Mortgage Or Rent?

[AlexB]

Ok so I live by myself here in Italy, I already spent 14,600 euro more or less in rent during the last 3 years, I was evaluating of buying a house which means I'll be paying for 30 years, what is your opinion based on your experience? Thank you

[vibrate]

I also don't see the point in paying rent, but also not in a mortgage for 30 years when I don't know what my life will look like in 30 months....

I had two properties so far, and sold both with a profit, which now allows me to do other things I want and need in life, but I would not currently buy again if I was not 200% sure I could make a profit again.

Instead, try to find a cheaper rental?

[AlexB]

Cheaper than this would be to rent a room, but I need my privacy, I was thinking of buying, after a while I can resell and possibly make a bit of profit or be without any debt if I decide to leave the place

[smd]

@AlexB I drove by a few neighborhoods flooded out in my area from Harvey.  After seeing the water-logged garbage sitting in all of the lawns, 5 feet high in every lawn (furniture, sheetrock, etc), I would not want to own a home.  Insurance, taxes, & all of the rest.  These people are likely paying out a small fortune in repairs...many things the insurance companies probably won't pay for.

These neighborhoods I drove around in were in a wealthy part of town with huge houses and McMansions.  Mostly water-logged thanks to the controlled-release on a nearby dam due to Harvey.  Home ownership. Yeah. 

Edited September 20, 2017 by smd
adding more details

[Slade]

@AlexB As a realtor here in the states I can tell you that an investment in real estate is possibly the best long term investment someone can make. There's books on building wealth through real estate I can send them to you if you'd like. 

[Leo Gura]

@AlexB If you're young and ambitious, I would keep your options open and not tie yourself down with a mortgage. Yes, the rent is a bit wasteful, but it's worth flexibility. Once you get a house, you tend to get stuck.

That's why I've avoided buying a house, even though I could.

[ajasatya]

@AlexB one of the best experiences i've ever had was living in an ashram. i paid with my services, cleaning the space and teaching yoga/zen.

[Girzo]

There is a third option. A little bit more risky of course, but not that much if you do the math. It is to start a bussiness, grow it and then sell. That might suit you best if you are an entrepreneurial type. With a pile of cash you could easily buy a house anywhere you want and then invest the rest of money, so you would be able to pay taxes for your property.

It's like struggling 10 years to have a successful bussiness vs. slaving 30 years to repay a mortgage.

And I know one could say that your bussiness will most probably fail, but the mortgage isn't that safe either. Just take a look back to 2008 and a housing crisis in the USA and West Europe. Or look what's happening right now in the USA with hurricanes.

[Moreira]

It depends of your character. Are you a home guy or always want to go out. I personally love being at home as a naturally introverted and my sign is cancer, home is where i can recharge my batteries and feel great.

Also having a place to call home, the process of building and decorating at your own taste its a pleasure.

[AlexB]

Well nice ideas, on one side I want the flexibility, on the other side I want the security, I am a metal meccanic (at least that's how it's called in Italy) it's a pretty well paid job and gives many possibilities, for now I want to travel the world for work, in the meanwhile pay for that one house, and in a few years open my own business which I guess it will be here in Italy. This way each way goes even I have succes or fail at it I'll still have a pretty well paid job, and in the meanwhile the house keeps getting paid

[AlexB]

On 21/9/2017 at 9:26 PM, Moreira said:

It depends of your character. Are you a home guy or always want to go out. I personally love being at home as a naturally introverted and my sign is cancer, home is where i can recharge my batteries and feel great.

Also having a place to call home, the process of building and decorating at your own taste its a pleasure.7

On 21/9/2017 at 9:26 PM, Moreira said:

It depends of your character. Are you a home guy or always want to go out. I personally love being at home as a naturally introverted and my sign is cancer, home is where i can recharge my batteries and feel great.

Also having a place to call home, the process of building and decorating at your own taste its a pleasure.

I'm an aquarius with ascendent in cancer, so I like and want both things

[AlexB]

On 21/9/2017 at 0:34 AM, Slade said:

@AlexB As a realtor here in the states I can tell you that an investment in real estate is possibly the best long term investment someone can make. There's books on building wealth through real estate I can send them to you if you'd like. 

Yes it would be very helpful thank you

 

On 21/9/2017 at 2:07 PM, Leo Gura said:

@AlexB If you're young and ambitious, I would keep your options open and not tie yourself down with a mortgage. Yes, the rent is a bit wasteful, but it's worth flexibility. Once you get a house, you tend to get stuck.

That's why I've avoided buying a house, enough though I could.

On 21/9/2017 at 9:26 PM, Moreira said:

It depends of your character. Are you a home guy or always want to go out. I personally love being at home as a naturally introverted and my sign is cancer, home is where i can recharge my batteries and feel great.

Also having a place to call home, the process of building and decorating at your own taste its a pleasure.7

On 21/9/2017 at 9:26 PM, Moreira said:

It depends of your character. Are you a home guy or always want to go out. I personally love being at home as a naturally introverted and my sign is cancer, home is where i can recharge my batteries and feel great.

Also having a place to call home, the process of building and decorating at your own taste its a pleasure.

I'm an aquarius with ascendent in cancer, so I like and want both things

[Nahm]

@AlexB buy an RV or motor home or whatever those are called in Italy. A sweet one. Live in that wherever you want, sell it when you're done. Buy a house too, but rent it out. Apply all of the rent money you get to a 15 year mortgage. It will be paid off in 8 or 9 years, after taxes, insurance, repairs, etc.  Be young and live anywhere, and have a house for living in or selling when you're older. ??

[Slade]

@AlexB check out The Millionaire Real Estate Investor book by Gary Keller 

[DrakeHeyman]

Personally, I took out a mortgage for 10 years, as I consider it pointless to rent a house for a long time.

[AbigailPjl]

I wonder if the author of the post will return here to find out what decision he made. Because if he took out a mortgage, then he has only 26 years left to pay off instead of 30. Time flies fast, so I would take out a mortgage and not spend the money to rent a house. But it depends on the source of earnings, especially if we remember that now there is a pandemic and there are some difficulties with money..many people have lost their jobs and can't find a new one..I've already heard a lot of sad stories where people can't make monthly mortgage payments due to financial difficulties, so now taking out a mortgage is a risky move. To be honest, my friend got into a difficult situation last year, so I found a mortgage broker essex to find out what to do next. He has lost his main source of income, so he cannot make large mortgage payments. So I really hope that he can get out of this situation, but if you have a couple of tips, please share them.

[ertopolice]

On 21/9/2017 at 2:07 PM, Leo Gura said:

@AlexB If you're young and ambitious, I would keep your options open and not tie yourself down with a mortgage. Yes, the rent is a bit wasteful, but it's worth flexibility. Once you get a house, you tend to get stuck.

That's why I've avoided buying a house, even though I could.

Same here

I am still searching for that place/something to settle and somehow this town feels not to be my place..even i am still here because of my job

I'd rent..

a mortgage feels  not so well nowadays