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Do you have a mortgage, or rent? (Is renting better?)


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Do you have a mortgage where you live? Or do you rent? Do you have roommates? What's the sich?

With me, I have a mortgage. So here is the math...

Rent: $2,000 a month (let's say)

Mortgage: Also $2,000 (let's say)

Every month 100% of your rent is set on fire, bye. Gone.

Meanwhile every month of your mortgage, only a percent of that is set on fire, the rest of it goes toward your home value.

So essentially, a mortgage is... kind of like putting money in a bank account, whereas rent is putting it in the garbage disposal... but I mean, either way, you did pay for something.

Regardless, what is your take on it?

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I've always paid rent. I have only lived in apartments so far and I've always lived alone. I had to move out of my first apartment because they raised the rent, the 2nd apartment I lost all my money because it turned out I was paying more than I thought I could afford, but I haven't had any problems paying rent in the apartment I'm living in now.

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I've only ever paid rent on rooms in apartments I share with other people 😭 the cheapest I've ever paid was 750 a month and that was when i was literally just living in someone's living room. Rn I'm saving up to rent a room again (with family rn) and it's gonna be around 1000/month, 900 if I'm lucky. For a mortgage....don't even know how much that would cost, but it would be wayyyy more than 2000 for a house. Since the only city I can see myself living in long term is very expensive, I doubt I will ever be able to have anything other than maybe a studio, and even that feels like a huge reach atm. 

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  • Elites

I prefer renting because I'm young I still want to travel, I don't want to be tied down to a property that I have to manage and upkeep on top of the thousands of dollars it costs outside of the actual mortgage. Overall, I tend to have less stress renting then I imagine I would if I had to take care of a mortgage.

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  • Elites

I’m lucky enough to own my home. I hated renting bc of statements op said but also it’s hard to not remodel or be able to decorate how you’d like. Now I’m on the search for something better, gotta keep upgrading!

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21 hours ago, Onision said:

Do you have a mortgage where you live? Or do you rent? Do you have roommates? What's the sich?

With me, I have a mortgage. So here is the math...

Rent: $2,000 a month (let's say)

Mortgage: Also $2,000 (let's say)

Every month 100% of your rent is set on fire, bye. Gone.

Meanwhile every month of your mortgage, only a percent of that is set on fire, the rest of it goes toward your home value.

So essentially, a mortgage is... kind of like putting money in a bank account, whereas rent is putting it in the garbage disposal... but I mean, either way, you did pay for something.

Regardless, what is your take on it?

I have discussed this with a lot of people. I´d rather have a propertie. Renting is not my thing.

Altought there are some people that do not feel like having  a propertie is worth it, so they choose living in a rented house which, as long as you are able to commit, there is nothing wrong.

But, like you have potraited, then if we are paying the same amount of money in both situations? By far I´d choose  mortage.

Umm depending on the country, you can sheltered yourself in the law statements.

Here in Spain there has been a lot of controversy with people that were renting a place, stopped gaining money , then contradictions in Spanish Constitution with "everyone deserves a place to live in".

Anyways, if you do not want to get in the scrub just choose widesly, I´ve seen a lot of people stuck in properties not being able to cope with the mortage and not even getting their own propertie because of "property mariage detachement".

 

On the other hand, there are exceptions depending on your personal situation .

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  • Immortals

I have a mortgage. Rent where I live for the space I need would be 2k ish. That's 4 bedroom/2 bath no land. 

Mortgage is WAYYYY less and we have the room we need plus more and a small tract of land. 

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  • Immortals

I pay a mortgage every month. I picked an old house from the 70's that I could afford the property tax on.

I was renting for the last 13 years though. I had a nice 2 bedroom apartment. Just lane neighbors. 

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  • 4 weeks later...
  • Immortals

I rent currently and I live alone. I have owned a home before, but I won't get into the divorce story.

I would prefer to own a home and have been saving for the past couple years. I plan to save a couple more years and then buy a home.

My son is in college so I want to wait on any large purchases or financial burdens until he's done. I also plan on switching careers once he's done with college, so I want to wait to purchase until I'm settled into that new career and have a better idea of what my monthly income will be. I would h**e to buy now and then have to end up moving in a couple years,  or be stuck at my current job because I have to make a certain amount to cover the mortgage. I plan on moving close to wherever I end up working. Hopefully that will be in TN.

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  • Elites

I pay a mortgage. Renting is not worth it. I always pay a little extra towards the principle monthly so I’ll have my house paid off sooner. I live out in the country, a cow field is across the road so I love watching the sunset on my front porch every evening. 

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2 hours ago, Definitely_different said:

I pay a mortgage. Renting is not worth it. I always pay a little extra towards the principle monthly so I’ll have my house paid off sooner. I live out in the country, a cow field is across the road so I love watching the sunset on my front porch every evening. 

That's pretty cool, good on you!!!!
Mash Up Good Job GIF

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