Own Home or Rented Apartment - Your Opinion .
By checkmail
@checkmail (2039)
India
November 27, 2009 7:22pm CST
Hello Mylot friends this is checkmail and am starting an discussion related to our lifestyle,Dwelling,Living etc.In near future we all are goning to make some arrangements for our place to live in future.So am curious as to whether to have an own House or an Rented Apartment to dwell.There are certain adv and dis-adv about both source.Yeah owning an House at an rural or village area outside the city might be good, reasonable prospect.But in city it will be a near crack loss as the inflation level is too high in city, unaffordable.
And if we get an Rented Apartment in an city we enjoy much more benfits of it.Most of it are concerned with our cash flow.Mean we can get exact place to dwell at the location where we want, at much less rate as compared to buying an house in that area.Even we have the flexibility to change our places anytime to anywhere in the city.Normally rented apartment is based on contract so there is no pro in having the transaction, safe to proceed.We also have to pay less in taxes, the taxes charged for having properties, etc. even the maintenance charges of it, its the responsibility of the owner.
In today world, mostly there is less amount of cash running in each individual hands, so it much hard to buy an own house in the city/metro.Instead its affordable to have an rented apartment for an fixed rent, once in a month, etc.In the mean time we could save as well as spend a lot of cash for our other neccesities.And nowadays its also believed to be prestigious to have an rented apartment than owned houses.
So I want to know your opinion, would you choose to Buy a house or opt for an rented Apartment in the city where the prices of places are sky rocketing and even the inflation level is high.
2 people like this
23 responses
@Lucky09 (1763)
• Philippines
28 Nov 09
hi checkmail^^;;
you have already mentioned the benefits of each which is really true in common situation but it is opposite in my part. we have a family house in the suburb, just around 35minutes without traffic to the city/downtown. i used to live there since my parents moved to another house located in a hotter place. but i abandoned it as well because it's hard to move around when one doesn't have a car. i was having difficulties going home after 8pm which sometimes happened because of my work.
I ended up renting an apartment in the city which is just 6-10minutes to downtown irregardless of the traffic flow. I feel that i wasted money and still wasting paying the monthly rent..so now, we are trying to sell that house and buy lot that is nearer to the city or where transportation is more accessible. I would always prefer my own house design rather that having those flats that almost the same to the others.
@checkmail (2039)
• India
28 Nov 09
Hello Lucky09 this is checkmail and thanks for responding to the discussion of apartments and sharing in your experience and views about it.Well have gone trhoguh your post and think it won't be an wise plan to buy an house near the city, as normally the city is expanding nowadays.In few time you won't have to do anything about it.Yeah am not opposing the selling of your own place but only the buying of place near an city.As normally you have adjusted yourself with the rented apartment, you may continue it, and keep the amount from sale of house as cash in hand or invest in some thing, or add up to some business, if preferable to you.Once again its your own decision, mine is only an suggestion, and also think that its practicle.Anyways keep it up.
@Lucky09 (1763)
• Philippines
28 Nov 09
no checkmail, i think your suggestion will be useful in a way but it doesn't suit the situation and environment i'm in. ofcourse that house is really nice and it even has a garden/backyard with a few fruit trees and some flowers and plants. it's really a beautiful place(but only for those who are retired or for vacation). but i think the place where it was put up will never be developed in 10years. the city i am living now is yeah getting crowded due to influx but still i would like to live near it. the location of the apartment i am living now is not crowded and still has a good environment.
and, i would like to ask why you need to introduce yourself again in the comments as checkmail when you did it on your main post and sure we can read your name as checkmail unless you will be telling your real name..please don't get me wrong, im just curious
@AndrewFreyne (6281)
• United Kingdom
28 Nov 09
I like the idea of owning my own home but this seems virtually impossible right now. I'm renting at the present moment and I really love my flat. I get on really well with the landlady and we renew the contract on a yearly basis. I'm not renting in the city, the prices would be sky high! I do rent outside of London and I'm near the countryside so prices are a lot cheaper. The good thing about renting is the fact that you don't have to any maintenance, the landlord or landlady takes care of that. I sometimes wonder whether I will ever make it onto the housing ladder. I'm trying to improve my situation but I'm 34 years of age and to get a mortagage quite late in life means that you may never pay off the property. I don't like the sound of that. Still, hopefully I will make it onto the housing ladder eventually and then I can try and have a place of my own. Andrew
1 person likes this
@checkmail (2039)
• India
28 Nov 09
Hello AndrewFreyne this is checkmail and thanks for responding to the discusison of apartments and sharing in your experience and views about it.Well somehow think that you are going the right way, according to your financial prospects.You also will be havin enough to save after paying rent, for your expenditure and future plans.Thinks this situations is more comfortable one than owning an house and getting trapped under the taxes, maintenance charges etc.and nearly freezing our income income without spending it for our needs or requirements.Anyways keep it up.And also don't forget to save for future needs.Happy Mylotting
@vandana7 (100300)
• India
28 Nov 09
Hi andrew, you dont have to buy your dream house at the very outset! In fact, the house or flat that you can afford may be well below your expectations. But it will have a resale value, which you can roll over at a later date into the new one, thereby making the new one more affordable, and mortgage less cumbersome.
1 person likes this
@cher913 (25782)
• Canada
29 Nov 09
i would be happy to live in an apartment except for the idea of schlepping your laundry to the basement laundry room. hubby and i live in a house that the bank owns but lets us think we do and it really is a lot of work. i would be happy in an apartment!
1 person likes this
@checkmail (2039)
• India
30 Nov 09
Hello cher913 this is checkmail and thanks for responding to the discussion of apartments and sharing in your experience and views about it.Well company provided house are also like the rented apartments but still there is diff in both.Yeah you can call it an ownhome, till the job is avail.Mostly its about the financial condition and efficiency by our side, whethet ot live in an rented apartment or buy house especially in a city, where properties have high costs going on.Yeah its good to know that you too believe in living and not about just owning something.
Anyways keep it up.
@jpso138 (7851)
• Philippines
29 Nov 09
Well, certainly owning a home would be better as compared to renting a place to stay. It is surely a great advantage to have our own home considering that it is ours no matter what. When we rent, we spend money but no matter how long we rent, it is not ours and end the end we come up losing it.
@checkmail (2039)
• India
30 Nov 09
Hello jpso138 this is checkmail and thanks for responding to te discusison of apartments and sharing your experience and views about.Well its our option to stay in owned house or an rented apartment as which is economical as well as social friendly.Over here its economical to have an rented apartment than the own home due to the high cost of properties running around.Anyways keep it up.
@vandana7 (100300)
• India
28 Nov 09
Hi checkmail, I am a great person to advocate old fashioned way of financial planning, and that is, buy a lot of land first, then a small flat/apartment, then a slightly larger flat, then build a house on the lot of land, and shift there. Eventually you are left with a small flat and a large flat within the city that fetches you rental income supplementing your retirement income. You can enjoy a peaceful retirement playing with your dog in the yard may be. :)
@checkmail (2039)
• India
28 Nov 09
Hello vandana7 this is checkmail and thanks for responding to the discussion of apartments and shring in your experience and knowledge about it.Well yoiur strategy foes well int he practicle world too, but pro here is can you afford to buy an house or atleast rent an dwelling place for your self.It not any pro of investments or saving but the capacity of an individual to afford an rented apartment of an own house.Mostly rented apartment is the first choice of peoples and later an buyed house out of their 40-50 years savings.Anyways keep it up.
@vandana7 (100300)
• India
28 Nov 09
Hi checkmail - sequence - your age - 25, earnings not much. Take a house on rent. Look for plots somewhere on the outskirts, cheap and reliable. Borrow from banks for the land, even put in all savings if you must into it. Struggle for five years, bank loans get cleared. Next step take a small flat. Shift. Rental savings to go into loan installment. That is your age 30 or 32. The loan is for 15 years. By the time you reach around 40, your earning increases adequately look for alternate house slightly larger, shift. Take another loan for 15 years. Now, you also have rental income of your smaller flat to cover the loan. In about 5 years (age 45), look for a third loan to build a home on your plot of land. Get it built well, and give it on rent. By the time you are nearing retirement, your loans should be out of picture, and as matter of fact, you should have additional savings coming from rental income, which can be stuffed into NSCs to claim tax rebates, and thereafter shifted into post office senior citizen's deposit as and when they materialize. Try to maintain this schedule, you cant fail. All the best.
@soledadclickz (1106)
• Philippines
28 Nov 09
Hi. Depends really on your cash flows and current priorities. My husband and I are currently renting a home because of our limited cash flows as of the moment. Also, we have just started to venture on some businesses. Our savings will be used to start more business in the future. We are planning to buy our dream home from the profits generated by our businesses but never from our savings. The cost of amortization and taxes for real properties are so high so we could not really afford any long-term financial commitments yet. But of course, we are dreaming of buying our own place someday.
1 person likes this
@soledadclickz (1106)
• Philippines
28 Nov 09
I appreciate your feedback and good wishes. Yes, my husband and I are planning to eventually settle in the province. Life is more convenient and comfortable in the province as compared to the fast-paced life here in the city.
@kalav56 (11464)
• India
28 Nov 09
Everything depends on the affordability level. But one thing--- the concept of owning an apartment because the rent is too high and we can a ssetise it by taking a loan is something I am against.There is no point in burdening ourselves with a massive loan for the rest of our lives. Exercising some selfcontrol and saving money , keeping desires within affordable limits , not attaching too much of importance to own or rented place, thinking not about prestige but only one's own capacity [as far a s renting accomodation or owningthis ] are the principles I believe in.
1 person likes this
@checkmail (2039)
• India
28 Nov 09
Hello kalav56 this si checkmail and thanks for responding tot he discusison of apartments and sharing in your experience and knowledge about it.Well it seems that you already have your own knowledge and principals about the place of dwelling, and think will surely depend on finance first and than any other things.Even prestige is nothing against finance these days for some peoples.But utmost fact remains true that it depends upon our own capacity.Anyways keep it up.
@smileonstar (4007)
• United States
28 Nov 09
Hi,
wow, sound like you are learning something here... however, if I were you then I will choose to own a home, which I already own one. well, renting a house is not too bad but today rent is equal for a payment of a house. you know you spend the same amount as you buy a house, so why you spend all the money on someone house instead of your. Renting is less headache and I agree with you but buying a home is more valuable and very good investment in the future. Such as today, it is a good time to buy a home if you have pretty good credit score. like my house, I pay $1200 a month on 3 bedrooms and 2 bath. Do you think you can find this much of payment for an apartment of 3 bedrooms? and on your own yard? I dont think so.
well, each one of us have different thought so, if you think it is easy for you to rent then follow your heart. Actually, I live in Southern California and my house is two block from the Mall. so, I am happy on what I have now.
1 person likes this
@checkmail (2039)
• India
30 Nov 09
Hello smileonstar this is checkmail and thaks for responding to the discussion of apartments and sharing in your experience and knowledge about it.Well we both are correct on our views, its the economic condition of ours as well as the need of the hour pro.Nobody can make am home over some cost of lives, we do need some finance to make ourself something better to stay alive in this world.Its not easy to adjust our expenditures and savings to just own an house, its called holding of money, well i like to have an current flow in the economy.Anyways keep it up.
@tlb0822 (1410)
• United States
29 Nov 09
When me and my husband started living together my husband absolutley refused to rent. He was completely against renting. So we decided to buy our own house. I think it is better for us in the long run. We have a 23 month old who is now in the stage of drawing on the walls, and four dogs. Its nice that its our own space and we don't have to answer to anyone about what we do with it. In all honesty I think that renting for us would have been a waste. Why pay something monthly that you will never own. At least getting a house you pay on it, but you own it. It just made more sense for our family.
@checkmail (2039)
• India
30 Nov 09
Hello tlb0822 this is checkmail and thanks for responding to the discussion of apartments and sharing in your experience and knowledge about it.Well mainly the dicision depend supon our financial condition and the stability inn the economy.If its good enough to get past your whole life expenditures than its best to opt for an own house in an city, but if not then could opt for rented apartment where much money is saved.Well its also our preferences do effect our livings and our financial condition in the end.Anyways keep it up.
@thea09 (18305)
• Greece
28 Nov 09
Hi checkmail, this really does vary country to country on whether buying is a better long term investment than renting. In a lot of western countries there is the idea that renting is simply throwing money away as at the end of the day you are just filling the landlords pockets, plus with rampant house price inflation the market can outprice the potential buyer. There are some countries where renting is the normal practice for most so if rents are stable there is less necessity to buy. And the choice to buy does bring on the longest financial commitment of ones life plus the vagaries you mention of being tied to one property if you need to move but can't sell, plus related taxes. Certainly in the West it has been the case that many have taken on owning a property having little idea of the commitment involved or the fact that the property is not in fact owned but more often owned by the bank. If prices are rocketing then buying is by far the better investment if one can afford to maintain the payments and sit out any price crash that comes along.
The best approach to buying is to see it as opportunity to build equity and research well so that negative equity does not prevail.
1 person likes this
@checkmail (2039)
• India
28 Nov 09
Hello thea09 this is checkmail and thanks for responding to the discussion of apartments and sharing in your experience and views about it.Well in our easterm countries we do have both types of styles.There are also peoples whoc prefer to buy an house instead of dwelling in an rented home and remain rich. But in real sense they don't spend their income on their personal expenses but on their property maintenance and taxes.So its better to have an rented apartment, just paying rent once monthly and also having enough cash in hand to provide for our expenditures and future needs.Well anyways Keep it up.
@dorannmwin (36392)
• United States
28 Nov 09
I think that overall it depends on your family's overall situation. For us, the natural decision was to buy a house of our own. A big part of the reason that we came to that decision was because we took advantage of the economic downturn and we were able to purchase our house for almost half of the original asking price on it. Now, our mortgage payment is less than what we would have been paying in rent and we are actually able to build up some equity that will be a great help to our future. At some point down the line, we may sell this house and upgrade to a nicer house, or else we will try to pay off this house in the next 11 years and be comfortable for the rest of our lives.
1 person likes this
@checkmail (2039)
• India
28 Nov 09
Hello dorannmwin this is checkmail and thanks for responding to the discussion of apartments and sharing in your experience and views aobut it.Well your luck seems to be worthy to you effort made to live.Yeah its an good point to buy an house in an downturned economy, but in todays world hardly any economy is in downtrend, the inflations is just soaring more and more.The prices have blasted the roof top of all properties levels.Noadays its not affordable to own an house, instead rented apartments are prefered, as more cash in hand is avail for our expenditure.Well wish you luck as well as hope you could get your new house in some low price.Anyways keep it up.
@starsailover (7829)
• Mexico
28 Nov 09
Hi checkmail: In my case i prefer to have a house for my own because i'd feel free, i mean, it's my house, i won't have to think about the stressful issue concerning the rental payment and of course i won't need to look for another apartment if the owner don't want to rent it anymore. In my case I would buy a house far from the city. Today it's really easy to take a metro and arrive at the time wherever you want to go, so i think it's not a big deal. All the benefits are for me in having something (a house or an apartment) of your own and that's what i hope for my life in the near future. Thanks for asking us this question. Have a nice day.
1 person likes this
@checkmail (2039)
• India
30 Nov 09
Hello starsailover this is checkmail and thanks for responding to the discussion of apartments and sharing in your experience and knowledge about it.Well your preference is good as its more convenient to have an house far away from the city where its environment friendly things.In city even the prices are too high to afford an accomodation place.Yeah we may also have our privacy as required, as well as economic saving that could be used for some other expenses in future.Anways keep it up.
@yourlankanfriend (156)
• Australia
28 Nov 09
I always have wondered why people rent an apartment for a long period of time. Of course I can understand why people may rent for a couple of years till they find a place for themselves, but i know people who rent for years and years.
When you rent an apartment, your are essentially paying of someone else's mortgage! Because you may buy an apartment as an investment property, and rent it of to someone so that the mortgage on the property can be paid of.
Instead of doing this, in my opinion it is always worthwhile to buy your own apartment or home. That way any money that you pay will always stay in your hands. Even if you pay interest on loans, you will always stay better of in the long term. For instance you talk about buying a home in the cities are far more expensive than if you were to rent. Well then what you should do is buy a home or apartment in an area that you can afford. Then you must play the game properly, you must watch the market. People get very lucky at times when the market fluctuates. Sell when it is high and save your profit and pay your capital gains. Continue to do this a few times, perhaps 5 or 6 times, and you will eventually have enough money to afford an apartment in an area that is more expensive with a tiny loan to repay.
Can you see how through all this you are far better off than renting. because if you did stay renting you will continue to pay off someone else's loan and will be stuck there.
1 person likes this
@checkmail (2039)
• India
28 Nov 09
Hello yourlankanfriend this is checkmail and thanks for responding to the discussion of apartments and sharing in your experience and knowledge about it.
Well your given solution is really good, to buy an house in cities but you must also be in that position and status to secure such loan.Many youngster really can't afford even to take loans, as they are freshers, with less of cash in hands.Which they normally need for meeting their expenses.There is hih inflation going on so saving is much little as compared to earlier times.Its getting harder and harder to get cash even for paying rent.Some peoples have even otped for slums, which are nearly an disgrace to the country.Well in thsi whole senario think its best to go on with an rented apartment in an city unless afford to buy an house outside th ecity as its less in price.Anyways keep it up.
@wallacb3 (88)
• United States
28 Nov 09
If I was in the position of choice, I would definitely strive to own my own property, whether it be a home or condo. Even in today's tough economy owning and paying off a mortgage is far better for you financially in the future. I would suggest you sit down and strongly review your priorities, as well as your short and long term goals.
Are you planning on living in your next home for more than 2 years? Inflation is high, but if you do some research you may be able to get a low finance rate or lower rent payment by signing a longer contract. If the social scene is more important to you, and you don't want to commute to the city, you should shop for an apartment. Another option is renting a house...this would give you more space and prepare you for what its like to live in a house. Some property owners will even make a deal with you, that if you maintain and help fix up the property, they will lower your monthly due.
Owning a house is expensive, but it gives you the possibility of equity. Later on, if you were to keep up with the financing, you would be able to invest more into your house. Assuming everything goes smoothly, your credit score would go up. You could also try to rent out a room or the house if you wanted to move but keep the property. Try to search in neigborhoods just outside the city limits. Look for something that needs a little work that you can do yourself. If you decide to rent, plan a budget. Fixed rent once a month is great- buy it makes it easier for you lose focus. Try not to overextend yourself whatever you do. Set aside a certain $ each month, so that when you are ready, you'll have a down payment to buy a home. I can't wait to buy a home! Good luck! :)
@checkmail (2039)
• India
30 Nov 09
Hello wallacb3 this is checkmail and thanks for responding to the discussion of apartments and sharing in your knowledge about it.Well true stasted it a pro of choice, mainly will depend upon the financial condition and stability in future prices.Even will depend upon some personal and social values, as to what life we want to live, the class.Yours knowledge is good about getting an place to dwell, appreciate it.Both options are good but in this economy where inflation had heads up, think only the first option the rented apartment would be preferable in majority.As no body woiuld like to hold assets but prefer more liquidity.Anyways keep it up.
@josga2008 (320)
• Canada
28 Nov 09
I think owning is the way to go. Paying rent is just putting your money somewhere where you never see it again. If you buy a modest first home the mortgage payments are about the same amount as rent. The only obstacle is getting approved for a mortgage. But other than that I don't see why someone would want to rent if they can be approved for a mortgage.
Even if you end up not liking your house, you have the equity. So those monthly mortgage payments didn't totally disappear. The interest is gone, but you can get a lot of the money back when you sell the house. Even more if the value goes up, but should the value of the house go down, then you get something back. Definitely more back than from renting, which is zero.
1 person likes this
@checkmail (2039)
• India
28 Nov 09
Hello josga2008 this is checkmail and thanks for responding to the discussion of apartments and sharing in your experience and views about it.Well you are saying that the taxes and maintanence charges are afordable and same as rent, then why should we shell out an amount to buy an house, instead of yaing jsut rent once in a month.We aren't gona live forever, and even if did, the natural disaster are much more common.So its better to afford an rented apartment in this inflation as well sky rocketing prices going on properties.And buying an house as investment is an old theory, and nearly out of practice.Anyways keep it up.
@neelimaravi (1793)
• India
28 Nov 09
hi checkmail, i think, own home is the best for safety. if we have own appartment, there is no problem that we can face, in rented house, there will be some restrictions, don't make sounds in house, don't do that, don't do this, we can maintain the rented house still, i don't like, to stay. in our own home means, what ever we want to do, we can do, there is no restrictions for that..so i like to live in my own house, thankyou, have a nice day.
1 person likes this
@checkmail (2039)
• India
28 Nov 09
Hello neelimaravi this is checkmail and thanks for responding to teh discussion of apartments and sharing in your experience and views about it.Well Normally there are no such restriction when having an rented apartment apart from the safety limits.And everybody just can't afford to buy an house in such an inflation going around us and that too in a city.And also we have adv to select any area we desire to dwell as may be convenient to us.It also increases our flexibility and also lessen the expenses on taxes and maintenance charges etc, which we have to suffer for having an own home in an city.Anyways Keep it up.
@free_man (7330)
• United States
28 Nov 09
Hello Check. Not me I have done the apartment thing and I didn't like it. We are buying our home. I like the fact of living out in the country although it has its draw backs there is less jobs out in the country. But since we are both carpenters we can usually find something to do close to home. I like owning a home cause we can change things to the way we like them and don't have to ask anyone. Besides the money you spend on rent goes to someone else and not to your own home. Prices of property here in Missouri aren't that bad in the country. The taxes aren't that bad either. It is a win win situation for us anyway.
@starsailover (7829)
• Mexico
28 Nov 09
Hi free man: I totally agree with you. I won't feel comfortable depending on what the owner of the apartment want and finally you're not saving money because you're not making an investment, all the money you give for living in an appartment goes to its owner, not for you so if you live like this you will never have somewhere to live for the rest of your life and that's sad fo9r me. Thanks for your answer. Have a nice day.
1 person likes this
@free_man (7330)
• United States
29 Nov 09
Hello Star. When I live in LA I hated it cause I couldn't afford to buy there. I found my home on the internet when I first brought here in Missouri and paid under 7thousand dollars for 10 acres. I think this is a good place to raise children. I don't have any at home now but if I could have I would have brought my children up here.
@kaarthick (59)
• India
28 Nov 09
well my friend there is a lot of disadvantages in a rented house when compared to the own house.. you cannot alter the rented house according to your wish and if the motor or some thing is in repair you have to contact the house owner and he takes a lot of time in taking care of the problem and there may be a lot of restrictions.well in the own house you are the king and everything.once you buy a own house you surely fell that you are at ease..
1 person likes this
@checkmail (2039)
• India
28 Nov 09
Hello kaarthick this is checkmail and thanks for responding to the discussion of apartments and sharing in your experience and views about it.Well your are right there are some pro with the rented apartments such as changing of structure, damage control etc.But its the liability of owner and not us.And also do we have enough financial soundness to satisfy teh need of buying an house that too nearly 10 times more than the orignal price going on in city.Even owned houses creates more pro than the rented apartments.Anyways keep it up.
@madteaparty (2748)
• Japan
28 Nov 09
Hi checkmail!
In my case I live in a rental apartment. Unfortunately I can't afford buying a house, and if I ever do I will probably need a bank loan, as houses are extremely expensive.
It's true that renting has some benefits, I'll use my apartment as an example.
This apartment is in a small town, but it's located near a very big city, so is very convenient. Also, in the rent I have included internet and water's bills, so I only have to care about the rest. Also, it was semi furnished, so it cut down many costs.
Buying or renting depends on the moment in our life. To buy a house you have to be very sure that you really want to live there, as is not as easy to break a contract with a rental apartment than to get rid of a house you'll be paying for many years.
1 person likes this
@checkmail (2039)
• India
28 Nov 09
Hello madteaparty this is checkmail and thanks for respondign tot he discussion of apartments and sharing in your experience and views about it.Well its right to dwell in an rented apartment if we don't have the capacity to own an house.We pay our rent once in a month and thus cut some cost of having an own house and other things.Its good to always have some cash in hand rather than blocked in any property.Even earlier it was views as an temporary solution but now have become an permanant solution for many of us for dwelling.Anyways keep it up.
@besthope44 (12123)
• India
12 Jun 10
Well i wished for a dream home . And i got it recently. I got little amount for it and rest through loan. I am happy i got my dream home near my farm. Investing on home is life long asset for us and kids.
