Is renting really a big deal?

Question

I’m getting married and have $30k saved up. My fiancé has $17k. My parents think that’s good enough to put a deposit on a house to purchase, but we simply aren’t ready it. It’s a huge step and commitment to take out a loan, and I’m not even working at the moment. Everyone around us says “renting is a waste of money... your throwing your money down the drain..why pay someone else’s mortgage when you can get your own place and pay your own off..it’s so disheartening. Millions of people rent! Why is it such a big deal to the people around me..?

Answer

We paid more renting than we did buying. Landlords usually charge more than their mortgage to make a profit otherwise there’s really no point in being a landlord. 🤷🏼‍♀️

Answer

It has its pros and cons and it all depends on your preference. I’ve rented for 4 years. It’s easier to get into and out of, it’s a smaller commitment, and you’re not responsible if something breaks or goes wrong (that you didn’t cause obviously lol). But you’re paying a large chunk of money every month that you’ll never get back and it’s not going toward something you actually own. You’re also limited in what you can do with the place as far as painting, upgrades, and decoration. But with a house, you can do a lot more. And you can get a mortgage for the same price or less than what you’d pay in rent. So it really is up to personal preference. Renting is a good starting point though, so if it’s what you want go for it.

Answer

If you aren't ready it will be a mistake to spend hundreds of thousands on a home to not want to be there. Take some time and see what you both wanna do and where you would want to buy. Renting can be a downfall for the very very long term if you have the opportunity to buy but rushing into buying isn't good either. And to me not a waste if it keeps a roof over your head and doesn't trap you into a home you don't want yet. We didn't buy until we had enough saved to put 20% down and still have a good chunk of savings left, were ready to settle and knew where we wanted to buy, and knew it was the right time. I would have regretted buying something just to buy since you can't just decide 8 months later you wanna move. Don't rent forever but buy when you are ready and want to.

Answer

I would say buy if you can afford it, or at least look into it, then you can do what you want with the house/yard. Think of it this way, the money your paying for rent could be about the same you'd pay/m on a mortgage. We're renting right now because we moved to a new province and havnt sold our other place yet, but plan to buy as soon as we do. The thing I like best about renting though is that is something breaks you don't have to pay for it lol. If you guys are happy renting then that's up to you guys don't worry about what other people think about it.

Answer

I would rather rent an apartment for a while to save more money than to have a loan that I’m not ready for.  I wouldn’t rent a house cause it just seems like a huge pain in the butt.

Is renting really a big deal?

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