Renting Vs. Buying

KingdomFlatbush

KingdomFlatbush

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Those of you who made one choice over the other, what made you decide to rent a spot vs buying a crib outright or vice/versa?

I need to find a new spot but tired of being at the mercy of landlords and arbitrary rent hikes. On the other hand rent is a fixed expenditure and there is ideally no maintenance overhead.

I'd like to own my own **** but mortgage interest rates and property insurance have exploded. There are also maintenance costs and HOA fees. The way these costs seem to work out you could live in a solid 2/2 as a renter for maybe 1/2 to 2/3rds of what you'd be paying monthly if you'd bought it - without mentioning a down payment or closing costs. I think. Please correct me if I'm wrong on that.

I WFH so not necessarily worried about being locked into a specific area/job market although that is a valid drawback. Single w/ no kids. Had a friend with a kid tell me I was crazy for thinking about buying; if she was single and no kid she'd rent rent rent. Is this fax?
 
I'm super pro ownership. There are too many upsides to owning.

Although rent is a pretty fixed expense it's almost guaranteed to go up year over year which is totally out of your control.

I get that repairs and maintenance can be both time consuming and costly but you typically get back what you put in when it's time to sell.

Lack of equity in regards to renting also kills it for me. Imo renting is taking resources from my pocket and basically handing them over to someone else. At least when you buy you can get some of that money back when it's time to sell
 
IMO, renting is for your younger years. Late teens, 20s, if that’s your only option. By your 30s or 40s if you’re financially secure, OWNERSHIP. It’s a no brainer.

Owning > renting
 
finessence said:
IMO, renting is for your younger years. Late teens, 20s, if that’s your only option. By your 30s or 40s if you’re financially secure, OWNERSHIP. It’s a no brainer.

Owning > renting
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Being financially secure in your 30s or 40s 🙃

We really have to start lookin at the world we live in.

Or that YOU live in.

A large and I mean LARGE majority of this country will never actually be financially secure let alone by 40.

Unless you’re talking couples then maybe.
 
kingkoopa said:
Being financially secure in your 30s or 40s 🙃

We really have to start lookin at the world we live in.

Or that YOU live in.

A large and I mean LARGE majority of this country will never actually be financially secure let alone by 40.

Unless you’re talking couples then maybe.
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America is a raising a generation of “fake it until you make it” stunt on social media generation. There’s a heap of “I wish I was still a kid, I hate adult responsibility” type of people out here. One cut, let me go to the E.R, coddled type of people.

People lack work ethic out here. That’s the bottom line. Can’t deal with adversity and tuck their tail and hide whenever the going gets tough. I’ve been working since 17. I went to college, didn’t finish. I’ve done construction and carpentry the majority of my life. My dad has been doing construction since 14. My mom has worked at the local hospital for over 30 years. Grandmother has been at her job since 1969. Still works.

We are a black family. My great grandfather was a garbage man and passed his home down. I’m inheriting it but I refuse to live in the neighborhood so, I’m going to rent it out.

I have family in Florida and Texas. Altogether, there are 12+ homeowners (at least 8 are in their 30s and 40s) in my immediate family. Just my immediate family alone. Age range 30-90. My great aunt is 90.

People are full of excuses and lazy out here. I come from a working class family so, the work ethic has always been present. When you see your mom, uncles, and cousins BUST their asses everyday to work and “have” it’s a different mentality.

America has just raised a lousy generation of lazy, want something for nothing type of citizen.

Like I said, mind you we are black. No dope money, scams or grams. HARDWORK. People aren’t having out here mostly because of poor work ethic and wanting something for nothing. (Not everyone) but a big amount of individuals.



 
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I own, bought in 2021. Hated for the first year or so for a number of reasons. Had to settle due to the craziness of the housing market, Things broke, house needed more upgrades than expected, neighbor’s son was selling dope…

However, things have gotten better and it’s kinda worked out. Now with that said, I have a historically low interest rate so my mortgage is like $1900 (including taxes). However, would I buy this house at today’s prices and interest rate which would run me about $3200/month? Hell no. I live by myself, so I would just rent a 2bedroom condo for like $2100ish instead.

Also, generally when ppl talk about how much wealth they’ve generated from their homes they’re NOT subtracting all the money they’ve spent on repairs, upgrades, HOA fees, security system, whatever. That $50k they claim to have made off their home is really like $20k. Maybe.

Lastly, do your own research. Always remember realtors are sales ppl, no matter how nice they are, have the same level of skepticism you would of a used car salesman at some no name dealership. They WILL finesse you if you’re not careful.
 
Rootin4EverybodyBlack said:
That $50k they claim to have made off their home is really like $20k. Maybe.
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How much would they have made when they find a new apartment or move out of their rental?

Even if they had to invest a large amount into their home, it's THEIR home.

The nice thing about ownership is there are so many different ways to make your money back. That same person could stay in their home for another year or two after repairs and potentially profit an additional 20k depending on market conditions and demand when they decide to sell. Now they are up 40K.
 
sneakaprince said:
How much would they have made when they find a new apartment or move out of their rental?

Even if they had to invest a large amount into their home, it's THEIR home.

The nice thing about ownership is there are so many different ways to make your money back. That same person could stay in their home for another year or two after repairs and potentially profit an additional 20k depending on market conditions and demand when they decide to sell. Now they are up 40K.
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Maybe, maybe not. Homes don’t always appreciate. The first owners of my home probably didnt break even for a minute because prices fell off a cliff right after they bought. Every situation is unique so I don’t wanna make too many generalizations, but people go a little too far with saying you’ll ALWAYS make money off your home. In some instances if you had parked your money in a high interest savings, you’ve could’ve gotten a better return.

Also, it’s not really YOURS till you pay it off. It’s the banks :lol: and if you don’t pay your taxes then it’s the state’s.
 
Rootin4EverybodyBlack said:
Maybe, maybe not. Homes don’t always appreciate. The first owners of my home probably didnt break even for a minute because prices fell off a cliff right after they bought. Every situation is unique so I don’t wanna make too many generalizations, but people go a little too far with saying you’ll ALWAYS make money off your home. In some instances if you had parked your money in a high interest savings, you’ve could’ve gotten a better return.

Also, it’s not really YOURS till you pay it off. It’s the banks :lol: and if you don’t pay your taxes then it’s the state’s.
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High interest savings accounts are at roughly 4-5% today which is incredibly high. Typically it's closer to 2/3%. Most well kept homes are going to appreciate at a higher percentage even if it's just due to inflation/ market conditions.

I agree that not every house appreciates that quickly but even if the value of a home we're to stay flat (let's say 100k). If you were to stay there or retain ownership for even just 5 years it's reasonable to assume that you would at least enough equity to cover whatever fees are associated with selling and would walk away from the deal with some return on your investment.

That will never happen with an apartment. You might get your security deposit but honestly speaking if you've lived there for the same 5 year period it's unlikely that the unit or home will be in similar condition as it was when you moved in so I would expect deductions.

Also the equity is yours. Whether the bank has a note or not you have a considerable position on your home..
 
my sister who has a great job like 6 digits just got out of a divorce... so I think shes waiting on her settlement money which is the money she would get from selling her house with her ex husband...anyway right now she is currently renting.... she was actually bragging to me that she doesnt have any debt... I think she was referring to me cuz I own my own place... its really a preference thing... for me personally it makes sense to own... if you are paying high rent why give that money to someone else when you can use it for your own crib... but its not easy to own a home either... you have to put a big down payment just to get a reasonable mortgage payment per month... so I can see why some people rather rent... also when you own you have to pay taxes, hoa, maintenance if something breaks, renovate etc... all those things you don't have to worry about when you rent...
 
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