Thursday, May 25, 2006

Even More Rent or Buy: Renting is for Suckers

We have had a few discussions in the past on the topic of renting a place versus buying a home...check these out for more information:
To add some more information to the discussion, Chris over at Investor Geeks has written a great article that comes down on the side of the renter, entitled "Misconception: Renting if for Suckers." I tend to agree with him on most of his points, especially now that we have our new house, it has been a total time and money sink thus far, especially with all of my landscaping projects that I have undertaken (Starting Tomorrow: Money Flowing Out and Landscaping Project Update).

My basic thought on the whole situation is that, when you buy a house, you are paying for a certain lifestyle. It is not necessarily the best investment, there are many situations where renting is better, but some people really enjoy having a lawn and house projects to do (I, unfortunately am not one of those people). So, I think that it can really depend on the person...there is no clear cut answer to if it is better to rent or buy.

24 Comments:

Anonymous frugal said...

There is not really a clear cut answer when you take into accounts for all other non-financial reasons. However, if you only look at money, the answer although may not be crystally clear, can be still arrived. I have a Rent vs Buy calculator which you can figure out whether it's better to rent or buy. But of course, you will need to come up with all the assumptions that need to be entered into the calculator. You can use conservative or aggressive assumptions, but if the answer turns out to be the same in both cases, then it should be quite clear.

5/30/2006 7:43 PM  
Anonymous Anonymous said...

it depends on the mortgage deal you are getting as well as the credit rating or bad credit. of course, it's a tradeoff, in some cases renting might actually be better.

6/11/2006 9:27 PM  
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8/17/2006 3:51 PM  
Blogger ObsessedWithMoney said...

I don't think renting is for suckers in some markets. I live in Menlo Park and small houses cost $600,000. However, I rent a nice apartment for $550/month (with roommates).

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WWW.Obsessedwithmoney.blogspot.com

8/25/2006 1:01 PM  
Blogger James & Miel said...

The major deal with renting is that landlords usually have an advantage when it comes to who profits financially from the arrangment.

So, most of the time, I think you are right, renting is for suckers, at least as far as the finances are concerned.

Best,

James

8/29/2006 1:15 PM  
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11/13/2006 3:24 AM  
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8/11/2010 6:11 AM  
Anonymous Cameron Harris said...

I agree with your argument that choosing a house is choosing a lifestyle. The yardwork example is a great one! Choosing a place is a very important step to any young professional, and it should be a well-thought out process. You give some great examples and information for young professionals.

Cameron Harris
www.yptoday.blogspot.com

11/22/2010 7:21 PM  
Blogger FSAL said...

You make some great points. I also notice how houses can be a money pit even without major problems just small little odds and ends mulch, bushes, paint, sprinklers, etc

I kind of regret not buying a townhouse with an association instead of not having one.Origional thinking being why pay someone $300 a month to cut my 10x10 swatch of grass and shovel my one car driveway.

In addition to not having to do the work yourself you save on not buying a lawnmower and all the other stuff. Assocations also often cover exterior maint like new roof, siding, gutters, repairs, etc, none of that comes out of your pocket, thats super valuable.

The main thing however in my mind is owning your property and having more rights to it. No landlord bringing new tenants through to look at your place, no landlord comming to do inspections or repairs. You own your own home and have an extra bit of property rights and privacy.

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