- This topic has 4 replies, 5 voices, and was last updated 2 years, 10 months ago by
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I can’t buy a house and if I plan on moving out from “the nest” I am going to have to rent. This likely means I will be in an apartment complex and not a house which I am not looking forward to. I hate apartments and would much rather rent a house but I just can’t afford it on my salary.
I know buying is ideal but plenty of people never buy a house. Is there something to this? Which is ultimately better to do?
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If you can afford to buy a house, then buy a house. Renting is essentially throwing money out the window you will never get back. At least with a house, you can turn around and sell it in the future. You can’t do this with rent. In terms of renting a house, in many areas, it is often cheaper to be paying a mortgage vs renting a house.
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In most cases, I would say I have to agree with Alex. You will be paying more for rent (for much less) vs paying off a mortgage. You just have to be smart about it and know what your limit is. A lot of banks will lend you over what you could realistically afford and screw you over.
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I am renting right now and while I don’t feel like I am throwing away money, I know if my credit scores were better it would be cheaper to just be paying off a house. That is the thing though. If you have bad credit, then you would likely not be saving anything, you would be spending more. My credit is not bad but it is only just now turning “positive” so I have to get it up more before I even consider buying. Also, I need to have a good 30+ grand put away for a downpayment and closing costs.
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Buying property is better than relying on someone else’s, trust me. The first place I rented was cheap when I started living there and by the end of the 4th year, it had gone up nearly 40%. I couldn’t afford it. I had to do a room share for a few years and eventually earned more and was able to apply for a homeloan.
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