Vianet.ca
+ Reply to Thread
Page 1 of 2 1 2 LastLast
Results 1 to 20 of 21

Thread: Rent vs Buy? Opinion

  1. #1
    Senior Member
    Join Date
    Aug 2003
    Posts
    2,613

    Default Rent vs Buy? Opinion

    Which in opinion is better to do rent or buy? Thinking abotu buyign my first home. One parent is saying it is unwise. So I am looking on opinions to help. Thank you

  2. #2
    Senior Member bluekrissyspikes's Avatar
    Join Date
    Jul 2007
    Location
    around here somewhere
    Posts
    5,634

    Default Re: Rent vs Buy? Opinion

    well, i just purchased my first home and i'd probably say buy. just be careful what you are buying. with a rental you don't have to worry about fixing it up or repairing things. buying a home, you have a few extra expenses but the monthly costs go down a bit and the money is invested into the house which you will get most or all of your money back on if you take care of it. renting, you are giving that money to someone else to invest in their future. personally i'd rather invest in my own future than in someone elses. just don't buy a real 'fixer upper' unless you can afford to do the work on it or it will turn into a real money pit.
    i am not all that experienced though, just mho.
    "Why do people say grow some balls? Balls are weak and sensitive. If you really wanna get tough, grow a v****a... Those things take a pounding." -- Betty White..

  3. #3
    Senior Member
    Join Date
    Jul 2007
    Location
    Sault Ste. Marie, ON, Canada
    Posts
    3,128

    Default Re: Rent vs Buy? Opinion

    Here are a few thoughts.

    Rent

    POSITIVES
    Less responsibilities, you usually have no maintenance and up keep, you may or may not have to mow, shovel, no property taxes,
    NEGATIVES
    Its like burning your money....You spend 500+ a month on rent and in the end you have absolutely nothing to show for it

    BUY

    POSITIVES
    It is yours, you gain equity, you will own it, you have something to show for it, and it could be an investment

    NEGATIVES
    UPKEEP, extra expenses, taxes, plowing, mowing, shoveling, BIG RESPONSIBILITY

    Right now the market is a sellers market not a buyers market so most houses are way way way over priced and even more over priced depending on location so it might not be that your parent is saying it is bad to buy a house but that it is bad to buy a house RIGHT NOW.
    MagicFingers

  4. #4
    IMHO
    Guest

    Default Re: Rent vs Buy? Opinion

    I feel a lot depends on your age. We have owned a home for 41 years. We just recently sold it and are looking to rent an apartment or a condo. At our age i do not mind paying the landlords mortgage as we are certainly in our decling last third of our lives. It gives us the freedom to lock the door and leave for extended periods of time and we have a fixed cost which "agrees" with our pensions. If we were young we would never rent.
    As I look back I now feel i should have invested heavily in real estate....it gives you a far better return down the roads than relying on a financial planner who is in it for him/herself. IF YOU are handy you can buy fixer uppers...hang on and rent them '''and sell them for much more 10-15 years later. If you have to pay someone to work on the fixer uppers...I would not bother.
    It is a sellers market...our place went for above the asking price and a wonderful allowance for OUR moving out. Those parents are correct(IMHO) in advising to wait a bit and get into the market when the tide tuns to a buyers market. When that tide turns buy 2 and rent one out.

  5. #5
    Senior Member
    Join Date
    Feb 2003
    Location
    ssm
    Posts
    1,597

    Default Re: Rent vs Buy? Opinion

    I would say most houses in town are overpriced right now unless they need some work and even those are up there, it is totally up to you, renting gives you the flexibility to settle in and save more maybe buy something nicer down the road etc..

  6. #6
    Senior Member
    Join Date
    Dec 2008
    Posts
    822

    Default Re: Rent vs Buy? Opinion

    NEGATIVES
    Its like burning your money....You spend 500+ a month on rent and in the end you have absolutely nothing to show for it
    You do have something to show for it by renting, you show you did not freeze to death sleeping on a snowbank in the dead of winter.

  7. #7
    Senior Member Add's Avatar
    Join Date
    Dec 2006
    Location
    Sault Ste. Marie, ON
    Posts
    2,328

    Default Re: Rent vs Buy? Opinion

    Was just browsing mls.ca and theres not too much out there reasonable priced right now.

  8. #8
    Senior Member
    Join Date
    Jul 2007
    Location
    Sault Ste. Marie, ON, Canada
    Posts
    3,128

    Default Re: Rent vs Buy? Opinion

    Quote Originally Posted by Lance1 View Post
    You do have something to show for it by renting, you show you did not freeze to death sleeping on a snowbank in the dead of winter.
    LOL I am sorry you are right...
    MagicFingers

  9. #9
    Senior Member
    Join Date
    Jul 2007
    Location
    Sault Ste. Marie, ON, Canada
    Posts
    3,128

    Default Re: Rent vs Buy? Opinion

    Although if you decide to wait until the market changes and there is a down turn in prices it could be a long wait. 4 years ago when I moved back to town housing prices were considered high then and they have continually gone up. Some times faster than other but they have gone up.
    MagicFingers

  10. #10
    Senior Member
    Join Date
    Dec 2008
    Posts
    822

    Default Re: Rent vs Buy? Opinion

    Also interest rates can not go down any lower,there as low as they dare go right now due to the recession,they can only go up.

    We just renewed at 3.7% for ten years. I remember my parents paying 11% in the early 1980,s.

  11. #11

    Default Re: Rent vs Buy? Opinion

    If you are looking at spending a fairly large sum of money to buy, consider building. You can find a lot of information on building at libraries, building suppliers, internet, and the building department at city hall. With some proper study and preparation, you can build your own home for 2/3's the cost of purchasing one at today's prices. You will get peace of mind knowing how it is constructed, and be able to put in personal touches to suit your taste.

    Don't be too worried about some aspects you won't be able to do yourself. Hire a contractor for some of the work (foundation, electrical, and masonry), but the rest is definitely doable for anyone.

    Good luck in any case, ....
    Why are you hiding behind a username?

  12. #12
    Junior Member
    Join Date
    Mar 2010
    Posts
    9

    Default Re: Rent vs Buy? Opinion


    Buying real estate is an excellent investment. I purchasedmy first home at the age of 21 and now 20 years later I own a home and 9rentals. The key to success is getting it for the right price. Yes, the marketin the Sault is hot right now but there are still deals out there. Everything Ihave ever bought is worth significantly more than my purchase price. This givesyou an instant boost to your net worth through the equity you create. Find aplace that needs a little work which is mostly cosmetic. Come in really low andthe worst the seller can do is simply say no or counter your offer. I may putfive to ten offers in to get one that is accepted. Fix the home up by painting,installing laminate floor (cheap, easy to install, looks great), change lightfixtures, and things of that nature. Then get the home appraised. Eighty toninety percent of the difference between what you owe and the appraisal is goodas cash should you decide to use the funds to purchase another or one to livein. Interest rates are the lowest of my lifetime right now. I remember when I boughtmy first home the rate was 14.6%. That makes a huge difference in your paymentso, I you buy, lock in the rate as long as possible because they will be goingup soon. If you are renting be very selective who you choose to pick as atenant. There is no shortage of people looking for apartments. When you own ahome all the money you put into it goes into your own pocket as opposed torenting when you are simply paying someone else’s mortgage for them. To me thedecision is clear that owning is the way to go. I hope this way helpful to youand good luck.

  13. #13
    Moderator
    Join Date
    Sep 2001
    Location
    Sault
    Posts
    37,800

    Default Re: Rent vs Buy? Opinion

    If you buy and have to go back to renting, you're not likely to lose much.

    Better than regretting the lost opportunity.
    Religion doesn't save you, change you. heal you or set you free. Jesus does.

    "if you could lose your salvation, you would!" John Macarthur

    I promise to always post sober.

  14. #14
    Senior Member magic mushroom's Avatar
    Join Date
    Oct 2004
    Location
    my room
    Posts
    3,739

    Default Re: Rent vs Buy? Opinion

    buy if you can, always can sell and you have your money back. apartment the money is gone.
    neutering stops the need for euthanizing

  15. #15
    Senior Member Evangeline's Avatar
    Join Date
    Nov 2004
    Location
    drench yourself in words unspoken, live your life with arms wide open...
    Posts
    5,825

    Default Re: Rent vs Buy? Opinion

    Buying is better, renting is throwing money away every month. Plus rent is crazy high now, I can't imagine spending $700 or more to live in a 1 bedroom apt and have to put up with having neighbors on all sides.

  16. #16
    Moderator
    Join Date
    Sep 2001
    Location
    Sault
    Posts
    37,800

    Default Re: Rent vs Buy? Opinion

    Downpayments are sometimes hard to save up.

    But be sure to talk to several mortgage sources. The banks are one source, but people like NuEra or The Mortgagae Centre might have more options.

    I certainly found it so.
    Religion doesn't save you, change you. heal you or set you free. Jesus does.

    "if you could lose your salvation, you would!" John Macarthur

    I promise to always post sober.

  17. #17
    Banned
    Join Date
    Jan 2004
    Location
    The recesses of your mind
    Posts
    27,494

    Default Re: Rent vs Buy? Opinion

    Quote Originally Posted by Evangeline View Post
    Buying is better, renting is throwing money away every month.
    That was the general consensus for a long time. But is it true?



    http://online.wsj.com/article/SB1000...pinion_LEADTop

  18. #18
    Senior Member bluekrissyspikes's Avatar
    Join Date
    Jul 2007
    Location
    around here somewhere
    Posts
    5,634

    Default Re: Rent vs Buy? Opinion

    if you have good credit you don't need a deposit and even with credit that was a bit off we only needed 5% down.
    "Why do people say grow some balls? Balls are weak and sensitive. If you really wanna get tough, grow a v****a... Those things take a pounding." -- Betty White..

  19. #19
    Senior Member Evangeline's Avatar
    Join Date
    Nov 2004
    Location
    drench yourself in words unspoken, live your life with arms wide open...
    Posts
    5,825

    Default Re: Rent vs Buy? Opinion

    I think so, as long as you don't buy something overpriced that won't gain any value before it's time to sell. But usually a first home is a "fixer upper" and people don't have that problem.

  20. #20
    IMHO
    Guest

    Default Re: Rent vs Buy? Opinion

    I still think it is a matter of what age and stage in life you are at. As we age some of us do not want the responsibilites of a house. The profit made on the house will go along way towards paying rent in our declining years. I do think that young people should get into housing as soon as they can,

+ Reply to Thread

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

     

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts