renting vs owning a property

[cjoseph90]

i know its relative and also depending on the country you live in.

Question to homeowners: biggest benefits and the challenges of owning your own property instead of renting. I know theres a loads of variables to consider as well as the financial aspects of owning. I would like to purchase a flat one day but a little fear holding me back.

thanks

[Devin]

What is the fear about?

Renting can be better if you won't live there long, owning can be cheaper if you will. It's more cumbersome to move if you own compared to renting. Renting in general is a luxury, not a sacrifice. Owning is more work especially early on, and a larger commitment. The only benefit to owning is financial.

[hyruga]

Owning is definitely better from a financial point of view.

Renting gives you more convenience to move from place to place, state to state though.

Edited January 15 by hyruga

[mmKay]

 

[cjoseph90]

7 hours ago, Devin said:

What is the fear about?

 The only benefit to owning is financial.

Im just fearful of the unknown. But its a goal of mine.

Yh just the extra crap that u have to Pay in the beginning like taxed ect. More freedom in some ways. But if like something breaks, or isnt working you're responsible as the homeowner to Fix It. Dont like the idea of morgages also.

i wouldnt say that the only benefit is financial. I would say that its your own place, and you have less restrictions, can decorate It how you want. Also your own space if youre not living with roomates. This id the biggest benefit, as i Love my own space and Love living alone. 

[ChrisZoZo]

@cjoseph90

1. Go to a financial advisor and speak to them first before anything. 
 

2. If you can go to the bank also, and get the exact calculations. then do comparison excel. 
 

3. there’s a lot of hidden costs when it comes to owning your own place  when before you rented. who replaces your washing machine who fixed the leak in the ceiling. These are okay if you have a couple grand spare, but that’s a couple grand spare after your deposit of the mortgage.

 

4. After speaking to a financial advisor, really consider the fact that you will be locked down and will have to pay off a big mortgage.

5. Also see if you can speak to the bank about the costs of cancelling the mortgage early, because it is not 100% chance that u will stay in that place for the length of paying off the mortgage.