Why do some people consider paying rent throwing money away?

[posterchild336]

unless you have a place you can go live for free you are not throwing money away paying rent you are literally paying for a place to live and not be homeless so in reality its no throwing money away i hate that phrase.

Renting IMO is the way to go until your in your early 30's maybe even beyond. im 27 and rent and love the fact its cheaper, only have 1 year leases and im not tied down financially with property taxes or maintenance issues

obviously if i was to "own" a house that money would go to the house and not seem so wasted because of equity but lets make it clear you never really own the house until its paid off which is forever when your old and useless...you need like 50k to pay for the down payment and the mortgage will be more than renting. plus you are stuck there

Actually if u pay mortgage you get a cheaper rate than renting... Imagine renting for 5 years and not paying they kick you out and you have nothing to show for.. You just through 5 years of money down the drain.. If you own you can work something out with mortgage company such a refinance for a better rate... Rent some rooms out or sell at the end of the day the title is in your hand so you have an asset to show for.. You can also take out a home equity loan since you gained equity on the house at this point and use that money to pay years of the mortgage ..

You can make easy additions to the house to raise the value and rent for a higher amount or sell for a higher amount...

Owning also looks better credit wise and opens much more doors with other things that you may want to finance such as other properties, cars or assets..
Why keep making the man wealthy when you can build your own wealth?

 

[TELL ME YA CHEESIN FAM?]

you aint a homeowner 'til you finish mortgaging the house

even if u finish u still paying property tax to the Feds

u dont really own that land..the Gov does

 

[posterchild336]

i understand both mindset.

i've worked with so many people that own houses and the number of expenses i hear them speak of collectively is enough to make me think twice about owning a home.

first u have to have 20% down payment...which is a sizeable amount. i'm not like most people that like to hop around from house to house. i hate moving. and the only way i deal with things i hate doing is to avoid doing them altogether.

so when i buy a house it'll be one i intend to grow old in. i aint in no rush.

here at my apartment, if anything goes wrong i call my super. he's here within 20 minutes. fixes my sh1t and leaves and doesn't charge me a dime. my rent is set. no surprises.

i must say though, blessed are those with homes all paid off. when i paid off a car years ago, i know the feeling i got when i received my title. sh1t was extraordinary. so i can just imagine how it feels living in a house where u aint goto pay mortgage and the only thing u responsible for is taxes.

however, most of the people in here who own houses will probably never pay that sh1t off in their life time. yeah ur suppose to pay it off in 30 years, but considering how most of u live ur lives, are you sure u'll actually live to see the end of those 30 years? something to think about. not to mention the fact that most of u carry all kinds of other debt, i.e. student loans, car loans, etc. u add that to your mortgage and u should realize how much of a hell hole you're in.

So your research on purchasing .. FHA loans you don't need 20 percent..

 

[Momentum]

They'd rather gamble on a home as an investment

Just depends on where you live if its a good idea or not to put $400k+ in a home these days, you may never see it again

To each his own

 

[Momentum]

Exactly.



You're making someone else rich, without ever possible getting any financial benefit out of it.

But what if you home goes underwater before you pay it off?

 

[posterchild336]

But what if you home goes underwater before you pay it off?

That's not happening now... That happened to people that bought during the bubble.... Now is the perfect time you are guaranteed to make money that's why the investors or people with good credit are buying everything up

 

[Sharp]

L y

 

[Sharp]

Lim

oqq 👺👹


Sent from my iPhone using Tapatal

 

[Tha Snowman]

But what if you home goes underwater before you pay it off?

You're required to carry insurance with that mortgage.

 

[Chris.B]

I like the security of knowing that my house will be paid off when I'm in my early 50's.

You are making a gamble not security when you buy a house....

You are assuming you income will be steady or more till you die.

A gamble which can make a n!gga sh!t in his pants if you lose your job or get hit with medical bills

 

[thegreatwb]

unless you have a place you can go live for free you are not throwing money away paying rent you are literally paying for a place to live and not be homeless so in reality its no throwing money away i hate that phrase.

Renting IMO is the way to go until your in your early 30's maybe even beyond. im 27 and rent and love the fact its cheaper, only have 1 year leases and im not tied down financially with property taxes or maintenance issues

obviously if i was to "own" a house that money would go to the house and not seem so wasted because of equity but lets make it clear you never really own the house until its paid off which is forever when your old and useless...you need like 50k to pay for the down payment and the mortgage will be more than renting. plus you are stuck there

You don't have to put down 50k with FHA. Me and my wife only put down 5k years ago when we bought our home. We also recently got a 1% interest rate from Chase which means we are paying less than $600 for a 2 story house in a suburban neighborhood. That's with taxes included.

One of the benefits of buying is having the freedom to do what you want with your property. I don't have to ask anyone if I can own a dog, where I can park my car, or what color I can paint my bedroom. I can also turn my music as loud as I want without the risk of someone banging on the wall.

Depending on different factors, it can be beneficial for some to rent and others to buy. I have not finished paying off my house but I'm not in the red either. If I ever got in a financial bind where I needed to get 30 to 40k, I could always take out a 2nd mortgage against our home. When we buy another home in a couple years, we are going to rent this one out for at least $1400 (and people will have no problem paying it because they do it now in our neigborhood)

 

[TELL ME YA CHEESIN FAM?]

nikkas get that 15/hr job and already tryina buy a house

 

[posterchild336]

But what if you home goes underwater before you pay it off?

I like the security of knowing that my house will be paid off when I'm in my early 50's.

You got the right mindset people talking about risk this and using it as an excuse will never have the good feeling own owning there own ****. Life is full of risks if you look at the successful people in life the took them

 

[Auger]

You are making a gamble not security when you buy a house....

You are assuming you income will be steady or more till you die.

A gamble which can make a n!gga sh!t in his pants if you lose your job or get hit with medical bills

Someone people just focus on the benefits without seriously weighing the risks.

I bet people in Detroit ( or any auto town)thought they'd have a steady income until they retired.

You default on your mortgage? you finna fukked

 

[thegreatwb]

You are making a gamble not security when you buy a house....

You are assuming you income will be steady or more till you die.

A gamble which can make a n!gga sh!t in his pants if you lose your job or get hit with medical bills

That's why I wouldn't advise anyone to buy a house unless they have at least 12 months worth of living expenses in the bank. It's not really for someone who is living check to check because there are many unexpected expenses when buying a house.