Buying A House Vs Renting A House?

0 votes
asked Jan 4, 2017 in Real Estate - Renting by Alex Holden (310 points)
I'm currently renting a house. I'm looking into buying soon once I have the down payment saved up.

Is it better for me to buy a house or just continue renting?

2 Answers

0 votes
answered Jan 4, 2017 by Kylie (230 points)
Buying a house is best. Because although you might have higher payments you do eventually pay off the house.

Renting you really pay more for the house and never own it.

With renting you're stuck with payments for the rest of your life. With Buying you eventually get rid of the payments and save money.

Yes you still owe property taxes but no more house payments.

You might also look into rent to own houses. You pay rent sometimes without a down payment and eventually you own the house when the last payment is made.
0 votes
answered Jan 13, 2017 by Susan (200 points)
Your best bet is to buy a house.

If you can't get a traditional mortgage on a house.

Then you might look for rent to own properties. Rent to own houses is where the seller of the house finances the house themselves.

Some may charge interest and want some money down and others might not.

If you're good at fixing up a house, then look for a cheap run down one that is owner financed and do the work yourself.

You'll save a lot of money that way.

When you're just renting a home then you'll be paying monthly payments for the rest of your life.
With buying you will eventually get rid of house payments, rent payments.

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