install a backyard pool if you wanted.

But yeah, I think you're right about the ease of renting in many ways. But with renting you will NEVER be considered a "Home Owner" and some people take pride in being able to identify themselves as that.

If you're not able to make rent, you are definitely kicked out.

If you're not able to make your mortgage, the bank sells your house to someone else BUT I think you get to keep SOME of the EQUITY behind the sale, as MOST Real Estate Appreciates.

With rent, you just have to worry about the rent, sometimes the utilities are included so yeah that's a plus.

With owning a home, you have to pay PROPERTY TAXES twice a year in order to keep living in that house. I don't know why that is the case, but I guess it's just another way for the Tax people or Uncle Sam to make money! You own the property/land but yet YOU have to pay them! Lol IRS.

We got lucky in many ways because we bought the house in 1993 when I was 9. It's appreciated astronomically and the value of the house is now worth 900K if not more.

You want to have a garden? Well, in a house you're able to do that.

I think what's stopping a lot of people from getting a house like my dad says is the DOWN PAYMENT. Usually, the DP is now around 10 to 20% down. IMAGING how much that is in a 900k house! :-)

Anyway, good luck.

Dinklex3 · Accepted Answer

Renting is great when you don't know what you want, where you want to settle down, or move a lot.

I definitely prefer renting at the moment.

In the future when I find an area I want to settle down in, I'll buy a condo 🤗

OlderAndWiser · Answer

I am renting at present but will be buying a house within the next year.

LiamJHayden · Answer

I inherited two houses, one from my dad and one from my maternal grandmother, so renting would not make sense for me. Otherwise, I'd probably buy a multi-unit building and live in one while renting out the others.

menina · Answer

At this point of my life I would rather rent an apartment since I want/need to leave the country. But when I find a place to stay for good, I will probably buy an house.

Jamie05rhs · Answer

I don't want to buy a house until after I find my wife. Because I don't know where she wants to live!

Astarlessnightsky · Answer

Only rented this far as i couldn't afford buying, and it will be some years/decades until buying something will become an alternative.

Rossdasa · Answer

I prefer to buy a house for investment reasons

DizzyDesii · Answer

Build. So i guess you can say buy. I dont want a house that someones already lived in

NathanDavis · Answer

I would decide according to the circumstances... but if you say preference, then I rather rent the properties I already own

Dnice1 · Answer

Maybe start renting an apartment then buy a house

SnowedIn · Answer

We prefer to rent.

AsaKyo · Answer

As of right now? Rent a house  Later on down the road?  Buy a house

Anonymous · Answer

I hope that I will have the possibility to buy a house soon and I have also found this source on with a lot of independent house for sale in Fuengirola, Spain options there and I hope that I will have the possibility to do it one day

LavLavLuv · Answer

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Do you prefer to rent or buy a house?

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Do you prefer to rent or buy a house?

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