is it best to rent or get a mortagage for 30 years

1. 63

   SIJO1posted 14 years ago

   is it best to rent or get a mortagage for 30 years

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2. 68

   zoey24posted 14 years ago

   It is best to get a morgage because at least in the end you will own your house, where if you rent you are just chucking dead money away really, because you will not have anything out of it at the end.

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3. 61

   fundamentallifeposted 14 years ago

   It would depend on many variables! Income, family, prostpects, goals.

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4. 59

   Forest_Parksposted 14 years ago

   Personally I go for rent. The amount of interest, property tax and other owning related costs are just not worth the lack of freedom to move around for me.
   
   I would prefer to rent and place a large sum of money in investments each month.

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5. 61

   kprimeauxposted 14 years ago

   Depends on your situation. Personally, I would buy. Interest rates are at all time lows. The housing crisis has some markets priced over 50% lower than 4 years ago. What goes up must come down, but what goes down will go up.
   
   So you buy a house worth $200,000 that will eventually be worth at least $350K to be conservative and lock it  with an all time low interest rate for 30 years. Now you are gaining wealth at the best time to buy in real estate in years.
   
   Or you pay rent of $2500 per month, or $30K per year to the investor that was smart enough to buy the same house as a rental property.
   
   He makes $500-$600 per month cash flow off of the "guy who rented" and has someone else paying $30K per year on his mortgage that he bought at 50% of value and with an ultra low interest rate.

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6. 61

   vietnamvet68posted 14 years ago

   I find it much better to rent, you save thousands of dollars otherwise spent on home repairs such as a new roof, remodeling etc. Plus i do not have to worry about mowing or snow removal anymore. It has been a god send for me.

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7. 72

   steve-bc-caposted 14 years ago

   In my case its better to rent. We only pay $425 Canadian for a four bedroom home. If you don't know, this is very cheap and you can't even get a one bedroom apartment for that price. We manage to put enough away for a down payment on a home in one year! At this point we save more by renting.

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8. 61

   IncomePowerBoostposted 14 years ago

   I would say it depends on what you can afford.  If you can afford a mortgage then  you  would be in a far better place in  30 years  when you own your home and have equity in it  than  if you  paid rent which results in having absolutely nothing to show for it after the same amount of time frame

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