Which is economical, renting a house or buying?

[Tobi]

Financially it is cheaper but also you can’t be forced to move unless you don’t pay the mortgage. Rents only have a place to live until the landlord doesn’t want to rent to them.

My cousin rented a house, loved it. Her landlord decided to sell, nothing she could do about it. She was lucky enough to find a house to buy she could afford. She has dogs and cats, so renting is hard to find a place even with money. A friend has been renting a house from her old friend who now died. The heirs are selling the house. She is low-income elderly and trying to get into low-income housing but long waiting list. She may end up homeless.

 

[Starmix]

It's crucial for an individual to end up homeless, so while you are still young and having a good career or busines don't waste your money, save some so you can buy your own house. Renting is also risky if the house owner plans to sell the house.

 

[Augusta]

Buying is generally more economical in the long term because you build equity and potential profits, while renting is cheaper in the short term due to lower upfront costs

 

[Starmix]

Those transients opted to rent , they won't live in a certain place for years, only some months. It will be impractical to buy a house.

 

[Augusta]

If you have the money or means it is better to have your own abode. You would be having a legacy

 

[Starmix]

Newlywed couple usually buy a house through instalments. Once they have kids the property they purchased through installments will ease them especially if they almost fully pay the house and lot.

 

[oliver991]

It depends a lot on the period and the area. In the UK, especially in London, interest rates are still quite high compared to rental yields. I reached out to Ernest-Brooks International to analyze the real return on a flat in Greenwich, and I discovered that maintenance and local taxes reduced the profit below the rental level. Until the market stabilizes, renting remains the more advantageous option, at least in the medium term.

 

[Kross]

Nothing beats owning your own house. You would be able to have peace of mind free from the pressure of looking for money to pay rents.

 

[Starmix]

If you are a transient in a particular place, renting is most appropriate. However, if you permanently live in a place with your family, then it is best to buy a house and lot through installments if you cannot afford to buy in cash.

 

[Augusta]

Buying a house and lot cost a fortune unless rich, but if only working in an office, you can purchase through installments. Once the property is fully paid it becomes yours. Thar becomes your acquired asset.

Yes it become economical in the long run. It is good to just choose the one that worjs for you both long and short terms