People say renting is 'throwing money away' but I couldn't disagree more

[Luke Cage]

when i move out of a house i can sell it for a lot of money. When i move out of apartment i get nothing, except maybe my deposit back.
but in an apartment i'm not responsible for any repairs or maintenance costs.

 

[the bossman]

when i move out of a house i can sell it for a lot of money.

Are you really getting "a lot of money" everytime? Subtract the property taxes you were paying? The interest? The closing costs, etc. The A/C, fridge, other appliances you replaced, various other repairs. HOA fees if you have one.

If your house doubled/tripled in value then yea you still most likely came out on top. But many times all that "a lot of money" is money you just getting back

 

[Deflatedhoopdreams]

My sister just bought a house. But she is planning on basically dying in that house.

 

[Luke Cage]

Are you really getting "a lot of money" everytime? Subtract the property taxes you were paying? The interest? The closing costs, etc. The A/C, fridge, other appliances you replaced, various other repairs. HOA fees if you have one.

If your house doubled/tripled in value then yea you still most likely came out on top. But many times all that "a lot of money" is money you just getting back

So basically you're saying if you purchase property, don't sell it at a loss.
This is obvious and an important factor to take into to account when buying a house.

 

[Suleiman Bey]

when i move out of a house i can sell it for a lot of money. When i move out of apartment i get nothing, except maybe my deposit back.
but in an apartment i'm not responsible for any repairs or maintenance costs.

Theoretically. Just because your house is valued at 800,000 doesn't mean someone is willing to pay that. And after you sell you still need to live somewhere. You going back to paying mortgage? What you gonna do?

And some areas home depreciate, they don't always go up in value.

 

[R.E.N. Spells Ren]

If you plan on living in a city for 5+ years, owning will usually be the better option.

Whoever you're renting from owns that property. So they're paying taxes on it (typically at a higher rate than you would be as an owner) and paying maintenance costs and still turning a profit in most cases, so you do the math.

 

[Amused Mastery]

People talk about mortgages/HOA but often forget how many unforeseen costs come up that are a part of home ownership. If stuff breaks at your apartment you just call maintenance and have them take care of it. If it's your house, well...that's your pockets. Coworker telling me that he had to pay $500+ out of pocket because the state wants some trees cut down that are on his property.

 

[WaveCapsByOscorp™]

I think people over exaggerate the idea of renting equaling throwing your money away. Just like the beginning of the last paragraph says, we all need to live somewhere?

It’s more like if you have enough income and the market around you is good and your in a solid enough point in your life that renting makes little sense.

 

[Suleiman Bey]

If you plan on living in a city for 5+ years, owning will usually be the better option.

Whoever you're renting from owns that property. So they're paying taxes on it (typically at a higher rate than you would be as an owner) and paying maintenance costs and still turning a profit in most cases, so you do the math.

WTF?

 

[Rell84shots]

When I don’t change my air filter for 9 months and it tears up the AC YOU paying for that nikka

Change your air filter you lazy bum, it literally only takes seconds to do.

 

[Toe Jay Simpson]

Change your air filter you lazy bum, it literally only takes seconds to do.

The air filter I like cost $15. I’m taking it off the rent

 

[R.E.N. Spells Ren]

WTF?

What don't you understand or agree with?

 

[Mensch Fontana]

Broke single people rent, so their opinion on owning vs renting is null and void

 

[Suleiman Bey]

I think people over exaggerate the idea of renting equaling throwing your money away. Just like the beginning of the last paragraph says, we all need to live somewhere?

It’s more like if you have enough income and the market around you is good and your in a solid enough point in your life that renting makes little sense.

Renting always makes perfect sense. First, Last, Security is what 3500 out of pocket upfront. If you putting 3500 on a home to buy, it's probbaly a piece of shyt in a shyt area. That's cool if thats your thing or you plan on flipping it or renting it out

 

[fckyoupayme]

Such a shortsighted way of living. This is what we need to understand as Black people: There is a wealth gap between Black and white people in this country. The number one way to build wealth is owning property. 72% of white families own a home compared to 42% of Black families. You don't buy a house bc it's the best option. You buy one bc you can pass it down and build generational wealth.