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Old 09-21-2019, 09:12 AM
 
752 posts, read 202,611 times
Reputation: 104

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What are the advantages/disadvantages of renting/owning a home?


When you rent:
1. You change address frequently.
2. Your rent goes up.
3. Moving costs.

When you own a home:
1. You are permanently sticked to your neighbors,
2. You don't change address,
3. Your amortization is level.
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Old 09-21-2019, 10:53 AM
 
Location: North Idaho
23,298 posts, read 29,858,526 times
Reputation: 45881
It completely depends upon your circumstances and lifestyle. Neither one is "better" than the other.
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Old 09-21-2019, 12:45 PM
 
374 posts, read 104,653 times
Reputation: 774
This has been covered no less than one million times.
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Old 09-21-2019, 12:49 PM
 
73,950 posts, read 73,760,135 times
Reputation: 51487
Just do a search , it ainít worth rehashing
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Old 09-22-2019, 07:52 AM
 
Location: Loudon, TN
6,212 posts, read 5,111,516 times
Reputation: 21346
Whatever works for your life circumstances at this particular point in time.

Neither is "better" for everyone all the time.

Your numbered "reasons" in the OP don't even make sense. Renters don't necessarily change address frequently, don't always have rent increases, or incur moving costs. We've had renters who stayed for over 5 years, and we didn't do rent increases on existing tenants, only when we had a change in renters. And I've moved many times in my life and incurred only minor moving costs since we do the moves ourselves.
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Old 09-22-2019, 11:41 AM
 
11,431 posts, read 8,171,776 times
Reputation: 12411
Owning is cheaper in the long and short run at least it has been for me.

Plus you can do whatever you want when you own to your home.

Your payments besides taxes and insurance will never go up, if you are smart you will buy in an area with low property taxes and low insurance or find a way to make your insurance lower like the hurricane coverage in Florida and getting a wind mitigation report and storm shutters. Just make sure the electric, plumbing and heating and cooling work well or have money to fix them,
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Old 09-22-2019, 11:46 AM
 
Location: NNJ
10,099 posts, read 5,646,297 times
Reputation: 11033
So many factors and situations there is no real one answer.

I'll say one thing... I bought my house almost 20 years ago (will be mortgage free soon). My payment on my home is far cheaper than current rentals of apartments.
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Old 09-22-2019, 12:33 PM
 
269 posts, read 218,406 times
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Renting to me is better if you want more space and a single family home. Mortgage payments at least from what I've seen cost about what it does to rent an apartment.

Also, for some people they don't care, but you can make changes as you see fit. I realize some people never do this and just live with things as they are.

But OTOH, renting doesn't require a big down payment and keeps your assets liquid, and you're not tied to a place. And you don't have to pay for maintenance.
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Old 09-22-2019, 12:44 PM
 
19,175 posts, read 21,184,990 times
Reputation: 28541
It’s what works for you on a personal and financial level. What works for me may not work for someone else
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Old 09-22-2019, 01:47 PM
 
Location: Fort Lauderdale, Florida
9,665 posts, read 8,642,590 times
Reputation: 21175
What is being 'sticked' to your neighbors mean?

It sounds gruesome.
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